Light & Wonder Records Revenue Growth In 2022 Fiscal Year

Light & Wonder, the American provider of gaming products and services formerly known as Scientific Games, has announced its results for the full 2022 fiscal year and the numbers show reassuring revenue growth.

Matt Wilson, the new Chief Executive Officer of Light & Wonder, described 2022 as “a pivotal year” for the company, because that was when it completed its name switch and also streamlined its business by selling its lottery division to Brookfield Business Partners and also offloaded OpenBet to Endeavor.

That left Light & Wonder with just three business segments: gaming, iGaming and social gaming through its separate SciPlay brand. Matt Wilson, who took over as Chief Executive Officer and President in October 2022, said that the streamlined business is “in a strong position” to continue its growth in 2023 and in the following years as well.

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The fourth quarter of 2022 was particularly impressive as Light & Wonder recorded a revenue growth of 18 percent year-on-year, generating a total of 682 million dollars in the last three months of 2022. Moreover, all of the company’s business segments recorded double-digit growth.

Gaming remained the most important revenue source for the company in the fourth quarter, with revenue amounting to 438 million dollars in the fourth quarter, boosted by a rise of 41 percent in gaming machine sales. Moreover, the company managed to grow the base of installed machines in North America while average daily revenue per unit also went up.

SciPlay also managed to record a revenue increase of 18 percent in the fourth quarter to an amount of 182 million dollars, a new quarterly record for the brand. The company’s iGaming division recorded a revenue increase of 15 percent in the fourth quarter to a total amount of 62 million dollars.

Operating expenses also increased, but by just 1 percent in the fourth quarter, meaning that pre-tax profit amounted to 26 million dollars. That result was far better than the loss of 92 million dollars recorded in the fourth quarter of 2021.

Looking at the full year, revenue went up by 17 percent to a total amount of 2.51 billion dollars. Operating costs also increased by 9.6 percent, but the company still managed to record a total pre-tax profit of 4.93 billion dollars after having sold the lottery and sports betting businesses.

SOURCE: “Light & Wonder reveals revenue growth in “pivotal” year“. iGaming Business. March 2, 2023.