Light & Wonder Revenue Surges by 20% in Second Quarter of 2023
LISTEN TO THIS ARTICLE:Light & Wonder, a leading gaming supplier, has reported an increase in revenue for Q2 2023 thanks to robust physical and digital sales. The company’s revenues for the second quarter (Q2) 2023 reached $731 million, marking a 20% rise compared to the previous year.
Consistent Growth and Diverse Revenue Streams
This growth in Q2 2023 represents the ninth straight quarter that Light & Wonder has seen a rise in consolidated revenue. Impressively, this shift has brought the company from a $150 million loss during the same time last year to a profit of $5 million this year.
The key drivers behind this remarkable turnaround include the successful performance of its SciPlay and iGaming sectors, as well as robust sales of gaming machines to land-based casinos in North America and Australia.
Matt Wilson, the president and CEO of Light & Wonder, expressed his satisfaction with the company’s trajectory.
Our reported numbers continue to validate the investments that we’ve made in our business and demonstrate the significant progress we are making towards our long-term targets.
The Global Gaming division of the company also saw an increase in revenue of 21% to reach $471 million. This growth was fueled by a 41% rise in gaming machine sales, particularly in the North American market.
As part of its strategy, Light & Wonder has provided an array of solutions to the retail sector, encompassing player systems and table products. Additionally, the company has been expanding its footprint in the iGaming domain partnering with companies such as Bang Bang Games and DreamSpin.
A Year of Significant Turnaround
The SciPlay division hit $190 million in revenues, a 19% increase from the previous year. iGaming revenues reached $70 million, up by 17%. This growth can be attributed to Light & Wonder’s strong performance in the US’s growing online casino market.
Wilson also highlighted the company’s consistent double-digit growth across its three primary business sectors. He praised Light & Wonder’s ability to generate solid cash flow and decrease leverage, setting the stage for potentially an even more productive upcoming quarter. With several events approaching where the company plans to display its products, there are high hopes for continued growth.
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