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Light & Wonder, Inc. Reports Second Quarter 2024 Results
Light & Wonder, Inc. reported results for the second quarter ended June 30, 2024.
We maintained strong momentum in the second quarter, delivering an 8th consecutive quarter of double-digit consolidated revenue growth year-over-year, and continued execution on our diverse content roadmap and cross-platform strategy. Consolidated revenue grew 12%, driven by continued strong performance across all our businesses, resulting in robust earnings growth:
- Gaming revenue increased to $539 million, up 14% compared to the prior year period, primarily driven by global Gaming machine sales growth, which increased 32%, coupled with record Gaming operations unit expansion in the North American installed base and growth across Gaming systems, resulting in AEBITDA growth and margin expansion of 17% and 100 basis points, respectively.
- SciPlay revenue grew to $205 million, an 8% increase from the prior year period, driven by the social casino business, which continues to outpace the market and gain share on strong payer metrics, while growing our direct-to-consumer platform and expanding AEBITDA margin by 300 basis points.
- iGaming revenue grew to $74 million, a 6% increase from the prior year period, primarily reflecting continued momentum in North America, while the prior year benefited from $2 million in license termination fees.
First half 2024 consolidated revenue increased 13% to $1.6 billion as we continued advancement towards our long-term financial targets and returned $175 million to our shareholders through share repurchases.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “Light & Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business. We saw strong progress in the Gaming business as the expansion of units in the North American installed base reached an inflection point. Our global presence enables further product refinement and market penetration with our suite of games and casino solutions. We continue to develop our catalog of proven, evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social and iGaming platforms. The uplift that we have continued to see across the business is a testament to the quality of the talent and culture in our organization. I am pleased with the continued momentum that we are seeing and know that the best is yet to come.”
Oliver Chow, Chief Financial Officer of Light & Wonder, added, “Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile. We continue to see improved earnings quality with consistent growth and healthy margins, all while investing back into the business to scale for the future. The new $1.0 billion share repurchase program is a testament to the value we see in the business and confidence in our ability to execute to plan over the long-term. We believe we will continue to create significant value for our shareholders through enhanced cash flow generation initiatives while delivering on our financial targets.”
LEVERAGE AND CAPITAL RETURN UPDATE
- Principal face value of debt outstanding(1) was $3.9 billion, translating to a net debt leverage ratio(2) of 3.0x as of June 30, 2024. Our net debt leverage ratio(2) decreased by 0.1x from December 31, 2023, and remained within our targeted net debt leverage ratio(2) range of 2.5x to 3.5x.
- Returned $175 million of capital to shareholders through the repurchase of approximately 1.8 million shares of L&W common stock during the first half of 2024 and completed the full $750 million share repurchase authorization. Under the initial share repurchase program, we purchased 11.2 million common shares, or 11.6% of shares outstanding at the inception of the program on March 1, 2022. The average purchase price of $66.72 per share represents a 34% discount to yesterday’s closing price of $100.71. In June 2024, the Board of Directors approved a new three-year share repurchase program(3) of up to $1.0 billion of the Company’s outstanding common stock through June 12, 2027.
- Repriced our Term Loan B again in July 2024, reducing our interest rate by 50 basis points resulting in a decrease in annualized interest costs of approximately $11 million, or $19 million in annualized interest costs reduction including our January repricing.
(1) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presentation found in Note 10 to the Condensed Consolidated Financial Statements in our March 31, 2024 Form 10-Q.
(2) Additional information on non-GAAP financial measures presented herein is available at the end of this release.
(3) The program may be conducted via open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender
offers or other derivative contracts or instruments, “10b5-1” plans, or other financial arrangements, and may be suspended or discontinued at any time.
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The post Embark on an Epic Adventure with Jenny Nevada in the Diamond Temple at SlotsCapital.lv – Enjoy a 150% Deposit Bonus appeared first on European Gaming Industry News.
