Gaming Revenue
Light & Wonder Reports Fourth Quarter and Full Year 2023 Results
![light-&-wonder-reports-fourth-quarter-and-full-year-2023-results](https://recentslotreleases.com/wp-content/uploads/2024/02/133334-light-wonder-reports-fourth-quarter-and-full-year-2023-results.jpg)
Light & Wonder Inc. reported results for the fourth quarter and fiscal year ended December 31, 2023. The Consolidated revenue in the quarter grew 13%.
Highlights
- Gaming revenue increased to $496 million, up 13% compared to the prior year period, primarily driven by another quarter of robust Gaming machine sales growth, which increased 31% globally, coupled with continued strong momentum in Gaming operations.
- SciPlay revenue rose to $204 million, a 12% increase from the prior year period, breaking a quarterly revenue record for the sixth consecutive quarter, driven by the core social casino business, which once again delivered strong payer metrics and outpaced the market and gained share.
- iGaming revenue increased 13% to $70 million reflecting continued growth momentum in the US and international markets.
- Full year consolidated revenue increased 16% to $2.9 billion delivering record results, which showcased strong financial performance, execution on growth strategy and transformation, and continued advancement toward long-term financial targets.
Matt Wilson, President and CEO of Light & Wonder, said: “2023 was a banner year for Light & Wonder. Our businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution. We consistently leverage a differentiated product strategy and plan to capitalize on the significant growth opportunities ahead of us. I am thrilled with the momentum we continue to see in the business, and with our winning mentality, experience, and talent in place, we are well-positioned to continue our growth trajectory. I want to congratulate our team on a successful year and know the best is yet to come.”
Oliver Chow, Chief Financial Officer of Light & Wonder, said: “We continue to see healthy trends in the business and were able to capitalize on many of the opportunities presented to us in 2023 to deliver strong top- and bottom-line growth, both in the quarter and for the full year. Our teams continued to deliver quality earnings with improved metrics over the course of 2023. Moving forward, we will focus on driving sustainable growth and executing against our balanced and opportunistic capital allocation strategy with discipline, driving value for all stakeholders.”
Leverage, Capital Return and Strategy Update
- Principal face value of debt outstanding of $3.9 billion, translating to net debt leverage ratio of 1x as of December 31, 2023, despite the cash outflow required to complete the SciPlay merger. The net debt leverage ratio decreased 0.2x from December 31, 2022, and remained within the targeted net debt leverage ratio range of 2.5x to 3.5x.
- Returned $25 million of capital to shareholders through the repurchase of approximately 3 million shares of L&W common stock during the quarter and $170 million or 2.4 million shares during 2023. Since the initiation of the program, the company has returned $575 million of capital to shareholders through the repurchase of approximately 9.4 million shares of L&W common stock, representing 77% of total program authorization.
- Repriced the Term Loan B in January 2024 reducing the interest rate by 35 basis points, resulting in a reduction in annualized interest costs of approximately $8 million.
- SciPlay merger integration completed successfully, with the Company strengthening its cross-platform strategy through synergistic game development processes across all businesses.
Chris Albrecht
Caesars’ Temporary Casino Generates $222M in Gaming Revenue Since Opening Last Year
![caesars’-temporary-casino-generates-$222m-in-gaming-revenue-since-opening-last-year](https://recentslotreleases.com/wp-content/uploads/2024/05/136580-caesars-temporary-casino-generates-222m-in-gaming-revenue-since-opening-last-year.jpg)
The temporary Caesars casino has generated $222 million in gaming revenue since opening last Year.
Meanwhile, construction continues on the permanent casino right next door.
Danville has received nearly $20 million of that as part of their agreement – $7 million more than expected.
“We figured it would be more, but we didn’t know it was gonna be this much more. That’s all great, actually, because it’s a temporary facility. It’s in a tent. They don’t have near the number of games that they would have in the full casino,” said Ken Larking, Danville City Manager.
Larking says the money is going toward neighborhood parks, school improvements, economic development and more.
