Light & Wonder Achieves Remarkable Growth in Q3 2023 Financial Report

In a recent announcement, Light & Wonder shared details about its financial performance for the third quarter of 2023, marking the tenth consecutive quarter of revenue growth. The unaudited report highlighted double-digit growth for the fifth consecutive quarter, emphasizing the company's consistent positive trajectory.

During Q3 2023, Light & Wonder experienced a notable 13% year-over-year increase in consolidated revenue, surpassing expectations. The company achieved multiple long-term financial targets during this period, fostering the expansion of its business.

The breakdown of the financials revealed that Light & Wonder's iGaming revenue reached a record $70 million, showing a significant 21% increase from the same period last year. The company attributed this growth to expanding markets both in the US and internationally. Simultaneously, SciPlay reported a strong quarter with a 15% year-over-year increase in revenues, reaching $196 million, driven by enhanced market share and the expansion of its social casino business.

Light & Wonder's gaming revenue witnessed an 11% year-over-year increase, totaling $465 million in Q3 2023. This growth was attributed to rising machine sales in North America and Australia, coupled with the robust performance of table products across North America.

In the third quarter, Light & Wonder returned $112 million of capital to shareholders through share repurchases. Additionally, the company successfully completed the acquisition of SciPlay, securing the outstanding 17% equity interest. This acquisition was hailed as a critical strategic milestone for Light & Wonder.

Matt Wilson, President and CEO of Light & Wonder, commended the team for their efforts and highlighted the closed acquisition of SciPlay and the inclusion in the ASX 200 index in Australia as significant achievements. Wilson expressed confidence in maintaining positive momentum throughout 2023 and beyond.