CT Gaming has announced its debut installations in Guatemala, marking a significant milestone in the expansion across Latin America. Following this year’s successful installations in Mexico and Perú, CT Gaming’s presence in the region continues to grow at full speed.
“We are proud of the established partnerships and see these installations as the foundation for a long-term collaboration. We believe this is just the beginning of our journey toward becoming a leading provider in Guatemala,” said Georgi Koprinarov, General Manager LatAm at CT Gaming.
Leading gaming venues in Guatemala, among which Fantastic – Majadas, Fantastic – Las Americas, Magic Bingo – Metro Norte and Magic Bingo – Capitol, are now equipped with EZ Modulo 32/32/32 slot cabinet and the newest addition to the Diamond King family – Diamond King 4. Among the 40 games in the pack, players will experience a unique blend of classic titles and brand-new games such as Zet Fruits,Clovers on Fire and others. Additionally, half of the games are linked to the progressive jackpot Diamond Tree Deluxe, which concept is offering exciting rewards and enhanced gameplay. Another new feature that premiers within Diamond King 4, is the “Buy Bonus” game which brings additional excitement and better chances of winning.
“We are thrilled to partner with CT Gaming and introduce their cutting-edge products to Guatemala. The installation of the EZ Modulo cabinets in combination with the latest multigame – Diamond King 4 has already sparked interest among our players. We look forward to a long and successful collaboration with CT Gaming, bringing top-tier entertainment to our customers,” said Edgar Paz Ravines, director of Desarrollos Providencia.
The post CT Gaming with First installations in Guatemala appeared first on Gaming and Gambling Industry in the Americas.
Here are this weeks latest slots releases compiled by European Gaming
Spinomenal has struck gold again with its new slot, Zeus’s Lightning Blaze. Joining Spinomenal’s Mythology series, Zeus’s Lightning Blaze is a 5×3 game set within a temple at the foot of Mount Olympus. Ancient Greek inspired symbols include amphoras, shields, lightning bolts and a beautiful lyre.
MGA Games expands its catalog with the launch of Chef’s Delights Megaways, a slot that combines the thrill of the casino with the allure of haute cuisine. This new title features the Megaways mechanic, offering up to 117,649 paylines and a flavorful experience that keeps the excitement alive with every spin.
PG Soft has released its latest video slot masterpiece, Graffiti Rush, an electrifying journey into the edgy world of street art. This colourful new title marks PG Soft’s first foray into a graffiti-themed slot. Players join aspiring artist Jerry, who has turned his back on a traditional career to follow his passion for street graffiti. The game itself is a 4-reel, 4-row video slot featuring a sticky symbol feature and multiplier up to x100.
Amusnet has released Shining Crown Buy Bonus, a classic fruits slot with a modern twist. Designed in the stylistic of traditional-looking slots, the game offers an upgraded and elevated gameplay experience packed with new features to help players have an unforgettable time. Shining Crown Buy Bonus has 5 reels and 10 fixed paylines and consists of 11 traditional symbols, including all-time favourite fruits, Lucky Sevens and the royal Shining Crown.
Shoot for greatness and score massive wins in Super Hoopers Xtreme Power Pots, the latest slot from Rival, the renowned content provider. This is a game that sees players step into the court and score big with the provider’s all-new Xtreme Power Pots mechanic. But before they get to that, they’ll need to dribble and pass their way through Stacked Wilds which can appear solo or stacked on reels two to five and replace all symbols except the Scatter.
Push Gaming has launched its delectable new slot, Candy Blast. This vibrant 6×5 game promises a rush of sugary excitement with a one of a kind pays anywhere mechanic enhanced by a double multiplier, intuitive features and cascading wins. Candy Blast has been designed to offer a fast-paced, action-packed gameplay experience that provides the high volatility action so coveted by today’s players.
Play’n GO turns up the volume with Spinnin’ Records Into the Beat, a slot that blends music and momentum for an electrifying experience. Players will find themselves immersed in a world where every spin synchronises with the beat, featuring a 5-reel, 20-payline setup. The Step Up feature takes centre stage, enhancing Record symbols with multipliers that build up to 35x the total bet.
