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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.
Aposta Ganha
Aposta Ganha launches Black Friday promotion with new ambassador Luva de Pedreiro
Aposta Ganha, the fastest growing Brazilian sports betting and casino site in Brazil, has launched its Black Friday promotion with its newest ambassador Luva de Pedreiro, AKA Bricklayer’s Glove.
With over 21 million followers on Instagram, the digital influencer and social media phenomenon will strengthen the brand’s presence in the market and shake up Black Friday with a campaign full of special offers for bettors.
Known for his catchphrase “Receeeeba!” and his irreverent personality, Luva de Pedreiro will be the main face of the campaign, creating a direct connection with the public, football fans and social media enthusiasts. The partnership aims to increase Aposta Ganha’s visibility in the market, attract new bettors and offer an even more dynamic experience.
Aposta Ganha is taking advantage of Black Friday to reinforce its commitment to ethical and transparent operations in the market. The platform complies with the new regulations of the Federal Government and invests in education and awareness initiatives, ensuring a safe experience for its users.
Vitor Paulin, Chief Marketing and Growth Officer at Aposta Ganha, said: “Signing an ambassador like Luva de Pedreiro is a huge milestone for Aposta Ganha. His authenticity and connection with the public make him the ideal partner to boost our brand and make the betting experience even more exciting.”
Aposta Ganha’s Black Friday brings unmissable offers for all types of bettors. One highlight is that bettors will receive 10% cashback on the amount lost in the Aviatrix game and daily offers for sports betting. The promotions will be valid from November 21 to 30, with exclusive advantages in selected games each day.
Asia
DigiPlus Interactive Launches “Pusta de Peligro” Campaign
The DigiPlus Interactive Corporation, with its social development arm, BingoPlus Foundation, has launched the “Pusta de Peligro” campaign, pioneering a responsible gaming initiative to empower Filipino players with the knowledge and tools to make better choices in their gaming experiences. This campaign leverages the relatable term Petsa de Peligro—which reflects the need to be prudent before paydays in the Philippines as a metaphor for moments when players must exercise caution and discipline in their gaming.
The Pusta de Peligro campaign aligns DigiPlus Interactive with the efforts of PAGCOR in promoting responsible gaming and playing with a trusted operator, demonstrating a shared commitment to keeping gaming safe and enjoyable. A three-pronged approach to prevention, education and intervention anchors the campaign’s objective to teach Filipinos how to know the risks, set limits and get the right support.
Last November 14, DigiPlus and BingoPlus Foundation held the “Tamang Laro, Tamang Panalo! Wais Tips for Pusta de Peligro Moments” hybrid talk show in its headquarters in front of over 200 audiences on-site and online.
The show was split into two sessions with the first one being the “Tamang Laro” episode–Teresita Cambe-Castillo, licensed psychologist, chairperson of the board of Seagulls Flock Organisation and International Gambling Certification Board member, discussed how to spot the signs of excessive gaming and provide mental health support for oneself or others.
In the afternoon, proven financial guru Armand Bengco led the conversation in the “Tamang Panalo” episode, teaching the viewers how to continue winning by knowing how to handle money, build an entertainment fund and spend responsibly.
The “Tamang Laro, Tamang Panalo!” hybrid talk show is proof that DigiPlus, through BingoPlus Foundation, is committed to advancing an education campaign that goes beyond reminders on responsible gaming habits, but also gives actionable, practical tips to better manage their entertainment fund through financial literacy learning sessions, and spot the signs and provide psychological first aid for excessive gaming.
“We’re committed to more than just delivering exciting digital entertainment. With Pusta de Peligro, we’re taking responsibility to help players be mindful, enjoy responsibly, and stay financially aware,” said Rafael Jasper Vicencio, Director of DigiPlus Interactive and President of AB Leisure Exponent and Total GameZone Xtreme, the operator of BingoPlus Stores and developer of its beloved games.
Celeste Jovenir, COO of BingoPlus Foundation and Vice President of DigiPlus Interactive, said: “Pusta de Peligro is just the beginning. We are committed to setting the bar as a responsible industry leader, helping Filipinos navigate gaming wisely, for truly enjoyable and rewarding experiences with us.”
The post DigiPlus Interactive Launches “Pusta de Peligro” Campaign appeared first on European Gaming Industry News.
Compliance Updates
Danish Gambling Authority Opens Applications for Land-based Bingo Licences
The Danish Gambling Authority has officially opened applications for land-based bingo licences under the country’s new regulatory framework.
The licences will be valid from 1 January 2025 for applicants who meet the required conditions and submit complete applications by 10 December 2024.
This development provides opportunities for operators to offer land-based bingo within a regulated environment.
To assist prospective applicants, the Danish Gambling Authority has created a dedicated “Land-Based Bingo” webpage. Here, operators can access application materials, guidelines and instructions to ensure submissions are completed accurately.
Operators seeking a licence valid from 1 January 2025 must submit their applications by the 10 December deadline. Applications that meet all requirements will be processed in time for the start date.
In cases where additional information or conditions are needed, the authority may issue licences with specific stipulations, granting operators additional time to address outstanding issues.
To support industry stakeholders, the Danish Gambling Authority will host an information meeting about the new land-based bingo rules on 5 December 2024. The session will take place at Englandsgade 25, Odense, and interested parties are encouraged to register by 29 November 2024.
The post Danish Gambling Authority Opens Applications for Land-based Bingo Licences appeared first on European Gaming Industry News.
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