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Light & Wonder, Inc. Reports Second Quarter 2024 Results
Light & Wonder, Inc. reported results for the second quarter ended June 30, 2024.
We maintained strong momentum in the second quarter, delivering an 8th consecutive quarter of double-digit consolidated revenue growth year-over-year, and continued execution on our diverse content roadmap and cross-platform strategy. Consolidated revenue grew 12%, driven by continued strong performance across all our businesses, resulting in robust earnings growth:
- Gaming revenue increased to $539 million, up 14% compared to the prior year period, primarily driven by global Gaming machine sales growth, which increased 32%, coupled with record Gaming operations unit expansion in the North American installed base and growth across Gaming systems, resulting in AEBITDA growth and margin expansion of 17% and 100 basis points, respectively.
- SciPlay revenue grew to $205 million, an 8% increase from the prior year period, driven by the social casino business, which continues to outpace the market and gain share on strong payer metrics, while growing our direct-to-consumer platform and expanding AEBITDA margin by 300 basis points.
- iGaming revenue grew to $74 million, a 6% increase from the prior year period, primarily reflecting continued momentum in North America, while the prior year benefited from $2 million in license termination fees.
First half 2024 consolidated revenue increased 13% to $1.6 billion as we continued advancement towards our long-term financial targets and returned $175 million to our shareholders through share repurchases.
Matt Wilson, President and Chief Executive Officer of Light & Wonder, said, “Light & Wonder continues to capitalize on opportunities underpinned by our scale and diversified product offerings as demonstrated through the growth momentum across the business. We saw strong progress in the Gaming business as the expansion of units in the North American installed base reached an inflection point. Our global presence enables further product refinement and market penetration with our suite of games and casino solutions. We continue to develop our catalog of proven, evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social and iGaming platforms. The uplift that we have continued to see across the business is a testament to the quality of the talent and culture in our organization. I am pleased with the continued momentum that we are seeing and know that the best is yet to come.”
Oliver Chow, Chief Financial Officer of Light & Wonder, added, “Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile. We continue to see improved earnings quality with consistent growth and healthy margins, all while investing back into the business to scale for the future. The new $1.0 billion share repurchase program is a testament to the value we see in the business and confidence in our ability to execute to plan over the long-term. We believe we will continue to create significant value for our shareholders through enhanced cash flow generation initiatives while delivering on our financial targets.”
LEVERAGE AND CAPITAL RETURN UPDATE
- Principal face value of debt outstanding(1) was $3.9 billion, translating to a net debt leverage ratio(2) of 3.0x as of June 30, 2024. Our net debt leverage ratio(2) decreased by 0.1x from December 31, 2023, and remained within our targeted net debt leverage ratio(2) range of 2.5x to 3.5x.
- Returned $175 million of capital to shareholders through the repurchase of approximately 1.8 million shares of L&W common stock during the first half of 2024 and completed the full $750 million share repurchase authorization. Under the initial share repurchase program, we purchased 11.2 million common shares, or 11.6% of shares outstanding at the inception of the program on March 1, 2022. The average purchase price of $66.72 per share represents a 34% discount to yesterday’s closing price of $100.71. In June 2024, the Board of Directors approved a new three-year share repurchase program(3) of up to $1.0 billion of the Company’s outstanding common stock through June 12, 2027.
- Repriced our Term Loan B again in July 2024, reducing our interest rate by 50 basis points resulting in a decrease in annualized interest costs of approximately $11 million, or $19 million in annualized interest costs reduction including our January repricing.
(1) Principal face value of debt outstanding represents outstanding principal value of debt balances that conform to the presentation found in Note 10 to the Condensed Consolidated Financial Statements in our March 31, 2024 Form 10-Q.
(2) Additional information on non-GAAP financial measures presented herein is available at the end of this release.
(3) The program may be conducted via open market repurchases, privately negotiated transactions, including block trades, accelerated share repurchases, issuer tender
offers or other derivative contracts or instruments, “10b5-1” plans, or other financial arrangements, and may be suspended or discontinued at any time.
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JCM Global Transforms Chinook Winds Casino Resort’s Casino Floor with Towering Digital Signage at High Limit Area
JCM Global has installed a towering new digital signage solution at Chinook Winds Casino Resort in Lincoln City, Ore.
The digital signage frames the entrance of the casino’s high limit area and creates a stunning visual destination that transforms the casino floor.
Specifically, JCM installed three curved 2.5mm FLEX LITE-S solutions. The two pillars each measure nearly 8 feet high by 7 feet wide, and they connect to an overhead soffit that is nearly 24 feet wide and 5 feet high. The entire solution is programmable and can display different content for each piece of digital signage or showcase one video across all three signs.
