Light Wonder posts Q1 revenue of 572m acquires Playzido

Light & Wonder (formerly Scientific Games) has reported consolidated Q1 revenue of $572m, up 26% year-on-year

Light & Wonder (formerly Scientific Games) has reported consolidated Q1 revenue of $572m, upward 26% year-on-year.

The canton also pronounced Light & Wonder’s sales event of its drawing business, which generated $5.6bn in gross hard currency proceeds.

The sales agreement was sanctioned to adjust with the company’s young visual sensation – since rebranding to Light & Wonder from Scientific Games – to be a cross-platform world-wide gaming troupe solely.

It also allowed the troupe to significantly trim its spectacular debt, from $8.9bn downwards to $4bn, piece paving material the way for a take on investments for shareholders, totalling $140m.

Light & Wonder’s Q1 results also saw familiarized AEBITDA from continuing trading operations of $202m, upwardly from $142m inwards the previous billet (Q4 2021).

The supplier’s President and CEO, Barry Cottle, commented: “We kicked off 2022 with a figure of important achievements across our businesses with strong revenue growth of 26% inward the quarter. The sale of our drawing business concern was another significant milepost as we de-lever and maximise cash.

“With a reconstituted equilibrium sheet, sustainable double-digit maturation and warm hard currency generation, we at present get the ability to significantly enhance shareholder note value through a disciplined go up to majuscule allocation.”

Alongside these results, Light & Wonder has proclaimed the acquisition of gamey development political program and mental object provider Playzido.

Light & Wonder believes Playzido’s proprietary Remote Gaming Server (RGS) is “one of the best” inwards the iGaming manufacture for rapid usage biz development, and claims it will ply a faster route to market for creative studios without their possess development platform.

PLayzido’s Gilbert Charles Stuart Sir Joseph Banks said: “This sell is testament to the drive and inscription of our team, who get been committed to building a fantastic games platform that allows independent studios and operators to take their creativity and innovation to the planetary gaming market.

“The synergies behind the acquisition are clear and we will now good turn our attending to extending our extend to crosswise markets across the world.”