A 12 per cent increase in gaming revenue to US$2.1bn helped Light & Wonder post record full-year consolidated revenue of $3.2bn for 2024.
The company said the uptick in gaming revenue was driven by momentum in gaming machine sales, systems and hardware, software and solutions and gaming operations in North America and Australia.
SciPlay revenue rose six per cent to $821m which Light & Wonder said “outpaced” social casino market revenue growth.
Igaming revenue climbed nine per cent to $299m.
Operating income was up 29 per cent followed by adjusted EBITDA growth of 11 per cent.
Matt Wilson, president and chief executive officer of Light & Wonder, said: “The gaming machine sales share gains in North America and Australia this year are a testament to our R&D investment, commercial strategy and robust product roadmap.
“Furthermore, we have also realigned studio needs, adding more talent and expanding existing studios. Our recently announced strategic acquisition of Grover Gaming’s charitable business enhances our cross-platform strategy and presence in regulated land-based markets, giving us a broader distribution base for our vast content library and accelerating our drive for sustainable future growth.”
“We believe our healthy earnings growth and further optimization of our capital structure will continue to serve us well and provide stability as we expand the business globally,” added chief financial officer Oliver Chow.
Light & Wonder said that first-quarter consolidated adjusted EBITDA growth is expected to be in the low double-digits due to the “timing dynamics” of game sales and “high-return investment opportunities.”
The company is also seeking feedback from key stakeholders as it considers both a dual primary and a sole listing on the Australian Stock Exchange (ASX).
“The ASX is a premier exchange with a strong history of supporting global gaming companies, offering access to a deep and liquid market of sophisticated investors and industry participants with a comprehensive understanding of the gaming sector.
“We look forward to engaging with the market and our existing shareholders to further elevate the profile of our ASX listing,” said Jamie Odell, chair of the Light & Wonder board of directors.
Q4 consolidated revenue rose four per cent to $797m, up from $770m and translated to Light & Wonder’s 15th consecutive quarter of year-on-year growth.
Gaming revenue climbed four per cent led by growth in gaming systems and table products, which grew by 24 per cent and 10 per cent, respectively, and gaming operations revenue growth of four per cent.
Net income increased from $67m to $107m due to higher revenue and operating income amid a £$28m gain on sale of assets included in other income.
Consolidated adjusted EBITDA was $315m, up four per cent.
