Gaming giant Light & Wonder has revealed significant profit growth for the year 2023. In the fourth quarter, the company experienced a 220% increase in revenue compared to the same period in 2022, surpassing $67 million. Net revenue also saw a 13% rise, reaching $770 million. This growth trend has been sustained across all segments for eleven consecutive quarters.
The sales of slot machines in 4Q increased by 31%, contributing to a 13% growth in gaming segment revenue, which totaled $496 million. The gambling division also achieved record numbers, with revenue surpassing $70 million, indicating continued growth in the international market. Wagers processed through L&W's iGaming platform exceeded $21.6 billion in the fourth quarter of 2023.
Over the twelve months, Light & Wonder successfully transformed a loss of $176 million in 2022 into a profit of up to $180 million, partially attributed to lower debt costs. The total revenue for the fiscal year 2022-23 exceeded $2.9 billion, marking a 16% increase year over year.
