Light & Wonder records sixth-consecutive double-digit growth in Q4
Las Vegas-based firm’s gaming revenue grows 13% year-on-year, as does igaming division revenue
Light & Wonder reported its sixth-consecutive quarter of double-digit growth year on year (YOY) following the release of its Q4 results.
Q4 consolidated revenue was $770m, a 13% increase from $682m the previous year.
Gaming revenue rose 13% YOY to $496m, driven primarily by gaming machine sales growth. Subsidiary SciPlay, which the firm acquired last October, saw similar revenue growth, 12%, to $204m.
Igaming division revenue stood at $70m, a 13% YOY increase, due to “growth momentum” in the US and international markets.
Adjusted EBITDA rose 14%, from $265m to $302m, with Light & Wonders’ report citing “double-digit growth and maintaining strong margins across all of our business,” as the main drivers for the increase.
Matt Wilson, Light & Wonder president and CEO, praised the firm’s work over the course of the year and stated that he believes things will improve further in the future.
Wilson said: “2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution.
“We consistently leverage a differentiated product strategy and plan to capitalize on the significant growth opportunities ahead of us.
“I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory.
“I want to congratulate our team on a successful year and know the best is yet to come.”
Oliver Chow, Light & Wonder CFO, said the firm will focus on sustainable growth going forward, while also giving credit to the team for its improved metrics over 2023.
Chow added: “We continue to see healthy trends in the business and were able to capitalize on many of the opportunities presented to us in 2023 to deliver strong top and bottom-line growth, both in the quarter and for the full year.
“Our teams continued to deliver quality earnings with improved metrics over the course of 2023. Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.”
For the full financial year, Light & Wonder revenue stood at $2.9bn, up from $2.5bn in 2022, while adjusted EBITDA came in at $1.1bn, an increase from $913m.