Light & Wonder Inc., a maker of slot machines and online games, reported second-quarter sales the beat analysts’ estimates as casinos continued to stock up on gear for bettors.
(Bloomberg) — Light & Wonder Inc., a maker of slot machines and online games, reported second-quarter sales the beat analysts’ estimates as casinos continued to stock up on gear for bettors.
Revenue grew 20% to $731 million, beating the $676 million average of analysts’ estimates. All three of the company’s divisions — physical gambling products, social games and online gambling — generated double-digit sales gains, the company said Tuesday.
The company reported a net loss of $1 million, or 1 cent a share.
In an interview, Chief Executive Officer Matt Wilson said casinos have accelerated their investment in new slot machines after several slower years related to the pandemic.
“We’re now at levels above 2019 replacement demand, and I see this being levels we can hold on to for some time,” Wilson said.
Separately, Las Vegas-based Light & Wonder agreed to acquire the remaining publicly traded stock of its SciPlay Corp. subsidiary for $22.95 a share. Wilson expects that deal to close in October.
He called this the last step in a strategic refocusing that saw Light & Wonder sell its lottery and sports-betting businesses to focus on games that can be played in casinos and online.
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