Light & Wonder has officially wrapped up its move to become a solely listed company on the Australian Securities Exchange (ASX), marking the end of its multi-year presence on the Nasdaq Stock Market. The company confirmed that its Nasdaq listing concluded on 13 November 2025, with the ASX becoming its only active exchange four hours after the closing bell in New York.

The delisting represents a milestone in a strategic overhaul that began several years earlier, when Light & Wonder sought to reposition its capital markets footprint. According to the company’s filing, quoted by Inside Asian Gaming, “The decision to transition to a sole ASX primary listing reflects Light & Wonder’s strategic focus on aligning our capital markets presence with our long-term growth plans and shareholder base. We are seeking to consolidate trading liquidity onto the ASX, a deep and liquid market that has a robust understanding of the gaming sector.”

Shift to a Single Exchange and Shareholder Impact

The transition process began with an October announcement outlining the upcoming suspension of Nasdaq trading, followed by a sharp upturn in the company’s stock price before leveling off in mid-November. With Nasdaq trading ceasing after market close on 12–13 November (depending on time zone), shareholders must now convert their U.S.-listed shares into CHESS Depositary Interests to continue participating on the ASX. The company has indicated it will offer guidance to investors navigating the conversion, though shareholders may still sell their U.S. shares or explore over-the-counter trading options.

The exclusive ASX listing is designed to streamline trading activity within a market where Australian investors already hold significant ownership. Since launching its secondary ASX listing in 2023, Light & Wonder has experienced meaningful trading volume in Australia—an early indicator that the eventual consolidation would align with long-term shareholder distribution.

Financial Gains Strengthen Transition Momentum

Light & Wonder’s move comes during a year marked by steady financial performance across multiple business units. In the third quarter of 2025, the company’s revenue reached US$841 million, reflecting continued top-line strength. Net income surged by 78 percent to US$114 million, reinforcing upbeat investor sentiment during the listing transition.

Earlier in the year, second-quarter results underscored similar momentum. Despite a modest 1% dip in revenue to US$809 million, the company grew net income by 16%, reaching US$95 million. Adjusted EBITDA also climbed 7% to US$352 million. Strong global unit sales and an expanding North American premium installed base supported these gains, even as broader economic conditions introduced headwinds in customer spending.

The integration of Grover Gaming’s charitable gaming division—acquired for US$850 million—continues to advance ahead of projections. More than 600 active units have already been added since the deal’s announcement, helping Light & Wonder strengthen its presence in the regulated charitable gaming market.

Repurchase Program Moves to ASX as Capital Strategy Evolves

The company’s recalibrated listing strategy also affects one of its largest capital management initiatives. Light & Wonder will shift its US$1.5 billion share repurchase program to the ASX following the Nasdaq delisting. Originally launched in mid-2024 at US$1 billion, the program was expanded to US$1.5 billion in 2025 and remains authorized through June 2027.

As of 5 November, approximately US$705 million remained available for future repurchases across both Nasdaq shares and ASX-listed CDIs. The company has stated it intends to use a significant portion of this remaining capacity by year-end, depending on market conditions and pricing.

The strategic emphasis on ASX consolidation was emphasized earlier in the year when CEO Matt Wilson explained that the shift “will enable us to better serve our growing shareholder base and position Light & Wonder for future success.” With the transition now complete, the company expects the ASX’s deep liquidity and robust gaming-sector expertise to support long-term value creation.