Despite only a two percent uptick in revenue to AU$828 million (US$583 million), Light & Wonder’s profitability ratcheted up 26 percent, reaching AU$120 million (US$84.5 million). The second-quarter numbers were disclosed late on Tuesday.
Cash flow at Light & Wonder rose nine percent, achieving AU$383 million (US$270 million). Stock buybacks consumed AU$134 million (US$94.4 million).
Light & Wonder’s Grover Gaming subsidiary added 227 units in the second quarter. Outside charitable gaming, Light & Wonder’s premium installed base grew by 652 units sequentially.
Gaming revenue overall was up five percent. Within that, gaming operations swelled 18 percent to AU$247 million, while table products burgeoned 13 percent to AU$62 million (US$44 million). Machine sales, however, were down four percent, “reflecting lower unit shipments on fewer new openings and expansions and lower adjacencies, with steady average selling price per unit,” according to a company statement.
North America received 4,900 new-game shipments from Light & Wonder. Globally, 8,796 machines were shipped.
Non-terrestrial gambling revenue was up 14 percent, as igaming “was underpinned by first-party content proliferation and partner network growth, despite UK tax increases during the period,” said Light & Wonder’s earnings release.
“Our second-quarter results reflect continued execution of our content-centric operating model, with broad-based growth, margin expansion, and quality earnings across all three businesses,” said CEO Matt Wilson in prepared remarks. “We continue to see the benefits of our sustained investment in studios and content, as our franchises drive strong game performance across the portfolio. “
CFO Oliver Chow lauded his company for “making tangible progress on our commitment to return meaningful capital to shareholders, while maintaining balance sheet flexibility. At the same time,” he continued, “we are continuing to invest deliberately in AI and infrastructure, work we believe will compound over time and support both growth and efficiency across the business.”