“We want to invest in what would grow our city including more businesses, more opportunities for jobs, better quality of life, better recreational amenities, better education, workforce development, those are the kinds of things that we’re investing in,” Larking added.
General Manager Chris Albrecht says the temporary casino sees around 100,000 visitors per month. He expects that number to grow substantially once the permanent casino opens.
“That’s really going to bring a lot more customers from further away when we have all the offerings from the hotel, the restaurants, the entertainment meeting space, the pool, and the spa. It’s going to drive visitation from even further and further away. So, we’re really excited to move next door here in the next few months,” Albrecht said.
Their current staff will also jump from about 400 people to around 1200.
“Those jobs are number one and that incremental revenue to the city will help support existing businesses and hopefully new investment into this market as well,” Albrecht said.
They say the permanent casino is still on track to open by the end of the year.
Dodge & Cox
US Investment Firm Dodge & Cox Doubles Stake in Entain to 10%
![us-investment-firm-dodge-&-cox-doubles-stake-in-entain-to-10%](https://recentslotreleases.com/wp-content/uploads/2023/11/129639-us-investment-firm-dodge-cox-doubles-stake-in-entain-to-10.jpg)
UK-listed gambling company Entain has revealed that US fund management group Dodge & Cox last week doubled its stake.
The investment, which took its shareholding from 5.01% to 10.33%, took place on the same day Entain reported an update for the third quarter, during which group net gaming revenues rose 7% year-on-year.
As of the Ladbrokes owner’s closing share price on 1 November, the day before the investment, a 5.22% stake would have been worth around £310m.
Entain said on 2 November that it was on track to meet the upper end of its net gaming revenue guidance of $1.8bn to $2.0bn for the full year.
Dodge & Cox is a San Francisco-based investment manager with $323bn in assets under management as of the end of 2022.
Detroit casinos
Detroit Casinos Report $104.9M in August Revenue
![detroit-casinos-report-$104.9m-in-august-revenue](https://recentslotreleases.com/wp-content/uploads/2023/09/127470-detroit-casinos-report-104-9m-in-august-revenue.jpg)
The three Detroit casinos reported $104.9 million in monthly aggregate revenue for the month of August 2023, of which $104.6 million was generated from table games and slots, and $322,186 from retail sports betting.
The August market shares were:
- MGM, 47%
- MotorCity, 30%
- Hollywood Casino at Greektown, 23%
Table Games and Slot Revenue and Taxes
August table games and slot revenue decreased 2.0% when compared to July 2023 results. August monthly revenue was 0.1% higher than August 2022. From January 1 through August 31, the casinos’ table games and slots revenue increased by 0.8% compared to the same period last year.
The casinos’ monthly gaming revenue results were mixed compared to August 2022:
- Hollywood Casino at Greektown, up 11.7% to $24.4 million
- MGM, down 1.7% to $49.5 million
- MotorCity, down 5.0% to $30.7 million
During August, the three Detroit casinos paid $8.47 million in taxes to the State of Michigan. They paid $8.46 million for the same month last year.
The casinos reported submitting $16.5 million in wagering taxes and development agreement payments to the City of Detroit in August.
Retail Sports Betting Revenue and Taxes
The three Detroit casinos reported $10.0 million in total retail sports betting handle, and total gross receipts were $327,291.
Retail sports betting qualified adjusted gross receipts (QAGR) were down by 80.6% compared to August 2022. August QAGR was down by 32.5% compared to July 2023.
August QAGR by casino was:
- MGM: $85,644
- MotorCity: $195,955
- Hollywood Casino at Greektown: $40,587
During August, the casinos paid $12,179 in gaming taxes to the state and reported submitting $14,885 in wagering taxes to the City of Detroit based on retail sports betting revenue.
Fantasy Contests
For July, fantasy contest operators reported total adjusted revenues of $1.2 million and paid taxes of $101,324.
From January 1 through July 31, fantasy contest operators reported $13.4 million in aggregate fantasy contest adjusted revenues and paid $1.1 million in taxes.
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