Light & Wonder's revenue went up by 13% in the last quarter, showing strong growth for the year 2023

Quick Intro

Light & Wonder has unveiled its financial achievements for both the fourth quarter and the entirety of the year ending December 31, 2023, showcasing a period of unprecedented growth and strategic success.

Unprecedented Quarterly and Annual Growth

The company celebrated its 11th straight quarter of revenue growth, with a remarkable 13% increase in the fourth quarter alone. This surge was fueled by impressive performances across all business units:

  • Gaming Division: The gaming segment witnessed a 13% rise in revenue to $496 million, significantly bolstered by a 31% global increase in gaming machine sales and steady gains in gaming operations.
  • SciPlay Division: SciPlay’s revenue climbed to $204 million, a 12% boost from the previous year, setting a new quarterly record for the sixth time in a row. The division’s core social casino business was a key growth driver.
  • iGaming Division: iGaming revenue also saw a 13% uptick to $70 million, propelled by continuous expansion in both the U.S. and international markets.

Over the full year of 2023, Light & Wonder reported a total consolidated revenue of $2.9 billion, marking a 16% year-over-year increase.

Leadership’s Vision and Strategy

Matt Wilson, President and CEO, and Oliver Chow, CFO, underscored 2023 as a milestone year for the company, highlighting double-digit growth across all divisions. Their comments reflected a focus on strategic investments, execution excellence, and a differentiated product strategy aimed at seizing future growth opportunities. Chow emphasized the company’s capability to capitalize on market opportunities in 2023, leading to substantial growth in both the short term and over the full year. The leadership team is committed to driving sustainable growth and maintaining a disciplined approach to capital allocation to enhance stakeholder value.

Strategic Partnerships and Market Expansion

Beyond financial growth, Light & Wonder has strategically expanded its operations and market presence. Notable initiatives include a distribution agreement with Swintt to globally distribute its slots, further solidifying its position in the gaming market. Additionally, the company reported a significant increase in net income in Q3 2023, growing by 300% year-over-year, and successfully integrated its gaming machines and system solutions into the Mohegan Inspire Entertainment Resort in Incheon, South Korea.

Light & Wonder’s record-breaking performance in Q4 and the entire fiscal year of 2023 is a testament to its strategic foresight, operational excellence, and the successful execution of its growth-driven initiatives. The company’s steadfast focus on innovation, strategic partnerships, and market expansion continues to pave the way for its future success in the dynamic and competitive gaming industry.