Light & Wonder’s Net Profit 120% Up Year-on-Year in Q4 2023
Casino gaming equipment and iGaming products supplier Light & Wonder Inc (L&W) reported $66 million in net income for the last quarter of 2023. A year earlier, the figure was 120% lower and amounted to $30 million. However, compared to the third quarter result, net profit fell by 12%.
Compared to 2022, the company increased the supply of slot machines by 56.2% — from 7,760 to 12,123 units. Worldwide slot machine sales grew 31.4% year over year to $205 million. In the third quarter, the figure was 19.2% lower at $172 million. The growth was driven by the one-time sale of 3,700 slot machines in the UK, according to analysts Don Carducci and Michael James from JP Morgan. However, even excluding this deal, the total volume exceeded analysts’ expectations by 15% and was also up 40% compared to the previous year.
L&W President and CEO Matt Wilson said that 2023 was a banner year for Light & Wonder. He added that their businesses delivered double-digit growth across the board throughout the year, enabled by strategic investments and strong execution.
The company noted that fourth-quarter gaming revenue increased 13% year over year to $496 million, and a steady growth in sales of slot machines was considered the main reason for that.
L&W’s revenue from October to December 2023 amounted to $770 million, which is 12% more than a year earlier. The company’s adjusted consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose 14% to $302 million.
For full-year 2023, the company reported net income of $163 million on revenue that grew by 15.5% year over year to just over $2.9 billion. Consolidated adjusted EBITDA reached $1.12 billion in 2023, compared to $913 million reported in 2022.
In other news, AGA has reported the highest annual US gambling revenue in 2023.
