Casino equipment and online gaming provider Light & Wonder Inc L&W reported third-quarter revenue growth of 20.2% year-on-year to $648 million. The growth was driven by “continuous strong momentum” across the group’s gaming and iGaming segments and “record revenue” from digital business SciPlay.
Based on the group’s continued operations, Light & Wonder reported a net profit of $20 million in the three months to Sept. 30, compared to a profit of $100 million a year earlier.
“Net profit fell as last year’s net income tax benefit of $181 million,” the company said in a press release on Wednesday.
Nevertheless, the group added, “We were able to mitigate some of the impact on the current balance sheet thanks to increased revenue and operating income and reduced interest costs for the current period.” 경마사이트프로
The company reported a net loss of $150 million due to continued operations in the second quarter of this year.
Wright & Wonder posted a shareholder-attributed net profit of $328 million, including $315 million from its suspended operations in the third quarter. In the period to Sept. 30, pre-tax profits amounted to nearly $362 million, with the group’s sports betting business Openbet sold to Endeavour Group Holdings. The deal, which was completed in September, included total revenue of about $800 million.
Consolidated adjusted earnings (EBITDA) for the quarter before interest, taxation, depreciation and amortization from continuous operations rose 15.8% year-on-year to $235 million. The company said the increase was “primarily driven” by growth in the gaming business.
Q3 GAME SALES INCREASED 23.6% Y/Y TO $419 MILLION. Light & Wonder said the growth was ” fueled by strong growth of 47% of game console sales and continued growth momentum in game operations.” Game console revenue was $140 million in the quarter, while revenue from game operations increased 6.6% year-on-year to $161 million.
Adjusted EBITDA for gaming segment increased 17.4% Y/Y to $202 million.
The company said it sold 7,259 game consoles in the three months to Sept. 30, compared to 5,003 units a year earlier. Those shipments included 2,859 units sold in international markets, including Asia-Pacific, up from 1,780 units in the previous quarter.
Light & Wonder said it achieved “quarterly revenue record” with SciPlay revenue rising 16.3% year-over-year to $171 million, backed by its “core social casino business.” Revenue from the iGaming segment increased 9.4% Y/Y to $58 million.
“This quarter’s results reflect tangible progress being made strategically, operationally and financially as we delivered strong double-digit top-line growth and showed clear momentum across all businesses,” the announcement said, citing Matt Wilson, who was recently appointed president and chief executive of Light & Wonder
“With the sale of the sports betting business, we quickly fulfilled our commitment to transform our business and streamline our organization,” he added
The company’s chief financial officer, Connie James, said in a prepared statement that the debt balance at the end of September was $3.87 billion, which translates into a 3.1-fold net debt leverage ratio, “within target range.”
“With this important milestone, we are now moving forward with capital allocation priorities that return capital to shareholders and invest in growth,” she added.
In October, Light & Wonder acquired most of House Advantage LLC’s assets in cash, described as “a leading loyalty and marketing software and technology provider.” Light & Wonder said the acquisition would strengthen its systems management proposals for land-based and online game operators.