Light & Wonder reports 13% revenue growth in Q4 and FY2023 results

Updated:2024-03-31 08:09    Views:126

Light & Wonder has released its financial results for the fourth quarter and full year ending 31 December 2023.

In the fourth quarter, Light & Wonder achieved its 11th consecutive quarter of consolidated revenue growth, with a notable increase of 13%. This growth was propelled by robust performance across all business segments:

- Gaming revenue surged to $496m, marking a 13% increase compared to the same period last year. The growth was primarily attributed to strong sales of gaming machines, which experienced a 31% increase globally, coupled with sustained momentum in gaming operations.

- SciPlay revenue reached $204m, representing a 12% year-over-year increase and breaking a quarterly revenue record for the sixth consecutive quarter. The core social casino business drove this growth. 

- iGaming revenue saw a 13% increase to $70m, reflecting continued growth momentum in both the US and international markets.

For the full year 2023, Light & Wonder reported consolidated revenue of $2.9bn, a 16% increase compared to the previous year. 

Matt Wilson, Light & Wonder President and CEO, said: “2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year,Online Casino Games 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.”

Oliver Chow, Light & Wonder CFO, added: “We continue to see healthy trends in the business and were able to capitalise 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.”

In addition to its financial achievements, Light & Wonder has made strategic moves to enhance its operations and expand its market reach. Recent partnerships include the distribution deal with Swintt to globally distribute its slots. 

Light & Wonder's performance in the fourth quarter and full year builds upon its earlier success in Q3 2023, where it reported improvements in net income, growing year-over-year by 300%.

The company also successfully integrated its gaming machines and systems solutions into the recently opened Mohegan Inspire Entertainment Resort in Incheon, South Korea.