Light & Wonder Mulls Australian Securities Exchange Listing After Strong First Quarter Results
LISTEN TO THIS ARTICLE:Light & Wonder, one of the world’s leading manufacturers of slot machines and online games, has received the green light from its Board of Directors to proceed with a listing in Australia. The decision has been taken after considering the benefits of pursuing a secondary listing on the Australian Securities Exchange (ASX).
In the company's first-quarter results for the period ended on March 31, 2023, Light & Wonder's Board of Directors explained that a secondary listing on the ASX would offer substantial potential benefits to the company and its shareholders.
One of the benefits being enhancing its profile in Australia, one of the leading markets for the company's gaming business. It would also provide the company access to new long-term Australian institutional investors that would complement its strong existing base of shareholders in the US and Australia.
The decision is just the latest step in Light & Wonder's transformation after it spun off Scientific Games as an independent lottery games operation. The company has been doing well in the Australian market, and its products are well-known to local businesses and professionals, making it a strong candidate for the stock market.
During the first quarter of 2023, Light & Wonder saw strong performance, with gaming revenue increasing by 18% to $419 million. Gaming machine sales went up by 53%, and SciPlay managed to bring in record revenue of $186 million, or an 18% gain on the previous period. The company also reported record quarterly revenue in the iGaming vertical, reaching $65 million, up 10% from the previous year.
Light & Wonder's CEO and President, Matt Wilson, said that the company was beginning 2023 on a very strong footing and that its double-digit revenue growth was likely to continue in the coming quarters. Wilson added that the company continues to develop and deliver a robust product roadmap, with the company continuing to acquire new talent, technology, and solutions to differentiate itself.
The company's CFO, Connie James, was similarly pleased with the results. James noted that the company continues to bank on strong growth opportunities and deliver results that positively impact Light & Wonder's financial profile. The company's decision to consider an ASX listing highlights its commitment to continued growth and expansion and offers investors an opportunity to participate in the company's success.
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