Light & Wonder Restructuring Efforts Pay Off as 2022 Revenues Soar
Gaming products and services giant Light & Wonder recorded a 17% consolidated revenue growth for the year, setting the stage for further expansion
The cross-platform global game company released its official Q4 and end-of-the-year financial results, showing growth across all significant verticals. Light & Wonder’s impressive performance is already bearing dividends for its shareholders, who can expect strong momentum going into 2023. The management team expressed confidence that the company’s strategic transformation would continue to bring sustainable value and uncover new business opportunities.
Solid Financials Open Up New Growth Avenues
Light & Wonder made substantial profits in the final quarter, recording gaming revenues of $438 million for an 18% year-on-year growth. Gaming machine sales continued to be a leading contributing factor, growing by 41% amidst ongoing momentum. Gaming operations, systems, and tables also performed well, indicating a strong and sustainable business model.
SciPlay’s Q4 revenue reached $182 million, rising 18% compared to 2021. iGaming revenue also soared by 15% thanks to strong momentum in the US market. Light & Wonder’s combined Q4 profits are $682 million, bringing end-of-the-year revenues to $2.51 billion. The impressive financial performance lays the groundwork for future expansion as the company wasted no time pursuing new business opportunities in 2023.
Streamlining Measures Played a Pivotal Role
The Light & Wonder had good reason to describe 2022 as pivotal for the company. The last quarter concluded a period of dynamic restructuring as the gaming products giant reorganized its operations by selling off its lottery and sports betting businesses. Light & Wonder president and CEO Matt Wilson proudly announced that the initiative was successful and would be instrumental for the company’s efforts going into 2023.
We delivered on an ambitious and transformative plan while driving operational success and double-digit growth in our business.
Matt Wilson, Light & Wonder president and CEO
In March, the company officially changed its name from Scientific Games to better reflect its services and place in the market. Shortly after, a successful refinancing plan reduced the global game giant’s debt by 50%, announcing a renewed focus on long-term investment opportunities. Company CFO Connie James noted that the strong balance sheet and clear roadmap significantly elevated Light & Wonder’s value proposition.
We delivered quality earnings, setting the foundation for sustainable growth going forward as we continue to focus on delivering shareholder value.
Connie James, Light & Wonder CFO
Light & Wonder has wasted no time in the first few months of the year and secured several high-profile strategic partnerships. The company’s pioneering Wonder 500 solution is already gaining popularity with operators, while a recent agreement with the Oregon Lottery may bear significant future dividends. Overall, the company enters 2023 leaner, more focused, and determined to maintain its leading market position.
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