{"id":279,"date":"2024-06-28T13:14:00","date_gmt":"2024-06-28T10:14:00","guid":{"rendered":"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/"},"modified":"2024-06-28T13:14:00","modified_gmt":"2024-06-28T10:14:00","slug":"lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks","status":"publish","type":"post","link":"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/","title":{"rendered":"Lightweight Fantasy Completes SciPlay Acquisition, Sets New Benchmarks"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/IMAjbQ1KGKI\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Lightweight Fantasy (L&#038;W) has once again established new benchmarks for its wagering and SciPlay ventures in the second quarter, while also proclaiming that its complete takeover of SciPlay will be finalized by year&#8217;s end.<\/p>\n<p>L&#038;W attained record highs in the second quarter, with the SciPlay acquisition nearing completion.<br \/>\nFollowing record highs across all departments in the initial quarter, both enterprises witnessed revenue growth in the second quarter. L&#038;W also emphasized that its core gaming enterprise experienced revenue growth in the second quarter due to amplified sales in North America and Australia.<\/p>\n<p>Concerning Australia, L&#038;W obtained a secondary listing on the Australian Securities Exchange (ASX) in the second quarter. Thus far, L&#038;W shares traded on the ASX have a value exceeding A$1 billion (\u00a3514 million\/\u20ac598 million\/$656 million).<\/p>\n<p>SciPlay acquisition to be finalized in the fourth quarter?<\/p>\n<p>All gaming departments observed growth in the second quarter.<\/p>\n<p>Lottery sales influenced year-on-year comparisons.<\/p>\n<p>How did Lightweight Fantasy perform in the initial six months of the year?<\/p>\n<p>Chief Financial Officer handover is impending.<\/p>\n<p>The SciPlay transaction is anticipated to be completed in the fourth quarter.<br \/>\nAdditionally, in the second quarter, L&#038;W formulated plans to capitalize on SciPlay&#8217;s expansion by acquiring the remaining publicly traded shares of SciPlay. The agreement, announced in May, is valued at $422 million (\u00a3331 million\/\u20ac385 million) and will fully integrate SciPlay into L&#038;W&#8217;s operations.<\/p>\n<p>The group presently holds an 83% economic stake and 98% voting authority in the social gaming enterprise. <\/p>\n<p>Matt Wilson, the chief executive officer of L&#038;W, stated that the transaction is nearing completion and is anticipated to be finalized by the end of the year.<\/p>\n<p>&#8220;We are thrilled about this news,&#8221; Wilson expressed during L&#038;W&#8217;s earnings conference call. &#8220;We have signed a definitive agreement and anticipate closing in the fourth quarter, but this is truly the final significant milestone in streamlining our platform.<\/p>\n<p>&#8220;There aren&#8217;t many organizations within the industry that possess a distinctive portfolio like ours, encompassing land-based operations, a leading online gaming position, and the fastest-growing social casino enterprise. Consequently, unlocking that full potential, developing the best product globally, is pivotal to reintegrating SciPlay into L&#038;W.&#8221;<\/p>\n<p>Light and Wonder witnessed revenue growth across all business divisions in its second-quarter financial results.<\/p>\n<p>Group revenue for the three-month period concluding on June 30 amounted to $731 million, representing a 19.8% year-over-year increase. This growth was fueled by widespread expansion across L&#038;W&#8217;s three business divisions.<\/p>\n<p>Approximately $496 million of the total revenue originated from service activities, while the remaining $235 million stemmed from product sales.<\/p>\n<p>The gaming business continued to spearhead growth, with revenue rising 20.8% to $471 million. L&#038;W highlighted that gaming machine sales surged by 41%, while gaming systems and table product revenue climbed 20.0% and 34.0%, respectively.<\/p>\n<p>Shifting focus to SciPlay, revenue attained a record $190 million, reflecting an 18.8% year-over-year increase. L&#038;W attributed this to its core social casino business, which it asserted delivered robust paying metrics, outperforming the market and gaining market share.<\/p>\n<p>Online gaming revenue also experienced growth, rising by 16%. <\/p>\n<p>L&#038;Ws earnings climbed by 7% to $70 million, a record peak. The organization attributed this to persistent expansion in the American market, where income rose by 32.0%. Income is anticipated to rise further as L&#038;W prepares to launch its online live gambling establishment in Michigan in the second quarter, subject to regulatory approval.<\/p>\n<p>Lottery sales influenced the year-on-year comparison for the second quarter. On the expenditure side, operational expenses climbed by 9.6% to $618 million in the second quarter. Excluding restructuring, L&#038;W boosted spending in all areas. Sales, general, and administrative costs remained the largest expense at $203 million.<\/p>\n<p>L&#038;W also recorded $93 million in other finance-related expenses, resulting in a pre-tax profit from continuing operations of \u20ac20 million. This contrasts with a loss of $140 million in the same period in 2022.<\/p>\n<p>The organization paid $15 million in income tax, resulting in a net profit from continuing operations of $5 million, compared to a loss of $150 million in the same period last year. Adjusted EBITDA also climbed by 32.6% to $281 million.<\/p>\n<p>However, the outcomes would be different if discontinued operations were included. L&#038;W finalized the sale of its lottery business to Brookfield Business Partners for $5.8 billion in April of last year.