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Light & Wonder Reports Fourth Quarter and Full Year 2023 Results

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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

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  • 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.

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Slott: New Trusted Player in the World of Modern Casinos

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lott was designed to offer superb gameplay and best-in-class user-centricity emphasising social interaction, community development, and a system of motivation through regular performance rewards, which guarantees continuous player involvement in the process.

In 2024, an innovative product joined the world of online gambling: the Slott platform. Slott is more than just another casino — it’s a fully-fledged gaming platform with its bonus engine and unique solutions that have been proven in practice. Slott was designed to offer superb gameplay and best-in-class user-centricity emphasising social interaction, community development, and a system of motivation through regular performance rewards, which guarantees continuous player involvement in the process.

The creators of Slott have set an ambitious goal: to become the leading global online casino. Slott’s mission is to revolutionise the world of online gambling by introducing a unique online gambling platform that includes seamless deposit mechanisms that uphold security and transparency. The platform provides an exciting and secure gaming environment.

Slott is now available on both desktops and mobile devices, allowing users to enjoy games wherever and whenever they want. The platform has been developed by a highly qualified and experienced team of product designers and developers to deliver its players a truly unique experience.

Slott plans to significantly expand the product variety by the end of the year; the platform expects to feature 10,000 games and cooperate with 200 providers. In addition, a sportsbook will become available, while unique in-house developed games are already available to users!

Slott started working with fiat currencies in Q2 of 2024 and has already added support for cryptocurrencies. The platform will offer betting options for gaming and casino, regular promotions and a VIP program.

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Slott is not a startup but the result of years of experience in launching casinos and developing igaming products that have been successfully operating worldwide, including in Europe, Asia, and Latin America, for many years. Slott’s creators bring their combined experience to the project, thus ensuring the reliability and prospects of the new platform.

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The Cordish Companies Celebrates Major Construction Milestone During “Topping Off” Ceremony for New $270+ Million Live! Casino & Hotel Louisiana Project

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LRGC Gaming Investors LLC, an affiliate of The Cordish Companies, marked a significant milestone in the construction of the first land-based casino in the Shreveport-Bossier market during the “Topping Off” ceremony for the new $270+ Million Live! Casino & Hotel Louisiana, a project that will serve as a regional destination for world-class gaming, dining, entertainment, and hotel amenities.

The Cordish Companies and General Contractor AnderCorp were joined by State of Louisiana, Director of Intergovernmental Affairs and Former Secretary of State, Kyle Ardoin; Louisiana Gaming Control Board Chairman Chris Hebert; Louisiana State Senator Sam L. Jenkins, Jr.; Bossier City Mayor Thomas Chandler; Bossier Parish Police Jury President Philip Rodgers, along with dozens of other state and local elected officials, and regional business, community and tourism leaders, to celebrate the final commemorative beam being raised to complete the superstructure of the new world-class property.

“Today marks an incredibly special day for The Cordish Companies as we continue to expand our Live! brand in the Southeast region of the country with the development of Live! Casino & Hotel Louisiana. With the first land-based casino in the market, Live! Casino & Hotel will be a transformative development that will bring a first-class gaming and entertainment experience to millions of visitors, create significant new jobs, and generate millions of dollars in economic benefits for the community for generations to come,” said Rob Norton, President of Cordish Gaming Group, the gaming division of The Cordish Companies.

Located along the scenic Red River in Bossier City, directly across from Shreveport, Live! Casino & Hotel Louisiana will feature more than 47,000-square-feet of gaming space; 1000+ slots and electronic table games; 40+ live action table games; a sportsbook; an upscale 550-room hotel, resort pool and fitness center; a 25,000-square-foot, state-of-the-art, multi-purpose Event Center for top name entertainment, meeting, conventions, non-profit and social gatherings; a 31-site RV park with concrete pads and full hook-ups; structured and surface parking; and 30,000-square-feet of best-in-class dining entertainment venues with new food and beverage outlets.

