Revenue Ambitions Climb at 2025 Investor Day
Light & Wonder has raised its long-term financial forecast, announcing a new goal of reaching $2 billion in adjusted EBITDA by 2028. The updated outlook was revealed during the company’s 2025 Investor Day in New York and marks a sharp increase from its previous $1.4 billion target for 2025.
CEO Matt Wilson said the company’s consistent track record gave them confidence in this more aggressive growth path. Light & Wonder also expects adjusted earnings per share to nearly double in that timeframe—from $5.27 in 2024 to over $10.55 by 2028.
Focus on Growth Across All Segments
To hit its new target, the company plans to grow its North American premium slot install base and expand global game sales. Aiming for a 4% market share gain in these key areas, Light & Wonder is pushing forward across four main business units: land-based gaming, digital SciPlay, iGaming, and a new charitable gaming division.
The latest segment follows the company’s acquisition of charitable gaming assets from Grover Gaming and G2 Gaming—an $850 million deal finalized just ahead of Investor Day. This addition is expected to open fresh revenue streams and enhance hardware distribution in new verticals.
Light & Wonder also intends to strengthen its digital capabilities, including better use of SciPlay’s proprietary engine, to drive margins and long-term digital returns.
2024 Performance Builds Momentum
Revenue reached $3.19 billion in 2024, up from $2.90 billion the year before. Net income more than doubled to $336 million. Adjusted EBITDA hit $1.24 billion—on track for the 2025 goal of $1.4 billion.
Though Q1 2025 came in slightly below expectations at $311 million in adjusted EBITDA, the company reaffirmed its year-end forecast. Management is keeping a close eye on supply chain risks, particularly from U.S. tariffs, but doesn’t see any major obstacles threatening its longer-term goals.
Grover Acquisition Adds Firepower
Analysts see the Grover deal as a growth catalyst, especially in Indiana, where charitable e-pull tab devices will become legal in July 2025. Jefferies analyst David Katz estimates the deal will immediately add 10,000 units to Light & Wonder’s install base, with more coming online in 2026.
Grover is already profitable, posting $111 million in adjusted EBITDA in 2024. From 2022 to 2024, it grew EBITDA and revenue at compound annual rates of 31% and 29%, respectively.
Charitable gaming operates outside of commercial and tribal gaming models, instead being run by licensed charities. This format opens access to new players and revenue without direct competition from traditional casinos.
Australian Listing Sparks Interest
Two years after securing a secondary listing on the Australian Securities Exchange (ASX), Light & Wonder is positioning to join the ASX 100, with an eventual aim at the ASX 50. While its primary listing remains on the Nasdaq, analysts and investors have speculated about a possible future shift to a sole Australian listing.
Currently, 62% of the company’s outstanding shares are tied to its U.S. listing. Light & Wonder has already achieved inclusion in the Russell 1000 Index, strengthening its presence among major equity benchmarks.