<\/p>\n<p>Net profit from discontinued operations in the second quarter last year was $3.26 billion. Therefore, after subtracting the net profit from non-controlling interests of $6 million this quarter, the year-on-year comparison for 2023 resulted in a net loss of $1 million, compared to a profit of $3.29 billion in the same period last year.<\/p>\n<p>Income for the first half of the year reached $1.4 billion. <\/p>\n<p>During the six-month period ending on June 30th, the second quarter&#8217;s performance had a substantial effect on L&#038;W, with earnings reaching $1.4 billion. This signifies an 18.3% rise in comparison to the same period in the previous year, which was $1.18 billion.<\/p>\n<p>Gaming income expanded by 19.5% to $890 million, while SciPlay income climbed by 18.2% to $376 million, and iGaming income grew by 11.7% to $134 million. Overall, service earnings were $973 million, and product sales earnings were $427 million.<\/p>\n<p>Operational expenses increased by 8.0% to $1.19 billion, and financial expenses reached $169 million. Consequently, pre-tax profit from ongoing operations was $46 million, compared to a loss of $213 million in the same period last year.<\/p>\n<p>L&#038;W paid $14 million in taxes, resulting in a total net profit from ongoing operations of $32 million, a substantial improvement compared to the loss of $217 million in the same period last year. Adjusted EBITDA also increased by 22.8% to $529 million.<\/p>\n<p>Concerning discontinued operations, net profit last year was $3.54 billion. After subtracting the net profit of $11 million from non-controlling interests this quarter, net profit for 2023 was $21 million, compared to $3.32 billion in the same period last year.<\/p>\n<p>Wilson stated, &#8220;Our published figures continue to demonstrate the investment we&#8217;ve made in our business and reflect the significant progress we&#8217;ve made in achieving our long-term goals.&#8221;<\/p>\n<p>&#8220;We have achieved double-digit revenue and profit growth in all three of our business segments, generated strong cash flow, and reduced leverage, which has led to an exceptional second quarter performance.&#8221;<\/p>\n<p>James is set to leave his position as Chief Financial Officer of Light &#038; Wonder. <\/p>\n<p>Connie James&#8217; final full quarter as Chief Financial Officer of L&#038;W was the second quarter. Last month, the news of her exit at the end of August was made official.<\/p>\n<p>Oliver Zhou, L&#038;W&#8217;s Senior Vice President of Finance, will take on the role of temporary CFO. He will hold the position until a permanent replacement is identified, a search that is currently in progress.<\/p>\n<p>&#8220;It has been an honor to be part of such a diverse and skilled team, and I am proud of the many achievements we have accomplished during this period,&#8221; stated James. &#8220;We have reached numerous significant milestones in transforming the company and are now in a strong position with a robust financial statement and a strategic capital allocation plan.&#8221;<\/p>\n<p>&#8220;Our ongoing growth in the second quarter reflects the focused execution that is ingrained in our core values. With abundant talent, a solid financial standing, and a remarkable portfolio of assets, L&#038;W continues to advance steadily as a leading cross-platform global gaming enterprise.&#8221;<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Lightweight Fantasy (L&#038;W) has once again established new benchmarks for its wagering and SciPlay ventures in the second quarter, while also proclaiming that its complete takeover of SciPlay will be finalized by year&#8217;s end. L&#038;W attained record highs in the second quarter, with the SciPlay acquisition nearing completion. Following record highs across all departments in [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>L&amp;W Soars with SciPlay Acquisition<\/title>\n<meta name=\"description\" content=\"Lightweight Fantasy (L&amp;W) continues to dominate with record-breaking performance and the imminent completion of its SciPlay acquisition.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Lightweight Fantasy Completes SciPlay Acquisition, Sets New Benchmarks\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Lightweight Fantasy (L&amp;W) continues to dominate with record-breaking performance and the imminent completion of its SciPlay acquisition.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Elevate Your Casino Experience | Licensed, Secure &amp; Exciting\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T10:14:00+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"6 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/\",\"url\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/\",\"name\":\"L&W Soars with SciPlay Acquisition\",\"isPartOf\":{\"@id\":\"https:\/\/slotscapitalcasino.icu\/#website\"},\"datePublished\":\"2024-06-28T10:14:00+00:00\",\"dateModified\":\"2024-06-28T10:14:00+00:00\",\"author\":{\"@id\":\"https:\/\/slotscapitalcasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Lightweight Fantasy (L&W) continues to dominate with record-breaking performance and the imminent completion of its SciPlay acquisition.\",\"breadcrumb\":{\"@id\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/28\/lightweight-fantasy-completes-sciplay-acquisition-sets-new-benchmarks\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/slotscapitalcasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Lightweight Fantasy Completes SciPlay Acquisition, Sets New Benchmarks\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/slotscapitalcasino.icu\/#website\",\"url\":\"https:\/\/slotscapitalcasino.icu\/\",\"name\":\"Elevate Your Casino Experience | Licensed, Secure &amp; Exciting\",\"description\":\"Discover a world of online casino excitement through our fresh industry news, honest game reviews, and expert articles. 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