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Light & Wonder Approved for Australian Securities Exchange Listing

Posted on June 7, 2023 | 6:51 am

Light & Wonder, the powerful international supplier of games and technology for online and land-based casinos, has announced that it has obtained conditional approval for a secondary listing on the Australian Securities Exchange (ASX).

Official quotation of Light & Wonder Chess Depositary Interests (CDIs) officially kicked off on 22 May, with each CDI representing one fully paid share of common stock of the company.

Light & Wonder also explained that existing shareholders can retain their holding on the company’s primary listing on Nasdaq in the United States without having to do anything. However, the shareholders that want to transfer some of their holdings on the Australian Securities Exchange can do that with all of part of their shares.

Light & Wonder was previously known as Scientific Games before the company decided to change its brand and switch its focus more towards the digital side of the market. Before the rebranding, Scientific Games made a significant investment into its production capabilities by acquiring Lightning Box, an innovative digital content studio from Australia. 

The company issued a statement in which it explained that its board of directors believed that “there are substantial potential benefits for the company and its shareholders in pursuing a secondary listing on the ASX, including enhancing the company’s profile in Australia, one of the leading markets for the company’s gaming business.”

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Strong Results in First Quarter

A week before the ASX listing was approved, Light & Wonder released its financial results for the first quarter of 2023 and the numbers showed significant revenue growth across all business segments.

The company saw its consolidated revenues go up by 17 percent to 670 million dollars during the first three months of 2023, helping drive the business back to profitability.

Light & Wonder recorded a net income of 27 million dollars for the first quarter of 2023, a slight increase from the 21 million dollars that were generated in the last quarter of 2022 and a drastic improvement from the loss of 67 million dollars that was recorded during the first three months of 2022.

The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA) also increased by 23.3 percent year-on-year to a total amount of 249 million dollars.

The traditional gaming segment saw revenue increase by 18 percent to 419 million dollars, mainly driven by strong gaming machine sales, which went up by 53 percent. However, the digital segments also performed very well, with SciPlay registering a revenue increase of 18 percent to 186 million dollars and iGaming revenue also going up 10 percent to 65 million dollars.

Meanwhile, both digital segments recorded record revenues with SciPlay also up 18% to US$186 million – driven by the core social casino business – and iGaming revenue rising 10% to US$65 million on continued growth in the US market.

Source“Light & Wonder approved for ASX secondary listing“iGaming Business. May 18, 2023.

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