Light & Wonder is aiming to transition to a sole listing on the Australian Securities Exchange (ASX) in November, which CEO Matt Wilson says will take the supplier’s market cap from A$4.5bn to A$12.2bn.
Though Light & Wonder launched its secondary listing on the ASX in May 2023, the decision has been made to move to a single listing for the “best long-term interests of […] shareholders”.
As part of the process, the supplier will delist from the Nasdaq Stock Exchange in the US, which is expected to take place by November 2025.
Light & Wonder first raised the possibility of a sole listing in February, discussing it once again in May following the release of its Q1 results.
Wilson was asked during the Q2 investor call to explain the process and timing of the decision to transition to a single listing on the ASX.
Commenting that Light & Wonder went through an “extensive consultation process” as well as six months of engagement with investors, Wilson said that a sole listing would help “consolidate liquidity” as well as raise its market cap to A$12.2bn.
He said: “As we transition to a sole listing on the ASX, our market cap will go from circa A$4.5bn to A$12.2bn, and it will take us from circa number 90 in the ASX 100 into the ASX 50 and, importantly, into the index.
“We think that’s an exciting initiative for us. It will optimise shareholder value, and we’ll finalise the timelines and dates over the coming weeks and months.
“We think transitioning to a sole ASX listing will help consolidate liquidity into a deep and liquid market that has a comprehensive and deep understanding of the gaming sector, and we expect it to unlock maximum shareholder value and align with our growth plans.”
Light & Wonder retained Barrenjoey Advisory, Jarden Australia, Goldman Sachs and JP Morgan to advise on the sole listing on the ASX.
Financially, the supplier posted a 1% year-on-year (YoY) decrease in revenue to $809m during Q2.
However, consolidated adjusted EBITDA increased 7% YoY to $352m due to margin expansion across all the supplier’s segments. Net income grew to $95m, jumping 16% YoY.
Breaking total revenue down into segments, Light & Wonder’s gaming division accounted for $528m of revenue, falling 2% YoY.
SciPlay revenue also decreased 2% YoY to $200m due to average monthly payers falling – though it was partly offset by an increase in average monthly revenue per paying user (ARMPPU).
SciPlay’s average revenue per daily user (ARPDU) grew 4% YoY to $1.08, as AMRPPU climbed to a record $128.96.
Light & Wonder’s igaming division increased revenue 9% YoY to $81m, reflecting momentum in North America and a growing partner network.
Revenue for the six months ending 30 June stood at $1.6bn, with adjusted EBITDA in H1 up 9% to $663m, and adjusted EBITDA margin growing three percentage points to 42%.
Light & Wonder said its full-year 2025 consolidated adjusted EBITDA guidance, inclusive of the recently acquired Grover business, was expected to be between $1.43bn and $1.47bn.
Wilson said: “We remain committed to research and development investment to further proliferate our high-performing content across channels and continue to realise the benefits of strong game performance.
“Our North American installed base and revenue per day increased as we continue to execute on the key initiatives to both expand and extend the longevity of our fleet for maximum value.
“Additionally, I am pleased that the integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us.
“I have confidence in our strategy as we continue to execute to our long-term blueprint, which will continue to drive quality of earnings and sustainable value both operationally and financially.”
Light & Wonder’s share price at the time of writing was up 2.9% to $90.92 on the Nasdaq.
The post Light & Wonder sets November 2025 target for sole ASX listing first appeared on EGR Intel.
Supplier giant to delist from the Nasdaq Stock Exchange as part of strategic move which CEO Matt Wilson says will consolidate liquidity and maximise shareholder value
The post Light & Wonder sets November 2025 target for sole ASX listing first appeared on EGR Intel.