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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.

Compliance Updates

Internet Vikings Ready to Support Missouri Sports Betting Market

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Internet Vikings Ready to Support Missouri Sports Betting Market

 

Internet Vikings, a licensed in-state hosting provider for iGaming and online sports betting, announces today that, with the voters of Missouri approving Amendment 2, they are prepared to offer their range of hosting solutions to operators and suppliers entering this newly regulating market.

Leveraging an established presence in 24 U.S. States, Internet Vikings is set to offer Missouri tailored, competitively priced hosting solutions.

“With the state officially opening its doors to sports betting, we are ready to provide the secure infrastructure needed to enter this market confidently,” said Rickard Vikström, Founder and CEO of Internet Vikings. “Our team is prepared to act swiftly to support companies seeking a fast, compliant launch.”

To meet the requirements of businesses moving into Missouri’s sports betting space, Internet Vikings’ range of solutions streamlines the setup process. The company’s infrastructure supports performance, flexibility with their new Pay-As-You-Go Cloud bursting, and compliance, ensuring a reliable foundation for those looking to establish a strong foothold in the state.

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“The entire Internet Vikings team is committed to giving operators and suppliers the best possible start, backed by our infrastructure and around-the-clock NOC support,” Vikström added.

With over 16 years of experience, Internet Vikings brings their expertise to Missouri and invites both new and established sports betting businesses to connect and explore tailored solutions designed for this new market.

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Interviews

Peter & Sons- Maths and Mechanics

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Peter & Sons- Maths and Mechanics

 

Behind every stellar online slot is an equally stellar maths model. These are becoming more experimental as the industry flirts with an increasing array of innovative new mechanics. We spoke to Pablo Martinez, Math/Design Lead and Founder at maverick game studio Peter & Sons to find out more.

 

Do you have to be a maths genius to build a slot machine?

Nah, you don’t need to be a maths genius. It’s more about having the right mix of skills and loving what you do. You need to play a lot of games, see what’s working out there, and understand what makes them fun. Knowing maths helps, sure, but it’s more about creating something players want to keep coming back to.

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Peter & Sons is known for making games that dare to be different, visually and thematically. Is the underlying math equally experimental?

Definitely! We love pushing boundaries, both in how our games look and how they play. Sure, it’s a bit of a gamble to have a bunch of games with unique mechanics, but we’re all about trying new things. Games like Peter Hunter and our upcoming Muddy Waters are great examples — they bring fresh gameplay and new experiences to the table. Each year, we try to put out at least one or two experimental titles, keeping things interesting while mixing them with more familiar styles.

 

Do you come up with the maths model first and then build the game around that? Take us through the process of building the game from start to finish.

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We usually start with an idea for the mechanics first. We make a quick prototype to see if the concept can work with the maths. Then we bring in the art team to brainstorm themes that will fit well. Once we have a basic prototype, we go through a bunch of tweaks and changes until the art, mechanics, and maths all feel right together. It’s a back-and-forth process where we’re constantly finetuning everything to get the best balance.

 

Why do you think a mechanic like Megaways was so successful?

Megaways took off because it’s a fun, exciting mechanic that gave players something fresh, but smart brand marketing really helped it catch on.

 

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Is there pressure as a slots developer to come up with the ‘next’ Megaways?

Not really. Coming up with new mechanics is always fun, but it’s not the only way to make a hit. Plenty of top games are just clever twists on classic mechanics. It’s more about creating a great experience that keeps players coming back, whether it’s something brand new or just a fresh spin on something more familiar.

 

Which slots are more popular, high or low volatility, and why do you think that is?

It depends on the market, but in some unregulated markets — and especially with some operators — high-volatility slots are really popular. A big reason for this is streamers. High-volatility games make for exciting content, so they get a lot of attention and hype online. That thrill factor really draws players in.

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Which is your favorite Peter & Sons mechanic and why?

Right now, I’d say the fishing mechanic in our upcoming game Muddy Waters. It’s a new twist on the fishing genre that really brings something fresh to the gameplay. It’s exciting to take a familiar theme and make it feel totally different.

 

Tell us about the mechanics in your latest release, Barbarossa Revenge.

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Barbarossa Revenge is a pirate-themed, high-volatility game with 243 ways to win. It’s a DoubleMax game, meaning the multiplier doubles with each cascade. You’ve also got Multiplier Jumps and a Cashout feature that guarantees wins. During Free Spins, the multipliers don’t reset and can keep growing unlimited. With a max win potential of 30,000x the bet, this game is a real thrill!

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Latest News

MGM Resorts Teams with USO and American Airlines for 14th Annual Salute to the Troops at Mandalay Bay

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MGM Resorts International will host the United Service Organizations (USO) Experience: Salute to the Troops, honoring more than 100 active-duty service members who have been injured in the line of duty beginning Friday, November 8. Now in its 14th year, the five-day celebration will take place at Mandalay Bay Resort & Casino.

In partnership with USO, American Airlines will fly these honored guests and their families to Las Vegas for an extended holiday weekend, with MGM Resorts providing accommodations, meals, entertainment, and other amenities free of charge.

As with previous years, hundreds of MGM Resorts employees, community partners, and supporters will gather to greet the group during a special “Wall of Gratitude” welcome procession at Mandalay Bay.

Salute to the Troops will feature a variety of activities, events, and excursions throughout Las Vegas and Southern Nevada, including a welcome dinner, tours of the Hoover Dam and Red Rock Canyon, a visit to Mandalay Bay’s Shark Reef Aquarium, Luxor’s Blue Man Group, and more.

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MGM Resorts remains committed to supporting military members and their families year-round, including actively recruiting and employing military men and women. The Company was recently honored with the “Extraordinary Employer Support Award” by the United States Department of Defense and is a proud member of the Veteran Jobs Mission, a coalition of companies aiming to place one million U.S. military members and veterans into meaningful and rewarding careers.

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