Light & Wonder Appoints Michael Marchetti to Board

On 9th January 2024, Light & Wonder (L&W) announced the appointment of Michael Marchetti to its board of directors. Marchetti, who has previously worked with Electronic Arts and Buffalo Studios, will officially join the L&W board on 15th January. His appointment will also be subject to re-election at the company's annual meeting.

Since 2019, Michael Marchetti had been a director at SciPlay Corporation, a significant player in the mobile gaming sector. L&W completed the acquisition of SciPlay Corporation's remaining shares in October 2023, purchasing a 17% stake for over $420 million (£329.8 million/€383.8 million). This strategic move bolstered L&W's position in the gaming industry.

Jamie Odell, the executive chair of L&W, expressed his pleasure at welcoming Michael Marchetti to the Light & Wonder Board as a new independent director. He highlighted Marchetti's extensive experience in mobile gaming and strong financial background, emphasizing their potential to maximize shareholder value.

Michael Marchetti shared his excitement, saying, "I'm excited to join the Light & Wonder Board at this time. Light & Wonder is operating from a position of strength, and I look forward to applying my experience and passion for the business, along with my fellow directors, to deliver value to the shareholders of this great company."

L&W's recent Q3 results showcased remarkable growth, primarily propelled by SciPlay's outstanding performance. The company reported a 128% increase in revenue to $731 million during this period. This surge was driven by record-breaking performances within the SciPlay and igaming divisions. Division revenue saw a 14.6% climb to a record $196 million, while igaming revenue hit an all-time high of $70 million, reflecting a 20.7% increase.

Operating costs were also well-controlled, and coupled with revenue growth, this led to a net profit of $75 million. The consolidated adjusted EBITDA increased by 21.7% to reach $286 million in Q3.

Michael Marchetti's appointment follows the recent naming of Oliver Chow as L&W's permanent chief financial officer in December. Chow initially took on the role on a temporary basis in August 2023 after Connie James stepped down to pursue other opportunities. His permanent appointment also elevated him to the position of executive vice-president of L&W. Chow brings a wealth of experience, having spent five years with Aristocrat, and earlier in his career, worked in finance roles with Universal Pictures, Deluxe Entertainment Services, and JPMorgan & Chase.