Record-Breaking Performance: Light & Wonder’s Year in Review
Light & Wonder, Inc. has announced a triumphant close to the fiscal year with the release of their fourth-quarter and annual results for the period ending December 31, 2023.
The company not only continued its growth momentum but also recorded its 11th consecutive quarter of consolidated revenue growth, with a notable 13% increase in the final quarter. This growth was propelled by significant achievements across all business sectors, maintaining robust profit margins.
Gaming Sector Triumphs
In the gaming division, revenues surged to $496 million, marking a 13% increase from the previous year. This growth was largely fueled by a 31% global increase in gaming machine sales, complemented by strong performance in gaming operations.
Matt Wilson, President and CEO of Light & Wonder, expressed his enthusiasm, stating, “2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution.”
SciPlay and iGaming Shine
SciPlay’s revenue climbed to $204 million, up 12% from the previous year, setting a new quarterly revenue record for the sixth consecutive time. The iGaming sector also showed impressive growth, with a 13% increase in revenue, reaching $70 million. This growth reflects ongoing momentum in both the U.S. and international markets.
The full-year consolidated revenue saw a 16% increase, reaching $2.9 billion and delivering record results.
Oliver Chow, Chief Financial Officer of Light & Wonder, commented on the success, saying, “We continue to see healthy trends in the business and were able to capitalize on many of the opportunities presented to us in 2023 to deliver strong top- and bottom-line growth, both in the quarter and for the full year.”
Strategic Moves and Future Outlook
Light & Wonder also provided updates on its leverage, capital return, and strategic plans. The company successfully reduced its net debt leverage ratio to 1x as of December 31, 2023, and returned $25 million of capital to shareholders through stock repurchases during the quarter.
The successful integration of the SciPlay merger and the repricing of the Term Loan B further demonstrate the company’s strategic foresight.
Our Comment on the Article
Light & Wonder’s stellar performance throughout 2023 is a testament to its strategic acumen and operational excellence. The consistent growth across all segments reflects the company’s ability to leverage its differentiated product strategy and capitalize on emerging market opportunities.
As Light & Wonder continues to navigate the dynamic gaming landscape, its focus on sustainable growth, strategic investments, and shareholder value positions it for continued success. The achievements of 2023 set a solid foundation for the company’s future endeavors, promising exciting developments in the gaming and entertainment sectors.
Recommended