Light & Wonder has confirmed it is to leave the Nasdaq and switch its primary listing to Australia, with the move set to be completed by the end of November 2025.
The Las Vegas-headquartered group said the transition to the Australian Securities Exchange (ASX) will help consolidate liquidity in a market with deep understanding of the gaming sector. L&W — formerly Scientific Games Corporation — expects the move to unlock maximum shareholder value and align with its growth plans.
In an update delivered during its Q2 2025 results presentation, the group predicts that market cap will go from circa AU$4.5 billion to AU$12.2 billion. L&W is also set to ascend from circa #90 in the ASX 100 into the ASX 50 and into the index.
Why L&W is making the switch
Since initially announcing the plan to switch in February, L&W said it has actively engaged with shareholders, index providers and other stakeholders to ensure the process goes as seamlessly as possible. Since launching the secondary ASX listing back in May 2023, equity traded on the ASX now accounts for approximately 37% of L&W’s total equity.
Matt Wilson, L&W’s president and chief executive, said: “Our transition to a sole listing on the ASX marks an exciting new chapter for the company as we continue to execute to our initiatives to create shareholder value over time.”
The announcement follows the release of L&W’s multi-year growth strategy in May. Speaking to investors at the time, the group announced 2028 financial targets of Consolidated AEBITDA of $2.0 billion and doubling of Adjusted NPATA per share to over $10.55. The Gaming segment is targeting to expand its North American Premium footprint market share by 400 basis points while also increasing revenue per day by 2028. L&W is also targeting an expansion of its Global Game Sales market share by 400 basis points over the same time frame.
How did L&W perform in Q2 2025?
In the three months to 30 June, L&W delivered earnings growth and margin expansion across all business segments. The group attributed the performance to strong game performance, disciplined investment and its cross-platform strategy.
Consolidated revenue of $809 million decreased slightly by 1%, while net income increased 16% to $95 million and consolidated AEBITDA increased 7% to $352 million.
L&W said challenges during the period included macroeconomic uncertainty during the quarter leading to more cautious purchasing behaviour and delayed capital expenditure among some of its customers. While this impacted the timing of game sales, L&W’s Gaming business sold over 9,000 new units globally.
According to the group, SciPlay revenue continued to outpace the market while its iGaming business delivered quarterly record revenue.
During the period, L&W completed the acquisition of Grover and is executing on planned integration ahead of schedule. L&W has added over 600 active units since the acquisition announcement back in February 2025.
Wilson added: “We remain committed to R&D 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.”
L&W says the switch of its primary listing to Australia will unlock maximum shareholder value and align with its growth plans.