Light & Wonder Q2 report: Consolidated revenue up 12%
Gaming machine sales and iGaming are the main contributors to the increase.
Light & Wonder has announced its Q2 2024 revenue, with consolidated revenue growth of 12%.
Attributing to this growth is the increase in gaming revenue, SciPlay revenue and iGaming revenue.
Gaming revenue saw an increase of 14% year-on-year, to a sum of $539m. The main drive was a 32% increase in gaming machine sales and its gaming operations unit expansion in North America. SciPlay revenue increased 8% year-on-year to $205m, driven by its social casino business. IGaming revenue, which saw particular momentum in North America, also saw an increase of 6% year-on-year to $74m.
Light & Wonder President and CEO Matt Wilson stated that he was pleased with the company’s continued momentum.
“Light & Wonder continues to capitalise on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business. We saw strong progress in the gaming business as the expansion of units in the North American installed base reached an inflection point,” he said.
Light & Wonder CFO Oliver Chow also added: “The new $1.0bn share repurchase program is a testament to the value we see in the business and confidence in our ability to execute to plan over the long-term. We believe we will continue to create significant value for our shareholders through enhanced cash flow generation initiatives while delivering on our financial targets.”
Earlier in July, L&W partnered with Oregon Lottery which saw 1,200 Kascada Dual Screen Multi-Games video lottery terminals (VLT) purchased by the lottery operator.
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