Light & Wonder Reports Record $3.2B Revenue for 2024

Annual Financial Highlights

The company’s gaming division saw the biggest jump, with revenue increasing 12% to $2.1 billion. This growth was fueled by strong slot machine sales, gaming system expansion, and market gains in North America.

SciPlay revenue rose 6% to $821 million, outperforming the broader casino gaming market and setting new player spending records. Meanwhile, iGaming revenue climbed 9% to $299 million, reflecting gains in U.S. and international markets.

On the profitability side, Light & Wonder delivered strong double-digit earnings growth. Operating income surged 29%, while consolidated AEBITDA grew 11%, and adjusted NPATA jumped 24%.

The company also focused on returning capital to shareholders, executing $462 million in share buybacks throughout the year.

Matt Wilson, President and CEO of Light & Wonder, emphasized the company’s continued growth, saying, “We ended a strong 2024 with continued double-digit revenue and earnings growth for the year. 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. Furthermore, we have also realigned studio needs, adding more talent and expanding existing studios. Our recently announced strategic acquisition of Grover Gaming’s charitable business enhances our cross-platform strategy and presence in regulated land-based markets, giving us a broader distribution base for our vast content library and accelerating our drive for sustainable future growth.”

Q4 2024 Performance

For Q4 2024, Light & Wonder generated $797 million in revenue, marking a 4% increase from Q4 2023. This quarter represented the company’s 15th consecutive year-over-year revenue increase.

Net income rose to $107 million, up from $67 million a year prior, thanks to higher operational earnings and a $28 million gain from asset sales. AEBITDA for the quarter hit $315 million, reflecting 4% growth.

Breaking it down by segment:

• Gaming revenue grew 4% to $515 million, driven by a 24% rise in gaming system sales and 10% growth in table game products.
• SciPlay remained flat at $204 million in revenue, but its AEBITDA increased 7% due to margin expansion.
• iGaming revenue climbed 11% to $78 million, while AEBITDA in the segment grew 9% to $25 million.

Oliver Chow, Chief Financial Officer, highlighted the company’s financial strength and capital strategy: “Our healthy financial foundation gives us flexibility to deploy capital where it best drives long-term value consistent with our capital deployment framework. We expect that the acquisition of Grover Gaming’s charitable business will contribute to our expansive recurring revenue base and is complementary and synergistic to our high margin and cash generative business, enhancing our growth profile and cross-platform strategy. We continue to see tremendous value in our shares and have executed a meaningful $462 million in share repurchases in 2024. We believe our healthy earnings growth and further optimization of our capital structure will continue to serve us well and provide stability as we expand the business globally.”

Strategic Moves and Market Expansion

Beyond strong financials, Light & Wonder made several key strategic moves in 2024, reinforcing its long-term growth strategy.

The company announced the acquisition of Grover Gaming’s charitable business, expanding its cross-platform presence and boosting its distribution network in regulated land-based markets. The deal is expected to close in Q2 2025.

Additionally, Light & Wonder amended its credit agreement in February 2025, increasing its revolving credit capacity to $1 billion, extending maturity terms, and lowering financing costs.

The company also resolved a $72.5 million antitrust settlement related to automatic card shufflers, removing a legal overhang.

On the global front, Light & Wonder is exploring an expanded presence on the Australian Securities Exchange (ASX), with discussions around dual primary or standalone listing to tap into investor demand in the region.

Jamie Odell, Chair of the Board of Directors, addressed the potential ASX listing: “The ASX is a premier exchange with a strong history of supporting global gaming companies, offering access to a deep and liquid market of sophisticated investors and industry participants with a comprehensive understanding of the gaming sector. We look forward to engaging with the market and our existing shareholders to further elevate the profile of our ASX listing.”