Light & Wonder Reports Double-Digit Revenue Growth for Q3 2023
Revenue from the iGaming sector hit $70 million (6.44 billion rubles), surpassing 2022 figures by 21%. This increase is driven by the company's success in both the American and international markets. SciPlay, the online slots developer owned by Light & Wonder, generated $196 million (18 billion rubles) in revenue during the third quarter, reflecting a 15% year-over-year growth.
Light & Wonder's consolidated revenue reached $731 million (67.3 billion rubles), a 13% increase from the same period in 2022. The company has now recorded revenue growth for ten consecutive quarters. Net profit for the year rose from $20 million to $80 million (from 1.84 billion to 7.36 billion rubles).
Matt Wilson, President and CEO of Light & Wonder, commented on the company's strong performance. "Our amazing team at Light & Wonder continues to deliver exceptional results with double-digit growth across all three divisions for the fourth consecutive quarter. We had a successful showing at the Australian and global Gaming Expos, showcasing the strength of our product portfolio," Wilson stated.
"The positive feedback on our wide range of gaming machines reaffirms our targeted investments in research, development, and the company's vision for the future. We will continue to capitalize on this momentum, as evidenced by our efforts to attract talent. Our confidence in fully realizing our potential as we approach the end of 2023 has never been higher," he added.
Notably, Galaxy Entertainment Group reported a staggering 853% year-over-year increase in gross revenue for the third quarter.
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