Light & Wonder reports 13% revenue growth for Q1

Gaming revenue was $476m in the first quarter of the year.

US.- Light & Wonder has published its Q1 2024 financial results, showing a 12th consecutive quarter of year-over-year revenue growth. Gaming revenue grew 14 per cent to $476m, driven by global gaming machine sales growth of 30 per cent.

SciPlay revenue was up 11 per cent at $206m, driven by the social casino business. Igaming revenue was $74m, up 14 per cent.

Matt Wilson, president and chief executive officer of Light & Wonder, said: “Our strong momentum continued into 2024 across the business with our compelling global product offerings driving game sales growth in North American adjacent markets and in international markets led by Australia and Asia. SciPlay and iGaming both reached record revenue levels yet again with consistent double-digit year-over-year growth.

“The performance in the quarter validates our execution plan and we expect growth to be further enhanced by key hardware and content launches in both our land-based and digital markets throughout the year.”

Oliver Chow, chief financial officer, added: “We remain on a healthy growth trajectory with six consecutive quarters of double-digit revenue growth across Gaming, SciPlay and iGaming, a testament to the power of our R&D engine, as we continue to deploy engaging content enjoyed by players across all of our platforms. Our financial performance highlights the strength of our team across all of our segments.

“We will continue to reinvest back into the business to further scale revenue and profitability. Given our strong growth and the highly cash generative nature of our business, we plan to further enhance value through our share repurchase program, while maintaining the rigor of our strategic capital allocation plan.”

See also: Bragg Gaming signs online casino content distribution deal with Light & Wonder