Light & Wonder, Inc. - LNW STOCK NEWS

Light & Wonder, Inc. (NASDAQ: LNW) has appointed Matt Wilson as the new President and Chief Executive Officer, effective immediately. Wilson, who has been the interim CEO since August 2022, brings nearly 20 years of gaming industry experience. The Board believes his leadership will unlock the company's potential. Additionally, Siobhan Lane has been named CEO of the Gaming business, succeeding Wilson. Both executives emphasize a commitment to innovation and growth, positioning the company for substantial shareholder value enhancement.

Light & Wonder (NASDAQ: LNW) has acquired the assets of House Advantage, a top provider of loyalty and marketing software, for a cash transaction. This move aims to enhance L&W's systems business with HALo, House Advantage's omnichannel player loyalty platform. The acquisition adds stable, high-margin recurring revenue streams and positions L&W for growth in the converging digital and land-based gaming markets. Jon Wolfe, founder of House Advantage, will lead the new division.

Light & Wonder, Inc. (NASDAQ: LNW) completed the sale of its Sports Betting Business, OpenBet, to Endeavor Group Holdings, Inc. (NYSE: EDR) for approximately $800 million. This transaction resolves the company’s strategic plan initiated in June 2021 to streamline operations and enhance financial flexibility. As a result, Light & Wonder is positioned to achieve a targeted net debt leverage ratio of 2.5x to 3.5x and increase shareholder returns through a robust capital return strategy, backed by a double-digit growth profile and strong cash flow.

Endeavor Group Holdings (NYSE: EDR) has completed its acquisition of OpenBet from Light & Wonder (NASDAQ: LNW) for approximately $800 million, comprising $750 million in cash and shares. This strategic move aims to enhance Endeavor’s presence in the sports betting industry, merging OpenBet's technology and expertise with Endeavor's IMG ARENA. The merger will create a new segment, Sports Data & Technology, starting January 2023, and is expected to generate significant value for customers and fans.

Light & Wonder, Inc. (NASDAQ: LNW) will unveil its latest innovations at the Global Gaming Expo (G2E) from Oct. 10-13 in Las Vegas. The company aims to showcase its cross-platform games, gaming systems, and unique content to enhance player experiences. CEO Matt Wilson highlighted the company's commitment to leading the gaming market with top-charting games and a strong iGaming portfolio. Attendees can expect to see new electronic gaming machines, table games, and exclusive content, as well as participate in events with industry leaders.

Light & Wonder, Inc. (NASDAQ: LNW) has appointed Matt Wilson as interim CEO following the departure of Barry Cottle. Wilson, who retains his role as Executive VP and Group Chief Executive of Gaming, will lead the company's transition while a search for a permanent CEO is underway. Jamie Odell, Executive Chair, expressed confidence in Wilson's leadership abilities, citing a successful track record in repositioning the Gaming business for growth. The Company reaffirmed its financial targets for 2022-2025, signaling a commitment to its strategic plan amid this leadership change.

Light & Wonder, Inc. (LNW) reported a 5% increase in consolidated revenue to $610 million for Q2 2022, despite a net loss of $150 million. The company significantly reduced its debt to $4 billion, lowering its net debt leverage ratio to 3.6x. Key strategic moves included a $5.7 billion sale of its Lottery business, with expectations to finalize the Sports Betting sale soon. Share repurchases reached $203 million, constituting 27% of the total authorization. CEO Barry Cottle highlighted operational advancements and a strong roadmap for capturing a $70 billion market.

Light & Wonder, Inc. (NASDAQ: LNW) announced an independent report predicting potential iGaming state tax revenues of $6.35 billion annually if legalized across 42 states with existing casino gaming. The report highlights that states are currently missing out on billions in potential revenue and could significantly boost funding for public services without imposing broad-based taxes. Currently, states with legal iGaming generated $970 million in 2021, eclipsing the $560 million from sports betting in 30 states.

Light & Wonder, Inc. (NASDAQ: LNW), formerly known as Scientific Games Corporation, will announce its financial results for Q2 2022 on August 9, 2022, after market close. The company will host an investor conference call at 4:30 p.m. ET to discuss these results. Participants can pre-register for the call to receive immediate access. The event will also feature a live webcast available on the company's website, with a replay accessible for one week after the event.

Light & Wonder is a leading force in cross-platform games and entertainment.