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Light & Wonder posts 20% increase in Q3 revenue

Light & Wonder has reported revenue of $648m for the third quarter of 2022, a 20% increase from the third quarter of 2021.

light and wonder q3 2022
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The group noted that the growth was driven by all lines of business, with double-digit revenue growth in Gaming demonstrating continued strong momentum.

Revenue also benefited from year-over-year growth at SciPlay, which reached a quarterly record.

AEBITDA grew 16% year-on-year to $235m, largely driven by growth in the company’s Gaming business. Net income from continuing operations was $20m, compared to $100m in the prior-year period.

“With the sale of the Sports Betting business, we have rapidly delivered on our promise to transform our business and streamline our organisation,” said Light & Wonder President and CEO Matt Wilson.

“We have a unique collection of assets that are powered by games, technology, and our amazing teams. Our strengthened balance sheet puts us in a great position to build on our momentum and capture the incredible opportunities in front of us. With a sharpened focus and clear roadmap to win, we are executing on our growth strategy to drive share gains.

“The results this quarter reflect the tangible progress we are making strategically, operationally, and financially as we delivered strong double-digit topline growth and saw clear momentum across all of our businesses.”

Gaming revenue climbed 24% year-on-year to $419m, with SciPlay and iGaming posting total revenue of $171m and $58m respectively. The former is a 17% year-on-year increase, with the latter a 9% year-on-year increase.

Light & Wonder CFO Connie James commented: “What we have achieved over the last 18 months has been truly transformational as we redefined our portfolio of businesses and strengthened our balance sheet and credit profile, all while executing on our strategy to drive sustainable differentiation and growth. 

“We have made tangible progress each quarter against our priorities, and this consistent and rapid execution is becoming a hallmark of our organisation.

“As we enter the next phase of our journey, we will continue to focus on operational excellence and generating strong cash flows. I have great confidence in our team as we look to create tremendous value in this exciting next chapter for Light & Wonder and work towards driving sustainable growth and competitive differentiation.”

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