Gaming, digital drive Light & Wonder to 5% year-on-year revenue gain in 2Q22 – Inside Asian Gaming

Global gaming giant Light & Wonder recorded consolidated revenue of US$610 million in the three months to 30 June 2022, up 5% over the same period last year on the back of strong growth in the company’s gaming business and digital arm SciPlay.
Publishing its 2Q22 results overnight, Light & Wonder said its gaming business demonstrated “continued strong momentum” including growth in all lines of business year-over-year and robust sequential growth in Gaming Operations and Game Sales.
Revenue also benefited from year-over-year growth at SciPlay, while the iGaming business’ momentum continued despite 7% unfavorable impact of foreign currency translation, the company said.
The improved revenues couldn’t prevent Light & Wonder falling to a US$150 million net loss, primarily as a result of US$147 million in loss on financing transactions associated with the company’s April 2022 debt pay down and refinancing transactions. That pay down helped net debt leverage declined from 6.1x as of 31 March 2022 to 3.6x on 30 June 2022.
Consolidated AEBITDA from continuing operations fell 9% to US$212 million.
“We made great strides in the second quarter as we continued to execute on our vision and the transformation of our Company,” said Light & Wonder President and CEO, Barry Cottle.
“We closed on the sale of our Lottery business for US$5.7 billion in gross cash proceeds, which we used to significantly de-lever our balance sheet as we continue to deliver on our promises. With the Lottery business sale and anticipated closing on the sale of our Sports Betting business by the end of the third quarter, we have achieved a significant milestone in the transformation of our organization.
“We now have all the pieces in place and are singularly focused on building great games fully cross-platform. The success we are seeing this quarter is the result of the fundamental changes we have made throughout the business.
“Adding it all up, we couldn’t be more excited about the progress we are making and our path forward as the leading cross-platform global game company.”
A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.
I recently wrote an editorial titled “Silver linings” in which  I noted that while Asia’s long-time gaming hub of Macau…
IAG sits down with Daesik Han, Chairman and CEO of Hann Philippines Inc, to discuss his recently rebranded Philippines property…
On 29 July the Macau government released its RFP documents for the tender for the new Macau casino gaming concessions…
Taking lessons from the previous tender for Macau gaming concessions 20 years ago, former advisor to the Macau government David…
A renewed crackdown on the Philippine Offshore Gaming Operators (POGO) industry following a spate of recent kidnapping cases will include a focus on ensuring all POGO workers are fully vetted before entering the country, the Philippine National Police (PNP) said…
Australian gaming giant Tabcorp Holdings Limited has announced the sale of eBet – a supplier of loyalty and tracking systems to gaming venues in Victoria and NSW – in a deal with AU$62 million (US$41.5 million). Pending regulatory approvals, the…
Tax revenue collected by the Macau SAR Government directly from its six concessionaires plummeted to just MOP$244.4 million (US$30.2 million) in August, down 81.4% from the MOP$1.31 billion (US$162 million) in taxes in July and 92.5% lower than the MOP$3.27…
The number of visitors to Macau declined 19.0% year-on-year in August to 331,397, although the figure was more than 3,000% higher than July when visitor numbers fell to record lows due to an outbreak of COVID-19. According to information from…
© 2005-2022
Inside Asian Gaming.
All rights reserved.
© 2005-2022
Inside Asian Gaming.
All rights reserved.


Leave a Comment