Light & Wonder Shows Growth for 12th Straight Quarter

By Jane Shaw Senior Editor Updated: 05/25/2024

Jane Shaw Senior Editor See Full Bio

We count on Jane to inform our readers about the latest slot games in the US market. With her passion for video games and a degree in engineering, she’s our gambling tech expert. Jane’s also active in our blog section, where she tackles the curiosities and changes in the industry.

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Light & Wonder

Light & Wonder (LNW) just reported strong Q1 2024 earnings, marking the 12th consecutive quarter of year-over-year revenue growth for the gaming manufacturer. The company saw double-digit growth across all its business areas, including SciPlay social casino games, iGaming, and retail games and systems.

Record Revenue for SciPlay and iGaming

SciPlay, Light & Wonder’s social casino gaming division, achieved a quarterly revenue record of $206 million, an 11 percent increase from the prior year. The growth was primarily driven by the core social casino business, which continued to outperform in the market thanks to popular titles like 88 Fortunes, Jackpot Party, and Quick Hit Slots.

The iGaming segment of their business also showed fantastic growth, hitting a quarterly revenue record of $74 million, a 14% increase year-over-year. The company attributed this growth to continued growth in the U.S. and international markets, as noted by the company’s CFO, Oliver Chow:

We remain on a healthy growth trajectory with six consecutive quarters of double-digit revenue growth across Gaming, SciPlay and iGaming, a testament to the power of our R&D engine, as we continue to deploy engaging content enjoyed by players across all of our platforms.

Light & Wonder’s gaming segment, which includes land-based products, also saw revenue increase 14 percent to $476 million. This growth was primarily led by a 30 percent year-over-year increase in gaming machine sales.

While they’ve always had a strong foothold in the land-based gaming industry, Light & Wonder’s new gaming cabinets – and games – have helped them to outperform other major companies like IGT, and this is something they’ll be keen to continue.

The company’s North American installed base and average daily revenue per unit also grew, driven by the continued success of games like Dancing Dragons, Huff ‘n Puff, and the unique Dragon Train. While they continue to develop their own games in-house, they’re also working with their partner studios to push out content – some of which is customized for local markets.

Focused on Strategic Acquisitions

Looking ahead, Light & Wonder remains focused on potential acquisitions that could enhance its game content offerings. The company’s recent success with acquired studios like ELK Studios and Lightning Box Games – both major iGaming studios – has put the company back into the spotlight like they were years ago when they acquired developers like Barcrest, Bally Technologies, and WMS.

It’s expected that Light & Wonder will continue to push their social casino games – as this appears to be an ever-growing market in the US. They’re also expected to form new partnerships with operators as more of the US opens up to the idea of online gambling.

As the gaming industry continues to evolve, Light & Wonder appears well-positioned to capitalize on growth opportunities across its land-based and digital businesses. With a solid product roadmap and the ability to produce action-packed, fast-paced and exciting content – and with their newly-acquired game studios, the company looks set to continue its dominance and streak of double-digit revenue growth in the quarters to come.