Vibra Gaming, the leading game and platform developer in the LatAm market, has released its latest slot, Lucky Destiny. Set in the enigmatic realm of Cassandra the fortune teller, this game invites luck enthusiasts to discover classic symbols of good fortune. Golden horseshoes, four-leaf clovers, rabbit’s feet and her mystical crystal ball guide players towards big prizes.
Spinomenal has launched its latest addition to the wildly successful Wildlife series, Majestic King Hold & Hit. Set under a stunning savannah sunset, Majestic King Hold & Hit unfolds surrounded by acacia trees lit by an orange sky, creating a warm atmosphere on the reels. Elephants, vultures, zebras and giraffes are the animal symbols to look for on the screen. Landing three red tree Scatter Free Spins symbols triggers the Free Spins game.
Belatra has released Xing Fu Panda, an enchanting new title inspired by the Far East. Traditional Eastern symbolism flows through the design and is complemented by modern slot mechanics to deliver a rewarding experience. Central to Xing Fu Panda is an adorable panda, a symbol of prosperity and joy. The game is set within a 3×3 frame which is brought to life with an array of traditional Asian artefacts, including golden coins and gongs, that bring luck to the reels.
Playson is embarking on an unforgettable journey in Royal Express: Hold and Win, with the luxury train travel-inspired slot offering delightful bonus play and themed multipliers. Players are welcomed aboard a luxurious locomotive in this 3×3 title, with shimmering gold coins, delicious fruits and immersive graphics set to enhance the excitement.
Blueprint Gaming’s iconic gorilla swings back into the thick of the action in Kong 3 Even Bigger Bonus™, offering dynamic ways to win via eye-catching new cash collects and lavish twists to bonus play. The 4,096 ways to win slot sees the king of the jungle take his place on the 6×4 grid, nestled in a hidden temple within the depths of his rainforest home, accompanied by fellow tropical inhabitants and specially themed-bonus icons.
ELA Games, the innovative iGaming development studio, is proud to announce the release of Zeus Cashpot, its latest title based on strategy and fast-paced action. Embark on a divine journey full of riches from the Greek gods. This unique and dynamic 1-reel, 1-payline slot is simple to understand for casual players but has a layer of depth to its gameplay for gaming enthusiasts.
Gaming Corps is excited to introduce 3 Pigs of Olympus, a thrilling new slot that builds on the success of Aztec Bonus Pot and Egypt Bonus Pot. Drawing inspiration from the trendy “3 Pot” game mechanism, which is top-selling in the market, the game boasts compelling bonus features and exciting win opportunity. Prepare for a mythological journey that transforms the classic mythological universe into a zany, pig-powered adventure!
God of Taranis went live this week, a new 6×5 scatter-pays slot from Hölle Games. Featuring the epic Celtic god of the stormy underworld, this new title contains Runic symbols with unique payouts for every symbol-level, meaning every new one you collect boosts your winnings. The Free Spins feature in God of Taranis has Wilds (absent from base game) which can massively increase the number of cascades, leading to some truly godly Free Spin round potential and over 3000x payouts!
Indulge in a Sweet Adventure with a Tasty Bonanza from Booming Games! Step into a whimsical candy wonderland with this deliciously fun 6×5 slot with scatter pay mechanics, where sugary delights and dazzling colours fill the reels. Land 8 or more symbols – hearts, stars, and candy-coated gems to see them burst in a cascade of tasty treats, bringing you the chance for more delightful wins with every spin!
Slotland Entertainment is raising the stakes for online casino players with the launch of their dazzling new slot game, 8 Crystals. Available across three major platforms – Slotland, CryptoSlots, and CryptoWins – this visually striking 3×3 Mega Matrix slot with 9 paylines has an array of enticing features, including Free Spins with Wilds, Double Wilds, and a Bonus Game which is triggered by hitting just one Free Spins scatter.
The post Week 13/2025 slot games releases appeared first on European Gaming Industry News.
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