Light & Wonder, a prominent provider of iGaming content and solutions, has unveiled its financial results for the fourth quarter of and the full year 2023. The group reportedly generated $770 million in gross gaming revenues in the quarter to see a 13% increase over the same quarter of the fourth quarter of 2022. Such a revenue level brought $67 million in profits to the company in the subject three-month period to stand for as much as 220 % higher level than in the fourth quarter of 2022, according to Asian Gaming Brief (AGB).
Significant Growth Seen in Q4 2023 :
As reported, the industry-leading group recorded a significant growth across all business segment in the Q4 2023 to boast the 11th consecutive quarter of the year-on-year growth. Looking back to the Q4 2023, the increased sales operations for gaming machines generated 31 percent more revenues y-o-y to drive the company’s overall Gaming segment revenue to $496 million. As reported by AGB, the Light & Wonder’s revenue level achieved in the quarter simultaneously represents a 13 percent increase over the same period in 2022.
Further, the giant’s vertical SciPlay used the momentum of the parent’s social casino operations to reportedly generate $204 million in revenue. As reported by AGB, the figure is not only 12% above the Q4 2022 but also sets a new quarterly record for the sixth consecutive time. Likewise, Light & Wonder’s iGaming vertical set a quarterly record with revenue growing by 13 percent on the y-o-y basis to reach $70 million. This figure has reportedly been derived from the L&W’s iGaming platform’s handle of $21.6 billion seen in 4Q23. As reported by the source, the iGaming giant continues to expand and grow over the US and international markets. The financial results achieved in the subject quarter will surely fuel such expansions.
Reversing From Loss Into Profit in 2023:
Light & Wonder reportedly also announced its full year 2023 results to reveal that the company reversed from a $176 million loss sustained in 2022 into a $180 million profit. According to AGB, the transition was facilitated by a lower loss on debt financing transactions and surely a double-digit growth across all operating segments generating increased profits throughout the year. These operations reportedly resulted in the FY23 revenue of $2.9 billion, 16 percent more than the revenue level reached in 2022.
Business Segments’ Contributions:
By segments, the group’s overall Gaming machine sales rose 36 percent in 2023. In the same year, table products went up 13 percent to contribute to the Gaming segment revenue of $1.85 billion, as AGB reports. In the same year, the group’s iGaming segment grew 15 percent when compared to 2022 to hit $275 million in revenues for FY23. The social casino business reportedly performed better than expected to add significant weight to a 16 percent revenue increase of the SciPlay segment that settled at a $777 million level.
In the press release, Light & Wonder’s President and CEO Matt Wilson noted: “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. ” Wilson reportedly added: ”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.”
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