Light & Wonder Achieves Record Growth and Financial Milestones in 2023
Light & Wonder, Inc., a leading global gaming supplier, announced its earnings results for the full year ended December 31, 2023, showcasing a remarkable year of financial growth and strategic achievements. The company reported a significant increase in revenue, reaching USD 2.902 billion, up from USD 2.512 billion in the previous year. Net income for the year stood at USD 163 million, marking a strategic turnaround from the prior year’s USD 3.675 billion.
In the fourth quarter of 2023 alone, Light & Wonder achieved its 11th consecutive quarter of year-on-year revenue growth, with consolidated revenue growing by 13% to USD 770 million. This growth was driven by strong performance across all business segments. The gaming revenue saw a 13% increase to USD 496 million, attributed mainly to a 31% increase in gaming machine sales and robust gaming operations.
SciPlay, the company’s social gaming business, reached a new quarterly record with revenue of USD 204 million, up 12%. Additionally, iGaming revenue experienced a 13% increase, totaling USD 70 million, reflecting continuous growth momentum in both U.S. and international markets.
President and CEO Matt Wilson described 2023 as a “banner year” for Light & Wonder, highlighting double-digit growth across all business areas, strategic investments, and strong execution. He expressed optimism for the company’s future, emphasizing the successful leveraging of a differentiated product strategy and the capitalization on significant growth opportunities ahead.
CFO Oliver Chow echoed this sentiment, noting the company’s ability to capitalize on opportunities presented in 2023 to deliver strong top- and bottom-line growth. Chow emphasized a focus on driving sustainable growth and executing a balanced and opportunistic capital allocation strategy with discipline, aiming to drive value for all stakeholders.
The company’s impressive performance was not only reflected in its financial results but also in strategic moves to enhance operations and expand market reach. Noteworthy achievements include a distribution deal with Swintt to globally distribute its slots, showcasing Light & Wonder’s commitment to expanding its portfolio and market presence.
Light & Wonder Achieves Record Growth and Financial Milestones
Moreover, the successful integration of its gaming machines and systems solutions into the Mohegan Inspire Entertainment Resort in Incheon, South Korea, marks a significant milestone in its international expansion efforts.
As Light & Wonder continues to build on its strong financial performance, it remains well-positioned for continued growth and innovation in the global gaming market. The company’s achievements in 2023 lay a solid foundation for future growth, reflecting the strength of its business strategy and the dedication of its team.
With strategic investments and a focus on expanding its portfolio, Light & Wonder is poised to capitalize on emerging opportunities and drive further success in the years to come, reshaping the gaming landscape with its innovative approach and commitment to excellence.
Martin Vatev's exploration into the world of words began not amid the pages of fictional tales but within the bustling, pragmatic environments of newsrooms and media outlets. As a student of Journalism at the Technical University of Dortmund, Martin was swiftly plunged into the ecosystems of stories that were urgent, real, and imperatively bound to the world's happenings. By taking part in different local media, his days were enveloped in uncovering facts, ensuring objectivity, and rendering narratives that adhered strictly to the pulses of reality.
