Strong Growth Predicted by Light & Wonder CEO
In a recent interview, Matt Wilson, Light & Wonder’s CEO, said that he believes the company is set for exponential growth in the coming years. He also explained that the company has introduced a number of strategic processes in preparation for further expansion around the world.
Light & Wonder was previously known as Scientific Games. In March 2022, the company was rebranded as part of its work to focus on different areas within the gambling vertical, and according to Wilson, the rebranding was also part of its growth strategy.
Wilson explained that the rebranding enabled them to free themselves from “the shackles of the business”. He said that under the previous name, the company had a great deal of debt and was not investing enough in research and development. However, following the rebranding, Light & Wonder was able to start investing. In particular, the percentage of revenue invested in R&D grew from 7% to 10%.
Looking towards the future, Wilson is confident of significant growth for Light & Wonder. He predicts that EBITDA will grow from $913 million in 2022 to $1.4 billion by 2025. The prediction came soon after Light & Wonder received approval for a secondary listing on the ASX.
Wilson also spoke about the importance of having three separate businesses, one land-based, one for social casinos, and an iGaming business. Each of those businesses is growing, and Wilson also highlighted the company’s strong presence in the land-based industry across Europe and Australia. Furthermore, Wilson explained that many players move to social casinos or online casinos having played the games in a land-based casino.