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Light & Wonder, Inc. Reports Second Quarter 2024 Results

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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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GameZone: The Ultimate Destination for Online Tongits Enthusiasts

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In the ever-evolving world of online gaming, one platform stands out as the go-to destination for Tongits lovers everywhere. GameZone has masterfully brought this beloved Filipino card game into the digital age, offering an experience that’s as thrilling as it is authentic. Let’s dive into what makes GameZone the crown jewel of online Tongits platforms and why you should join the excitement today!

Tongits: A Filipino Tradition Goes Digital

Tongits, a game deeply rooted in Filipino culture, has been a staple at family gatherings, fiestas, and friendly get-togethers for generations. This rummy-style card game, typically played with three players and a standard 52-card deck, is more than just a pastime—it’s a test of skill, strategy, and a bit of luck.

The objective is simple yet challenging: be the first to empty your hand by forming melds (sets of the same rank or runs of consecutive cards in the same suit). But don’t be fooled by its simplicity; Tongits requires keen observation, a sharp memory, and tactical thinking to outmaneuver your opponents.

As technology advances, GameZone has taken on the mantle of bringing this cultural treasure to the digital world, ensuring that Tongits enthusiasts can enjoy their favorite game anytime, anywhere.

  1. Unparalleled Authenticity

GameZone’s dedication to preserving the true essence of Tongits sets it apart from the competition. Here’s how they maintain that authentic feel:

  • Strict Adherence to Traditional Rules: Every aspect of the game, from card dealing to turn sequences and valid melds, follows the official rules recognized by Filipino players.
  • Realistic Card Distribution: The platform uses advanced algorithms to ensure fair and random card dealing, mimicking the unpredictability of a physical shuffle.
  • Natural Game Flow: Smooth turn transitions and realistic timing preserve the suspense and excitement of each move, making you feel like you’re sitting at a real table.
  1. Diverse Game Modes for Every Player

Whether you’re a casual player or a competitive enthusiast, GameZone has a mode that’s perfect for you:

  • Classic Mode: Experience Tongits in its purest form, just as it’s been played for decades.
  • Quick Play: Perfect for those short on time but still craving a Tongits fix.
  • Tournament Mode: Test your skills against the best and compete for substantial prizes.
  • Tongits Plus and Joker Variants: Spice things up with exciting rule variations that add new layers of strategy.
  • Private Tables: Create your own digital “tambayan” to play exclusively with friends and family.
  1. Real-Time Multiplayer Action

Gone are the days of predictable AI opponents. GameZone connects you with real players from across the Philippines and beyond, ensuring that every game is a unique challenge. The platform’s sophisticated matchmaking system pairs you with opponents of similar skill levels, guaranteeing balanced and competitive matches.

  1. Rewards That Keep You Coming Back

GameZone knows how to keep players engaged with a comprehensive rewards system:

  • Achievement Milestones: Unlock badges and rewards for accomplishments like winning streaks or tournament participation.
  • Seasonal Events: Participate in limited-time events for exclusive prizes and bonuses.
  • Tournament Prizes: Compete in high-stakes tournaments for cash rewards and valuable in-game items.

These incentives not only enhance the gaming experience but also provide tangible goals for players to strive towards.

  1. Uncompromising Security and Fairness

In the world of online gaming, trust is paramount. GameZone prioritizes player security and game integrity through:

  • PAGCOR Licensing: Operating under the Philippine Amusement and Gaming Corporation’s regulatory framework ensures compliance with legal and ethical standards.
  • Encrypted Transactions: All financial transactions are secured using industry-standard encryption protocols.
  • 24/7 Customer Support: A dedicated team is always available to assist with any issues or questions.
  1. User-Friendly Interface and Customization

GameZone’s interface is a perfect blend of aesthetics and functionality:

  • Clean, Responsive Design: Enjoy smooth animations and crisp graphics that enhance immersion without sacrificing performance.
  • Intuitive Navigation: Easily switch between game modes, access your profile, or manage rewards with just a few taps or clicks.
  • Customization Options: Personalize your gaming experience with unique avatars, table designs, and more.
  1. Cross-Platform Compatibility

Play Tongits your way, on your preferred device:

  • Mobile App: Available for both iOS and Android, perfect for gaming on the go.
  • Web Browser: Access GameZone from any computer with an internet connection.
  • Seamless Syncing: Your progress and rewards are synced across all devices, so you can switch seamlessly between platforms.

Maximizing Your GameZone Experience

To get the most out of your time on GameZone, consider these tips:

  1. Start with Quick Play: Use these shorter games to familiarize yourself with the platform and warm up your skills.
  2. Join a Club: Connect with like-minded players to share strategies, organize friendly matches, and climb the leaderboards together.
  3. Participate in Tournaments: Challenge yourself in competitive play and aim for those big prizes.
  4. Customize Your Profile: Stand out from the crowd with unique avatars and table designs that reflect your personality.
  5. Stay Updated: Follow GameZone’s social media accounts and in-game announcements to stay informed about new features, events, and promotions.

The Future of Tongits is Here

GameZone has successfully bridged the gap between tradition and technology, offering an online Tongits experience that honors the game’s rich history while embracing the conveniences of the digital age. Its commitment to authenticity, diverse game modes, real-time multiplayer action, generous rewards, and a secure environment make it the undisputed leader in online Tongits platforms.

Whether you’re a seasoned player looking for high-stakes competition or a casual gamer seeking fun and social interaction, GameZone provides an immersive, fair, and rewarding experience. The platform’s user-friendly interface, cross-platform support, and vibrant community create an ecosystem where the spirit of Filipino card gaming thrives in the modern era.

