"Q2 2025: Light & Wonder seeks a singular ASX listing by November"
Light & Wonder Announces Delisting from Nasdaq and Consolidation on ASX
Light & Wonder, a leading global provider of gaming solutions, has announced its decision to delist from the Nasdaq and consolidate its primary listing on the Australian Securities Exchange (ASX) by the end of November 2025. This move comes after a comprehensive review by the company's Board of Directors, aiming to streamline its market presence and focus on its home market.
The decision was made amid economic headwinds, which led to a slight decrease in Q2 2025 revenue. However, Light & Wonder remains committed to its long-term strategy and expects growth momentum to build in the latter part of the year, driven mainly by international game sales.
Despite the revenue dip, the company's consolidated adjusted EBITDA increased 7% to $352m for Q2 2025. Net income for the quarter rose 16% year-over-year to $95m. Light & Wonder's iGaming arm posted record quarterly revenue of $81m, up 7% for Q2 2025.
The delisting from Nasdaq is subject to regulatory approvals but is expected to be completed by the end of November 2025. The company also plans to continue returning capital to shareholders through significant share repurchases. Since the inception of its previous buyback program in March 2022, Light & Wonder has repurchased $1.3bn worth of shares, reducing total outstanding shares by 18%. On 31 July, the company raised the total authorisation for buybacks to $1.5bn, with $950m still available.
Light & Wonder's president and CEO, Matt Wilson, is pleased with the progress of the integration of Grover Charitable Gaming and sees growth opportunities ahead in the charitable gaming business. The North American gaming operations of Light & Wonder posted growth, with a rising premium installed base and higher average daily revenue per unit, excluding the newly acquired Grover Charitable Gaming business.
The SciPlay social gaming segment continued to outperform market averages during Q2 2025. Light & Wonder sold over 9,000 new gaming units globally during the quarter, maintaining its market share momentum.
In a statement, Wilson said, "We are confident that this strategic move will deliver shareholder value going forward. We remain focused on our long-term targets and expect to see continued growth in the gaming industry."
Future developments may elicit further investor interest in Light & Wonder. The company affirmed its long-term targets as outlined during its May 2025 Investor Day. Full-year 2025 guidance includes consolidated adjusted EBITDA between $1.43bn and $1.47bn and adjusted net profit after tax (NPATA) between $550m and $575m, inclusive of Grover's contributions.
Cautious spending and postponed capital outlays among clients affected the timing of game sales, according to the company. Despite this, Light & Wonder expects to maintain its market position and continues to invest in new games and technologies to drive growth.
- Light & Wonder, after a review by its Board of Directors, plans to delist from the Nasdaq and consolidate its primary listing on the Australian Securities Exchange (ASX) by the end of November 2025, a move aimed at focusing on its home market and streamlining its market presence.
- Despite a slight decrease in Q2 2025 revenue and some cautious spending among clients affecting the timing of game sales, Light & Wonder remains committed to its long-term strategy and expects growth momentum to build, mainly driven by international game sales and continued investments in new games and technologies.
- In light of the consolidation, Light & Wonder's president and CEO, Matt Wilson, expressed confidence in the company's ability to deliver shareholder value and continued growth in the gaming industry, particularly in the iGaming sector, where it posted record quarterly revenue of $81m for Q2 2025. The company also intends to continue returning capital to shareholders through significant share repurchases.
