Light & Wonder Stock Price, News & Analysis

Light & Wonder, Inc. (NASDAQ: LNW) has appointed Matt Wilson as interim CEO following the departure of Barry Cottle. Wilson, who retains his role as Executive VP and Group Chief Executive of Gaming, will lead the company's transition while a search for a permanent CEO is underway. Jamie Odell, Executive Chair, expressed confidence in Wilson's leadership abilities, citing a successful track record in repositioning the Gaming business for growth. The Company reaffirmed its financial targets for 2022-2025, signaling a commitment to its strategic plan amid this leadership change.

Light & Wonder, Inc. (LNW) reported a 5% increase in consolidated revenue to $610 million for Q2 2022, despite a net loss of $150 million. The company significantly reduced its debt to $4 billion, lowering its net debt leverage ratio to 3.6x. Key strategic moves included a $5.7 billion sale of its Lottery business, with expectations to finalize the Sports Betting sale soon. Share repurchases reached $203 million, constituting 27% of the total authorization. CEO Barry Cottle highlighted operational advancements and a strong roadmap for capturing a $70 billion market.

Light & Wonder, Inc. (NASDAQ: LNW) announced an independent report predicting potential iGaming state tax revenues of $6.35 billion annually if legalized across 42 states with existing casino gaming. The report highlights that states are currently missing out on billions in potential revenue and could significantly boost funding for public services without imposing broad-based taxes. Currently, states with legal iGaming generated $970 million in 2021, eclipsing the $560 million from sports betting in 30 states.

Light & Wonder, Inc. (NASDAQ: LNW), formerly known as Scientific Games Corporation, will announce its financial results for Q2 2022 on August 9, 2022, after market close. The company will host an investor conference call at 4:30 p.m. ET to discuss these results. Participants can pre-register for the call to receive immediate access. The event will also feature a live webcast available on the company's website, with a replay accessible for one week after the event.

Light & Wonder is a leading force in cross-platform games and entertainment.

Light & Wonder (NASDAQ: LNW) has partnered with SAZKA a.s. to enhance its sports betting technology in the Czech Republic. OpenBet has launched its full turnkey platform for SAZKA a.s.'s Sazkabet brand, providing a comprehensive betting engine and risk management services. This partnership positions OpenBet strategically within the European market, aiming to deliver high-quality, responsible betting experiences. OpenBet currently supports seven World Lottery Association members, expanding its global reach and reinforcing its industry leadership.

Light & Wonder has amended its purchase agreement with Endeavor Group Holdings for the sale of its OpenBet sports betting business. The revised deal is set to yield approximately $750 million in cash and $50 million in Endeavor stock, summing up to gross proceeds of $800 million and net after-tax proceeds of about $700 million. This transaction simplifies the closing process, enabling Light & Wonder to strengthen its balance sheet and target a net debt leverage ratio of 2.5x to 3.5x while generating an estimated $5.6 billion in total net proceeds from divestitures.

Light & Wonder, Inc. (NASDAQ: LNW) has unveiled ambitious financial targets during its 2022 Investor Day, aiming for a targeted 2025 Consolidated AEBITDA of $1.4 billion and total capital creation of $10 billion from 2022 to 2025. The company has significantly improved its credit profile, reducing its adjusted net debt leverage ratio to 3.7x with a goal of 2.5x to 3.5x. Light & Wonder plans to actively repurchase shares under a $750 million program, reinforcing its commitment to shareholder value. The company is strategically positioned to capitalize on a $70 billion market opportunity.

Light & Wonder (NASDAQ: LNW) has announced the acquisition of Playzido, a significant move to enhance its iGaming content capabilities. Playzido's advanced Remote Gaming Server (RGS) platform will enable faster game development and distribution through L&W's OpenGaming™ platform. This acquisition aligns with L&W's strategy to expand its global market presence and support independent game studios. The deal is expected to facilitate the launch of unique content and strengthen partnerships within the iGaming sector, contributing to L&W's vision of being a leading global game company.

Light & Wonder reported a 26% increase in consolidated revenue from continuing operations, reaching $572 million for Q1 2022. The company successfully closed the sale of its Lottery Business, generating $5.6 billion in gross cash proceeds, which significantly reduced its outstanding debt from $8.9 billion to $4.0 billion. The adjusted net debt leverage ratio dropped to 3.7x. A total of $140 million was returned to shareholders via stock repurchases. The company's positive momentum is expected to enhance shareholder value through disciplined capital allocation.