Casino game provider Light & Wonder, formerly known as Scientific Games, has approved a three-year share repurchase program to repurchase up to $1 billion of its outstanding common stock.
“I am pleased to announce that the board has approved a new, upsized share repurchase program,” said Light & Wonder CEO Matt Wilson. “We continue to successfully execute our growth strategy and return meaningful capital to our shareholders.
The company’s existing share repurchase program was due to expire in February. As of Thursday, Light & Wonder had exhausted the $750 million share repurchase authorization, buying 11.2 million common shares. The new program, effective immediately and running through June 12, 2027, extends the current program and allows the group to buy more stock.
“Our prior program was an effective value-creation tool. Moving forward, the new program will allow us to deliver further value to our shareholders while underscoring our commitment to driving profitable growth and upside beyond 2025,” added Light & Wonder Chief Financial Officer Oliver Chow.
This news follows Light & Wonder’s strong first-quarter performance. During the quarter, the company partnered with open banking payment provider Trustly to bring cashless deposits to casino floors. Revenue was up 12.8 percent, reaching $756 million for its 12th straight quarter of growth.
