Light & Wonder Posts 13% Revenue Growth In First Quarter 2024
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Light & Wonder, the world-leading cross-platform games provider, released their first quarter 2024 financial results, highlighted by a 13% year-over-year increase in consolidated revenue.
Gaming revenue grew by 14% year over year ($476 million), driven by global gaming machine sales growth, while igaming revenue also increased to a quarterly revenue record of $74 million (14% year-over-year), which the company said in a statement reflected the continued upward momentum in the US online casino and international markets.
Double-Digit Revenue Growth Across All Businesses
SciPlay, their social casino business, saw $206 million in revenue in Q1 2024 (ended March 31), a quarterly revenue record, and an 11% increase year-over-year.
The company has been in the news lately, reflecting the growth in igaming.
In April, it was announced that Bragg Gaming Group Inc., the international B2B gaming technology and content provider, had joined forces with Light & Wonder in a new global online casino content distribution agreement.
Bragg, with offices in Toronto, Las Vegas, Reno, London, Ljubljana, Malta and Chennai, is adding their best-performing games from Bragg’s proprietary studios – Atomic Slot Lab, Indigo Magic, Wild Streak Gaming, Spin Games, Oryx Gaming, to name a few – to Light & Wonder’s catalogue, offered to igaming operators.
Bragg Gaming And Light & Wonder Signed Distribution Deal Last Month
“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,” said Matt Wilson, President and Chief Executive Officer of Light & Wonder, in a statement. “Our differentiated product roadmap and targeted commercial strategy enable us to capitalize on growth opportunities beyond our solidified core businesses. We will continue to execute on our initiatives to deliver sustainable growth underpinned by our robust product portfolio and world-class talent.”
Oliver Chow, the company’s Chief Financial Officer, added the company plans to further enhance value through a share repurchase program, “while maintaining the rigor of our strategic capital allocation plan.”
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