18 May 2023
Light & Wonder (L&W) Receives Conditional Approval for Secondary ASX Listing and Reports Impressive Q1 Growth
Light & Wonder (L&W) has achieved a significant milestone by securing conditional approval for a secondary Australian Securities Exchange (ASX) listing. This exciting development allows L&W to expand its market presence and join the official list of the ASX as an ASX Foreign Exempt Listing.
L&W’s impressive Q1 growth further solidifies its position as a leader in the industry. With a remarkable 17.1% year-on-year increase in revenue, driven by their thriving igaming and SciPlay social gaming businesses, L&W demonstrates their commitment to success. All business segments experienced double-digit growth, with gaming revenue emerging as their primary revenue stream source.
Effective 18th May, L&W shareholders can convert their holdings into L&W Chess Depositary Interests (CDIs). The official quotation of CDIs will commence on 22nd May, with each CDI representing a fully paid share of common stock.
It’s important to note that the secondary listing and official quotation are still subject to final approval from the ASX, and their timing or completion cannot be guaranteed. L&W’s remarkable Q1 growth comes from its impressive financial performance. Revenue in the first quarter amounted to $670 million, a significant increase compared to $572 million in the corresponding period last year. Notably, gaming revenue reached $419 million, SciPlay generated $186 million, and igaming contributed $65 million to their overall revenue.