Light & Wonder, Inc. has concluded a remarkable fiscal year with outstanding achievements across all sectors, cementing its commitment to achieving its 2025 financial goals. In 2024, the company reached a milestone with record consolidated revenue of $3.2 billion, a 10% increase attributed to robust performance throughout its operations. The gaming division excelled with revenues of $2.1 billion, a significant rise of 12%, spearheaded by a 22% increase in gaming machine sales primarily due to substantial market share gains in North America and Australia. Additionally, a 13% increase in gaming systems revenue was driven by innovative hardware and software solutions, with North American gaming operations also seeing a 4% growth.

Continued innovation and market expansion:

In a strategic shift, Light & Wonder announced the divestiture of its live dealer games, a move expected to provide a modest uplift to cash flow. As reported by CDC Gaming, this decision was revealed during a detailed financial presentation and reflects the company’s ongoing adjustments to its portfolio to optimize performance and focus on its most profitable and strategic areas.

Matt Wilson, President and CEO of Light & Wonder, highlighted the year’s success in the company’s press release, “The Gaming machine sales share gains in North America and Australia this year are a testament to our R&D investment, commercial strategy, and robust product roadmap.” The company also strategically enhanced its studio capabilities by adding more talent and expanding existing facilities. The acquisition of Grover Gaming’s charitable business announced recently, is set to further enhance Light & Wonder’s cross-platform strategy and presence in regulated land-based markets, providing a broader distribution base for its vast content library and driving sustainable future growth.

Oliver Chow, Chief Financial Officer, stated, “Our healthy financial foundation gives us flexibility to deploy capital where it best drives long-term value consistent with our capital deployment framework.” The acquisition is expected to augment the company’s expansive recurring revenue base, complementing its high-margin and cash-generative operations. In 2024, the company also returned $462 million to shareholders through share repurchases, completing about 29% of the new $1 billion share repurchase plan authorized in June 2024.

In addition to financial achievements, Light & Wonder reported a principal face value of debt outstanding at $3.9 billion by the end of 2024, maintaining a net debt leverage ratio within the targeted range of 2.5x to 3.5x. The company also amended its credit agreement, enhancing its financial flexibility and reducing costs associated with its revolving loans.

The strategic acquisition of Grover Gaming’s charitable business for $850 million, announced on February 18, 2025, is poised to close in the second quarter of 2025, subject to regulatory and other customary approvals. This acquisition is anticipated to enhance Light & Wonder’s market position in the fast-growing electronic pull-tab market across several U.S. states.

Future outlook and continued growth:

As Light & Wonder approaches the second anniversary of its successful secondary listing on the Australian Securities Exchange, it remains focused on enhancing liquidity and market capitalization. Jamie Odell, Chair of the Light & Wonder Board of Directors, expressed enthusiasm about the ASX’s role, “The ASX is a premier exchange with a strong history of supporting global gaming companies.”

Light & Wonder’s record-breaking performance in 2024 and strategic initiatives set the stage for continued success and expansion. The company’s proactive approach in broadening its operational scope and enhancing shareholder value, coupled with its strategic market maneuvers, underscores its resilience and commitment to long-term growth.