Summary
- Light & Wonder has announced that it will withdraw its listing from NASDAQ by the end of November.
- The company remains steadfast and optimistic about the current operational environment, even in the face of minor slowdowns.
- Light & Wonders is on a mission to expand its horizons and embrace diversity across the globe.
Light & Wonder has made a bold move, opting to list its stock on the Australian Stock Exchange (ASX) instead of NASDAQ. This significant decision was unveiled by CEO Matt Wilson during the second quarter earnings call, taking investors by surprise. However, this wasn't a hasty move. It reflects a well-thought-out strategy that marks a new chapter for this global gaming giant.
North American delisting, Australian opportunity
Wilson emphasized that the final decision was not taken lightly; it was a thoughtfully considered choice that fits perfectly with the company's long-term vision. This follows an extensive consultation process, he explained. The company announced that this change would take effect by the end of November, assuring that the brand has ample financial reserves in a robust and established market. This move is strategic, driven by foresight rather than short-term market fluctuations. While earnings have grown, sales have faced challenges due to a downturn in tourism across North America's land-based companies. However, Wilson is optimistic, foreseeing a positive turnaround soon. He praised the company's achievements in SciPlay and shared positive news about the steady advancement of the Light & Wonder brand in Canada and Mexico. In the realm of online gaming, Huff ‘n More Puff has impressively boosted North American revenue by a significant margin, he noted. Despite the game's impressive start, concerns have been raised about a potential decline. Wilson acknowledged that it's normal for excitement to fade over time, but he maintained that the game remains a crucial component of the company's revenue strategy.
Light & Wonder to remain a well-diversified company beyond NA
While North America is a focal point, it isn't the only target for the company's ambitions. Their sights are set on expanding in the Philippines, where the debate rages on: should they banish online gambling entirely or bring in tougher regulations? Light & Wonder isn't alone in seeking new opportunities abroad. PointsBet, another heavyweight from Australia, has sold its assets to concentrate its efforts on the domestic scene and in Canada.
