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Light & Wonder reported $818 million in revenue for the second quarter. This is a 12% increase over last year’s second quarter and 8% higher than first-quarter revenue.
This marks the 13th consecutive quarter of revenue growth for Light & Wonder. The second quarter was also the eighth consecutive double-digit revenue growth for the company
Light & Wonder (NASDAQ: LNW) isn’t a one-trick pony. Every segment of the company saw positive revenue growth during the quarter:
- Light & Wonder’s iGaming revenue for the second quarter was up 6% from last year to $74 million.
- SciPlay social gaming segment generated $205 million. Up 8% from the same period last year.
- Land-based Gaming was up 14% from last year’s Q2 to $539 million in revenue.
In Light & Wonder’s Q2 2024 earnings press release President and CEO Matt Wilson said:
“We continue to develop our catalog of proven, evergreen franchises to bring the most engaging experiences to our players, leveraging the power of our portfolio across land-based, social, and iGaming platforms.”
Altogether, first-half revenue increased 13% to $1.6 billion. The strong first half of 2024 is leading the company to embark on a $1 billion share repurchase program to help bolster value for its shareholders.
Light & Wonder’s growth comes through its omnichannel efforts. Many games start in land-based casinos and then move to online casinos and social gaming apps.
Key takeaways:
- Light & Wonder’s hot revenue streak continues.
- All three segments showed revenue growth.
- Omnichannel efforts show positive results.
- Two studios see record GGR from online casino games.
Light & Wonder’s online casino segment continues to grow
The iGaming segment continues to deliver record revenue with $74 million. This division was mainly powered by its growth in the US.
Gross Gaming Revenue (GGR) was up 25% in the US and Canada. The record quarter in the US was helped by a greater volume of land-based content in online casinos.
The company points to Lightning Box and Playzido studios for generating record-breaking GGR during the quarter.
Lightning Box showed the greatest improvement. GGR for its games was 33% higher than last year due mostly to its popular “Thundering” series of games.
Playzido’s record GGR was due to its games being available in Michigan, New Jersey, and Pennsylvania. This studio produces games like “Deal or No Deal” and “Charlie’s Angels” for online casinos.
While ELK Studios didn’t break records, its GGR grew 17% from last year. PIROTS 2 and CYGNUS 4 showed strong performance during the quarter.
Looking ahead, the company will expand its Live Casino partnerships with Penn Entertainment (NASDAQ: PENN) with new games during the second half of the year.
SciPlay continues to outpace social casino market
SciPlay continued to provide the company with record revenue of $74 million during the second quarter. Light & Wonder credits the 6% year-over-year increase to continued momentum in the US.
GGR in the US and Canada was up 25% for the quarter. Revenue in the US set a record while Canada remained at its peak.
Overall, SciPlay has surpassed the general social casino market for 10 consecutive quarters. The company credits its omnichannel progress with the successful launch of franchises such as the very popular land-based casino slot, HUFF N’ PUFF.
