Fine Capital Partners, Fine Capital Advisors, Adom Partners, and Debra Fine filed an amended Schedule 13G disclosing beneficial ownership in Light & Wonder, Inc. (LNW) as of 11/05/2025. Fine Capital Partners, L.P. and Fine Capital Advisors, LLC each report 8,245,687 shares, representing 10.1% of the common stock. Adom Partners, L.P. reports 5,327,639 shares, or 6.5%. Debra Fine reports 8,258,687 shares in total, including 13,000 shares over which she has sole voting and dispositive power.
The filing indicates shared voting and dispositive power over most reported shares, which are directly owned by advisory clients of Fine Capital Partners, L.P., with the exception of the 13,000 shares held solely by Debra Fine. The certification states the securities were not acquired and are not held for the purpose of changing or influencing control of the issuer.
Positive
None.
Negative
None.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 13)
Light & Wonder, Inc.
(Name of Issuer)
Common Stock, $0.001
(Title of Class of Securities)
80874P109
(CUSIP Number)
11/05/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
80874P109
1
Names of Reporting Persons
Fine Capital Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,245,687.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,245,687.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,245,687.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.1 %
12
Type of Reporting Person (See Instructions)
IA, PN
SCHEDULE 13G
CUSIP No.
80874P109
1
Names of Reporting Persons
Fine Capital Advisors, LLC
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
8,245,687.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
8,245,687.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,245,687.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.1 %
12
Type of Reporting Person (See Instructions)
HC, OO
SCHEDULE 13G
CUSIP No.
80874P109
1
Names of Reporting Persons
Adom Partners, L.P.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
0.00
6
Shared Voting Power
5,327,639.00
7
Sole Dispositive Power
0.00
8
Shared Dispositive Power
5,327,639.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
5,327,639.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.5 %
12
Type of Reporting Person (See Instructions)
PN
SCHEDULE 13G
CUSIP No.
80874P109
1
Names of Reporting Persons
Debra Fine
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
13,000.00
6
Shared Voting Power
8,245,687.00
7
Sole Dispositive Power
13,000.00
8
Shared Dispositive Power
8,245,687.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
8,258,687.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.1 %
12
Type of Reporting Person (See Instructions)
HC, IN
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Light & Wonder, Inc.
(b)
Address of issuer's principal executive offices:
6601 Bermuda Road, Las Vegas, NV 89119, United States of America
Item 2.
(a)
Name of person filing:
Fine Capital Partners, L.P.
Fine Capital Advisors, LLC
Adom Partners, L.P.
Debra Fine
(b)
Address or principal business office or, if none, residence:
Fine Capital Partners, L.P.
3 Columbus Circle, 15th Floor
New York, New York 10019
Fine Capital Advisors, LLC
3 Columbus Circle, 15th Floor
New York, New York 10019
Adom Partners, L.P.
3 Columbus Circle, 15th Floor
New York, New York 10019
Debra Fine
3 Columbus Circle, 15th Floor
New York, New York 10019
(c)
Citizenship:
Fine Capital Partners, L.P. - Delaware
Fine Capital Advisors, LLC - Delaware
Adom Partners, L.P. - Delaware
Debra Fine - United States
(d)
Title of class of securities:
Common Stock, $0.001
(e)
CUSIP No.:
80874P109
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
Fine Capital Partners, L.P. - 8,245,687
Fine Capital Advisors, LLC - 8,245,687
Adom Partners, L.P. - 5,327,639
Debra Fine - 8,258,687
(b)
Percent of class:
Fine Capital Partners, L.P. - 10.1%
Fine Capital Advisors, LLC - 10.1%
Adom Partners, L.P. - 6.5%
Debra Fine - 10.1%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Fine Capital Partners, L.P. - 0
Fine Capital Advisors, LLC - 0
Adom Partners, L.P. - 0
Debra Fine - 13,000
(ii) Shared power to vote or to direct the vote:
Fine Capital Partners, L.P. - 8,245,687
Fine Capital Advisors, LLC - 8,245,687
Adom Partners, L.P. - 5,327,639
Debra Fine - 8,245,687
(iii) Sole power to dispose or to direct the disposition of:
Fine Capital Partners, L.P. - 0
Fine Capital Advisors, LLC - 0
Adom Partners, L.P. - 0
Debra Fine - 13,000
(iv) Shared power to dispose or to direct the disposition of:
Fine Capital Partners, L.P. - 8,245,687
Fine Capital Advisors, LLC - 8,245,687
Adom Partners, L.P. - 5,327,639
Debra Fine - 8,245,687
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Other than the securities for which Debra Fine has sole voting and dispositive power, all of the securities reported in this Schedule 13G Amendment No. 13 are directly owned by advisory clients of Fine Capital Partners, L.P. None of those advisory clients, other than Adom Partners, L.P., may be deemed to beneficially own more than 5% of the Common Stock, $0.001.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary.
Fine Capital Partners, L.P. is the relevant entity for which each of Fine Capital Advisors, LLC and Debra Fine may be considered a control person.
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Fine Capital Partners, L.P.
Signature:
By: Fine Capital Advisors, LLC, its general partner, By: /s/ Debra Fine
Name/Title:
Debra Fine/Manager
Date:
11/07/2025
Fine Capital Advisors, LLC
Signature:
/s/ Debra Fine
Name/Title:
Debra Fine/Manager
Date:
11/07/2025
Adom Partners, L.P.
Signature:
/s/ Debra Fine
Name/Title:
Debra Fine/Principal of the General Partner
Date:
11/07/2025
Debra Fine
Signature:
/s/ Debra Fine
Name/Title:
Debra Fine
Date:
11/07/2025
Comments accompanying signature: * Each Reporting Person disclaims beneficial ownership of the reported securities except to the extent of his, her or its pecuniary interest therein, and this report shall not be deemed an admission that such Reporting Person is the beneficial owner of the securities for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, or for any other purpose.
To the extent that "ownership of 5 percent or less of a class" was indicated in Item 5, such response only applies to the Reporting Person(s) that indicated elsewhere herein that it beneficially owns five percent (5%) or less of the class.
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