American game provider Light & Wonder has published its financial results for the second quarter of 2024, which ended on June 30. The company reported its 13th consecutive quarter of consolidated revenue growth, up 12% year over year, and its eighth consecutive quarter of double-digit growth.
“Our 13th consecutive quarter of consolidated revenue growth once again reflects the strength of our combined business and solid financial profile,” commented Oliver Chow, CFO of Light & Wonder, in the press release.
Growth across all segments
The report revealed that Light & Wonder delivered strong performance across all of its businesses in Q2, including gaming, iGaming, and social gaming.
Gaming revenue, at $539 million, increased 14% from Q2 2023, driven by a 32% year-on-year increase in gaming machine sales. The iGaming division also performed strongly, generating $74 million in revenue, up 6% from the previous year, driven by ongoing growth in North America. SciPlay, the company’s social casino division, continued to solidify its market share, with revenues climbing 8% to $205 million.
“We saw strong progress in the Gaming business as the expansion of units in the North American installed base reached an inflection point,” said Matt Wilson, president and CEO of Light & Wonder. “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.”
Investing in the future
During the second quarter, Light & Wonder completed its $750 million share repurchase program, which was due to expire in February 2025. The company announced a new, upsized program to replace it. The three-year program allows for the repurchase of up to $1.0 billion in outstanding common stock through June 2027.
“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,” said Chow.
About Light & Wonder
As of March 2022, Scientific Games rebranded its Gaming and iGaming business as Light & Wonder, with Scientific Games now focusing solely on the company’s Lottery products. Light & Wonder is headquartered in Las Vegas, Nevada, but operates across six continents. The company has a team of more than 6,000 employees, committed to player responsibility, sustainability, and integrity. In October 2023, Light & Wonder acquired SciPlay, which operates as its social games division.
Founded in 1972, Scientific Games has since produced millions of land-based and online casino games. The company continues to expand its iLottery offerings through its SG Content Hub partner program, which includes companies such as EQL Games, Random State, and, most recently, Inspired Entertainment.
“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,” commented Wilson.
