L&W Reports $731M In Q3 Revenue, Boosts Game Sales
Casino equipment and online gaming provider L&W (Light & Wonder Inc.) reported revenue of $731 million in the third quarter of 2023, up 12.8% year-over-year.
Q3 net income from continuing operations was $80 million, compared to $20 million a year earlier. The company reported net income attributable to shareholders of $75 million for the three months ended Sept. 30, down from $328 million a year ago.
The figures were released in the U.S. on Thursday. The company said sales growth was “driven by double-digit growth across its entire business segment” and marked the 10th consecutive quarter of growth.
Light & Wonder’s consolidated interest, taxation, depreciation and amortization earnings (EBITDA) for the third quarter were $286 million, up 21.7% year-over-year.
Matt Wilson, president and chief executive of Light & Wonder, noted in the announcement that the group achieved “four consecutive quarters of double-digit growth” in the quarter.
Mr. Wilson told GGRAsia in September that Asia’s land casino market was “strategically critical” to Light & Wonder and that he planned to expand his presence in the region. “We are in the process of expanding our facilities in the Philippines,” he said.
Oliver Chow, the company’s interim chief financial officer, said in prepared remarks that the third-quarter results demonstrated the group’s “commitment to business growth and maintaining healthy margins.”
He added, “As we continue to focus on executing our strategy as we drive our margin-boosting initiatives, our business segment’s adjusted EBITDA is at its highest level in 2023.”
Game segment revenue rose 11.0% year-over-year to $465 million in the third quarter, “driven by another quarter of growth in game console revenue, which grew 23% year-over-year,” Light & Wonder said.
The sector generated adjusted EBITDA of $235 million, up 16.3% year-over-year.
Samsung Electronics said it sold 8,685 consoles in the three months to Sept. 30, up 16.9 percent year-on-year. The third-quarter console shipments included 4,045 consoles in the international market, including Asia-Pacific, up 41.5 percent year-on-year.
SciPlay posted revenue of $196 million in the third quarter, compared to $171 million a year ago. SciPlay’s quarterly adjusted EBITDA of $61 million, compared to $43 million in the year-ago quarter.
In October, outside of the reporting period, Light & Wonder said it had completed a deal to acquire 17% of SciencePlay, a digital gaming business it already doesn’t own.
The group’s iGaming division posted revenue of $70 million in the third quarter of this year, up from $58 million a year ago.
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