The dynamic digital signage replaced static wood pillars and can feature a range of messaging, images, and video limited only by the imagination. This is the first digital signage project JCM has installed at Chinook Winds. The casino also has JCM GEN5 thermal printers on each of its slot machines.
“This breathtaking new entry into our High Stakes room is just the beginning of all the exciting new changes we will be implementing at Chinook Winds Casino Resort. We are glad JCM Global has been able to be a part of this journey,” said Sean Sheridan, Director of Facilities at Chinook Winds Casino Resort.
JCM SVP – Sales, Marketing & Operations Dave Kubajak said: “Chinook Winds says, ‘It’s Better at the Beach’, and their management proved it with this incredible digital signage installation. Our digital signage team brought their vision to life with our unique curved displays showcasing their high limit room entrance. The movement of the ocean and the whales on the curved signage truly illustrate the power of digital signage and the virtually limitless creativity it unleashes.”
JCM digital signage solutions transform hospitality areas, indoors, and outdoors. They come in a wide range of sizes and options to perfectly fit any space and enhance the guest experience.
BetMGM, a leading sports betting and iGaming operator, and the Las Vegas Aces announced that BetMGM is the exclusive online casino and sportsbook partner of the WNBA’s Las Vegas Aces. The agreement runs through the 2027 season, marking BetMGM’s first major partnership with a women’s professional sports franchise. Key features include prominent signage at Michelob ULTRA Arena at Mandalay Bay Resort and Casino and sponsorship across Aces social media platforms. Added components of the partnership for BetMGM players include courtside access to pre-game shootarounds and luxury VIP seating.
BetMGM will also serve as an authorized gaming partner of the WNBA through the 2027 season. Under the agreement, BetMGM will receive commercial inventory on nationally televised games, WNBA tickets and experiences for its VIP players, the rights to co-branded content across BetMGM’s digital and social platforms, and articles on wnba.com/WNBABet. Additionally, BetMGM plans to release a WNBA-branded online slot game in the near future in jurisdictions where its iGaming platform is live. The slot game will be available exclusively at BetMGM and represents the first-ever WNBA online casino game.
Adam Greenblatt, CEO of BetMGM, said: “As we enter this era of tremendous growth in women’s sports, BetMGM could not have two better organizations to partner with than the WNBA and the Aces. Not only do the Aces play in our backyard at Mandalay Bay, but they share our commitment to giving back to the community.”
On May 27, executives from BetMGM, Las Vegas Aces, MGM Resorts International, and The Just One Project (a cornerstone nonprofit committed to increasing access to food, resources and supportive services in Southwest Nevada) gathered in front of The Fountains of Bellagio to launch their partnership. Aces President Nikki Fargas and BetMGM Director of Team & League Partnerships Molly Wurdack-Folt led the festivities, unveiling plans for the “BetMGM Steals for Meals” program whereby BetMGM will donate $50 for The Just One Project to provide meals to food-insecure families for every Aces steal at Michelob ULTRA Arena.
“The Las Vegas Aces are proud to partner with BetMGM for many reasons, but especially for the support they will provide to The Just One Project. As one of the best defenses in the league the past few seasons, especially in front of our home fans, and knowing that each steal will help families in need, this gives our team even more incentive to lock down our opponents on the defensive end,” said Fargas.
Lance Evans, SVP Sports and Sponsorships, MGM Resorts International, said: “Since 2018, the Las Vegas Aces have played a pivotal role in our city’s growth as a global sports and entertainment destination. Together with BetMGM, we look forward to hosting gameday events at Mandalay Bay, as well as our other properties, allowing local and visiting fans to interact with their favorite basketball teams.”
Betting on the WNBA has increased exponentially, and BetMGM experienced 133% growth year-over-year during the 2024 season. BetMGM now offers more betting options than ever before including player props, odds on the 2025 Commissioner’s Cup and increased playoff offerings.
“On the heels of an incredible 2024 season when WNBA delivered significant growth in all areas of fan engagement, and with so much excitement surrounding the 2025 season, we want to continue to lean into betting and finding new and innovative ways to engage with our fans and provide the experiences they want,” said WNBA Chief Growth Officer Colie Edison.
“BetMGM is doing just that by offering new and expansive betting markets for WNBA fans. And by partnering with the Aces, BetMGM continues to recognize the extraordinary potential for growth that comes from tapping into the power of women’s sports and the connections fans have to their favorite players and teams.”
High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.
“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.
Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.
“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.
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