The L&W loses Q2 on continued operations, revenue rises 5%

Casino equipment and online game provider Light & Wonder (L&W), formerly known as Scientific Games Corporation, reported a 5.0% year-over-year increase in group overall revenue to $610 million in the second quarter. The growth was supported by increased sales from the group’s gaming division and digital business SciPlay. “Our gaming business has shown sustained strong momentum, including year-on-year growth in all business segments and strong sequential growth in game operations and game sales,” Light & Wonder said in a press release on Tuesday. “Sales also benefited from year-on-year growth on SciPlay, and the iGaming business continued to see momentum despite the negative impact of foreign currency,” it added.

Considering the group’s continued operations alone, Wright & Wonder reported a net loss of $150 million in the three months to June 30, compared with a loss of $51 million a year ago. “The net loss was increased mainly due to a loss of $147 million in financing transactions related to debt repayment and refinancing transactions in April 2022,” the group said. Nevertheless, Light & Wonder posted Q2 net income from $3.29 billion in shareholders due to suspended operations. In the period ended June 30, pre-tax profits from the group’s sale of the lottery business completed in April amounted to nearly $4.57 billion.

Consolidated quarterly adjusted earnings before interest, taxation, depreciation and amortization from the company’s continued operations fell 8.6% Y/Y to $212 million. The company said its adjusted EBITDA results for the previous year were “benefits from the VAT recovery, reducing comparability by about 18 percentage points year-on-year.” Light & Wonder said it had “significantly deburred and transformed” its balance sheet as a result of debt repayment and refinancing transactions that reduced the principal face value of its outstanding debt to $3.9 billion. The company is also selling its sports betting business. The deal is expected to close by the end of the third quarter of this year. Under a revised agreement announced earlier this year, the company will obtain US$750 million and US$50 million of shares from the acquisition business, sports and entertainment company U.S.-listed Endeavour Group Holdings Inc. said. 파워볼실시간

Increased Game Sales

Tuesday’s announcement quoted Barry Cottle, president and chief executive officer of Light & Wonder, as saying, “We made great strides in the second quarter as we continued to implement our vision and the company’s transformation. With the sale of the lottery business and the sale of the sports betting business expected to be completed by the end of the third quarter, we have achieved a significant milestone in the transformation of our organization,” he said In May, the group said it aims to achieve an annual consolidated EBITDA of $1.4 billion by 2022, Investor Day. The company also targeted “a total of $10 billion in capital generation from 2022 to 2025. Q2 GAME SALES INCREASED 6.3% Y/Y TO $390 MILLION. Light & Wonder said the growth was “mainly attributed to strong growth in game operations once again above 2019 levels, driven by record North American premium installation-based units, and robust growth in its game sales, systems and table gaming business.” Revenue from game operations fell 9.9% Y/Y to $163 million. Game console sales in the second quarter of 2022 were $123 million, up 23.0% from a year ago. The company sold 6,488 game consoles in the three months to June 30, up from 1,751 a year earlier.

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