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Light and Wonder Q1 revenue up, losses down; secondary listing in Australia approved

Light and Wonder's Board of Directors has approved a listing on the Australian Security Exchange.

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Light and Wonder has revealed its results for the first quarter of 2023.

The supplier reported revenue of $670m, which represents a 17% increase on Q1 figures from 2022.

Light and Wonder's EBITDA sat at $249m, an increase of 23% compared year-on-year.

Light and Wonder's Board of Directors has also approved a secondary listing on the Australian Security Exchange (ASX). This will be in addition to the company’s existing primary Nasdaq listing.

The company hopes the potential benefits of its pursuit of a secondary listing on the ASX enhance the company’s profits in Australia, which is one of the leading markets for its gaming business. The company also hopes the listing will provide it with long-term investment opportunities.

Matt Wilson, President and CEO of Light & Wonder said: “We’re off to a strong start in 2023, delivering on all key metrics and once again driving double-digit revenue growth across all three of our businesses.

"Our strategy and disciplined investments are driving enhanced returns as we continue to develop and execute on our robust product roadmap, building off the strong momentum that we saw in 2022.

"The teams executed several notable wins and key launches in the quarter, and we have a full pipeline of games that support progress toward our long-term targets. With leading talent, technology and products, we continue to strengthen our position as the leading cross-platform global games company.”

Net loss also saw a decrease from $67m for Q1 2022 to $27m for Q1 2023, a positive change of 59%.

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