By joining GameZone, you’re not just playing a game; you’re becoming part of a legacy. You’re connecting with players from all walks of life, united by their love for Tongits. You’re carrying forward a beloved tradition, ensuring that future generations can enjoy this quintessential Filipino game in its most exciting form yet.

So, what are you waiting for? The cards are dealt, the table is set, and your opponents are ready. Join GameZone today and experience the ultimate Tongits adventure. Whether you’re looking to relive cherished memories, make new friends, or test your skills against the best, GameZone is your gateway to the thrilling world of online Tongits. Get ready to shuffle, deal, and play your way to victory!

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Club Atlético River Plate and Betano Announce Long-Term Principal Partnership

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Club Atlético River Plate and Betano Announce Long-Term Principal Partnership

 

Club Atlético River Plate and Kaizen Gaming, one of the world’s biggest GameTech companies and owner of the Betano online sports betting and gaming brand, announce a new long-term partnership that will see Betano become the club’s new main and front-of-shirt partner, starting from the current season.

The new partnership with River Plate follows an exciting year for Kaizen Gaming and its Betano brand, which launched in Argentina just a year ago and is already regarded as one of the country’s leading online gaming platforms. Alongside expanding its sponsorship programs, corporate social responsibility initiatives, and growing market presence, Kaizen Gaming has also solidified its role as a pioneer in shaping the online gaming industry internationally and fostering safe, controlled environments for players.

For River Plate, this agreement represents a strategic step in its international expansion and in the diversification of its revenue streams. In this regard, the alliance with Betano is a clear example of the club’s commitment to innovation, excellence, and building strong relationships with leading global brands.

Jorge Brito, President of River Plate, said: “Partnering with Kaizen Gaming and its brand Betano marks a significant milestone for us. Their presence in 19 international markets aligns perfectly with our global vision. Through its sponsorships of the CONMEBOL Copa América™ 2024 and the Argentine Professional Football League’s “Torneo Betano”, Kaizen Gaming has reinforced its leading role in the world of sports. River Plate is also a global leader in sports marketing, backed by a passionate fan base, an iconic stadium and an unmatched record of over 85 consecutive sold-out home matches. We are proud to be the most followed club in the world. With this partnership, we continue to grow, break new ground, and we’re excited to welcome Betano to the River Plate family.”

Stefano Di Carlo, River Plate’s General Secretary, added: “This agreement is the result of a long-term strategy we have been developing to consolidate the club as a global leader, backed by its institutional strength and more than 120 years of sporting success. The fact that an international brand like Betano has selected us as its partner speaks volumes about the strength of the River Plate brand worldwide and the confidence our institutional and sporting project inspire.”

Julio Iglesias, Chief Commercial Officer at Kaizen Gaming, said: “River Plate is a global footballing institution with one of the largest fan bases in the world and a history dating back over 120 years. As soon as we started speaking with the club, we knew we had found a partner who shared our values and relentless drive to raise the bar and set the highest standards in everything they do. The club and its fans’ passion for football is second to none, and it is exciting to be joining them on the next chapter of their illustrious history. At Betano, we are always aiming for the top.”

The new partnership expands beyond marketing activities. Kaizen Gaming continues to join its partners in driving positive social impact in local communities, whilst promoting the value of responsible gaming.

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Octoplay Launches Jackpot Blitz with BetMGM in Ontario, Accelerating North American Expansion

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Octoplay continues its expansion in North America by launching Jackpot Blitz with BetMGM in Ontario, building on the company’s continental growth strategy following its Michigan provisional license approval.

This strategic launch builds on the growing momentum with BetMGM, marking a significant milestone in Octoplay’s North American expansion, introducing the bespoke opt-in jackpot solution built in collaboration with BetMGM. The decision to expand the partnership with BetMGM demonstrates the strong relationship between the companies and sets a strong foundation for Octoplay’s continued growth across North America.

The Ontario launch builds on Octoplay’s rapid market entries over recent months, including Microgame’s network of 50 operators in Italy, Slovakia’s leading operator Niké, and Sweden’s state-owned Svenska Spel Sport&Casino. With active licenses in the UK, Sweden, Malta, Greece, Romania, Slovakia, Italy, and Belgium, Octoplay continues its accelerated expansion across both European and North American markets.

Jackpot Blitz has achieved a remarkable 88% player opt-in rate since launch. This performance, combined with BetMGM’s extensive player base, sets a strong foundation for Octoplay’s North American growth as the company prepares for launches in Michigan and additional US states in 2025.

“The launch of Jackpot Blitz with BetMGM in Ontario accelerates our North American expansion plans,” says Carl Ejlertsson, CEO at Octoplay. “Our strong partnership with BetMGM has enabled us to bring this innovative product to their Ontario players. With our proven track record of collaboration with top tier gaming operators like BetMGM, we’re ideally positioned to drive significant growth together in regulated markets across North America.”

Oliver Bartlett, VP of Gaming Product & Content at BetMGM, said: “Ontario is a key iGaming market for BetMGM, and adding Jackpot Blitz strengthens our vast collection of games. Octoplay is part of our strategy to collaborate with top-tier partners to bring the best content to our players.”

As Octoplay prepares for its Michigan launch in 2025, followed by entries into additional US states, this expansion with BetMGM represents another milestone in the company’s accelerated growth. The partnership reinforces Octoplay’s momentum as the company continues its rapid advancement in North America.

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