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The project, which is scheduled to open in Q1 2025, is projected to generate more than $35 million in gaming tax revenues for Bossier City and more than $168 million for the State of Louisiana within its first five years of operation and create approximately 1500 new jobs including 750 new construction jobs and approximately 750 permanent jobs for local and regional residents.

Careers will be available in every field, including hotel operations, finance, marketing, human resources, information technologies, food and beverage, facilities, security and surveillance and casino operations. Live! Casino & Hotel Louisiana will also purchase tens of millions of dollars in goods and services in the region. As recognized leaders in community outreach with unparalleled track records of supporting local and regional businesses, The Cordish Companies is committed to ensuring contract opportunities for local, MBE/WBE, and veteran-owned companies.

“I am honored to lead the board at such an exciting time for the gaming industry in Louisiana. Our team has worked so hard to establish this first land-based casino in the Bossier market, and we are ecstatic to be one step closer to realizing it with today’s topping off of Live! Casino & Hotel Louisiana,” Chris Hebert, Chairman of the Louisiana Gaming Control Board, said.

“We have already seen the benefits that Live! Casino & Hotel Louisiana has brought to Bossier City. As we get closer to opening this landmark property, our anticipation continues to build, and I couldn’t be happier for my community and more appreciative of Live! for its partnership and positive impact,” Thomas Chandler, Mayor of Bossier City, said.

“Bossier Parish is very excited to have Live! Casino & Hotel Louisiana that will soon become a destination for many locals and visitors. We are very thankful for the investment they are making in this area and cannot wait to see it to completion,” Philip Rodgers, President of the Bossier Parish Police Jury, said.

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“Live! Casino & Hotel Louisiana is a spectacular one-stop destination for excitement for everyone from gaming enthusiasts, foodies, sports fans, concert goers or just locals and visitors looking for their next night out. Hundreds of men and women are working hard to make sure that this property will be unforgettable the moment it opens its doors, promising an experience that will entice visitors from near and far to return again and again. Today marks a significant milestone in this journey, and we eagerly anticipate showcasing all the incredible offerings we have planned for early 2025,” John J. Chaszar, Executive Vice President and General Manager of Live! Casino & Hotel Louisiana, said.

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Florida, Get Ready to Order Your Lottery Tickets Online with theLotter!

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Floridians will soon have the option to order tickets for their favorite Florida lottery games online with theLotter, a trusted lottery courier service, for a hassle-free experience whether at home or on-the-go.

Established in 2002, theLotter Group has been operating in multiple states, including Texas, Minnesota, and Oregon, for several years. More recently, they have expanded operations to include New Jersey, where they are registered as an official lottery courier service, and New York, where they have secured licensing from the New York Gaming Commission.

“We’re thrilled to bring our services to Florida. Our launch in the Sunshine State marks a significant milestone for theLotter, and we are extremely proud to offer an accessible platform for ordering lottery tickets online. This brings a renewed level of convenience to customers in the area,” Yael Hertz, CEO of theLotter Group, said.

To add to all the excitement, getting started is just as easy. Customers simply need to create an account, verify their age and identity, and confirm they are physically located in the state. After that, they can add payment methods, choose their favorite lottery game, lucky numbers, and confirm their order.

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The user-friendly platform ensures a straightforward experience, even for those who are not tech-savvy. Better yet, services are available in both English and Spanish, ensuring that lottery enthusiasts can effortlessly order their tickets online, no matter their preferred language.

theLotter fulfills ticket orders from a Florida licensed lottery retailer. These tickets are then scanned into customers’ secure personal accounts, where they can be seen even before the draw takes place.

“Convenience, security, and trust are core principles at theLotter. Our customers frequently highlight the transparency and security they experience when using our services as decisive factors in choosing us,” continued Hertz.

Prizes under $600 are deposited directly into customers’ accounts. For larger prizes, theLotter facilitates the handover of the physical winning ticket and will assist with claiming prizes at the official state lottery offices. theLotter’s round-the-clock customer service is always available for any queries.

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