Light & Wonder is a global leader in game experiences, and its content, hardware, and systems connect iconic titles across places and channels. It recently announced plans to delist from Nasdaq. By the end of November, it plans to have a primary listing on the Australian Securities Exchange (ASX).
The company had already said in February that it was considering this move, and it comes after it launched its secondary listing on the ASX in mid-2023. According to Chairman Jamie Odell, equity traded on the ASX now accounts for about 37% of the company’s total equity.
Strong game performance and disciplined investment
The company’s revenue at first came mainly from poker machines and social casinos. In 2016, it entered the online gambling sector. Most of its revenue is made in the US. The company is based in Las Vegas and partners with a number of North American operators. It also distributes games from Everi and other developers to operators in North America.
In its Q2 2025 financial results, Light & Wonder showed solid earnings and margin expansion across all its divisions. Net income rose 16% year-over-year to $95 million. It had a modest dip in consolidated revenue to $809 million.
Light & Wonder attributed its improved margins to strong game performance and disciplined investment. It cites economic headwinds as a reason for the slight dip in revenue.
Despite the drop in revenue, the company managed to hold its share market momentum by selling more than 9,000 new gaming units globally during the quarter.One area that did well was iGaming, which grew by 7%, with quarterly revenue of $81 million.
The transition to sole ASX listing
Light & Wonder believes that the transition to sole ASX listing will deliver great value to shareholders going forward. Its board of directors approved the move after an extensive due diligence process. This move is part of its long-term blueprint to drive quality earnings and sustainable value. It offers investors the opportunity to invest in a global growth company with margins that are growing. Revenue is recurring, and it has good cash flow.
Matt Wilson, chief executive of Light & Wonder, sees the ASX as a deep and liquid market. Within a year and a half of listing on the exchange, it was included in the S&P/ASX 100 Index. Now Wilson is looking at inclusion in the index of the top 50 stocks.
Wilson says that investors in Australia have a deep understanding of the gaming market. Australia is considered a more favorable market for companies that use tech in gaming, such as Light & Wonder.
Wilson started exploring the possibility of a sole ASX listing earlier this year. In part, this was prompted by the privatization of some of its biggest competitors in the states, such as IGT, Everi, and AGS.
A Wall Street analyst estimates that Light & Wonder’s market capitalization on the ASX could reach about $8 billion once it delists from the Nasdaq.
Repurchase program for shareholders
The gaming industry forecast is that the global market size will reach over $600 billion by 2030, and investors will want to benefit from this.
In the first half of 2025, Light & Wonder returned $266 million to shareholders. This completed more than half of the share repurchase plan authorized in 2024. It established a previous buyback program in March 2022, and since then, it has repurchased $1.3 billion in shares. This reduced the total of outstanding shares to 18%. Light & Wonder raised the total authorization for buybacks to $1.5 billion in July, and $950 million is still available. It will deploy these funds to help in the delisting process from Nasdaq.