NASDAQ Departure: Light & Wonder to Trade Exclusively on Australian Stock Exchange
Light & Wonder, a leading name in the gaming industry, has announced its decision to delist from the Nasdaq exchange and transition to a sole listing on the Australian Securities Exchange (ASX) by November 2025. This move is expected to optimize shareholder value and consolidate liquidity in a market that deeply understands the gaming sector.
CEO Matt Wilson stated that the company will hold considerable liquidity in a deep and existing market after the move. The decision comes as part of Light & Wonder's growth strategy, as outlined at its May 2025 Investor Day.
The shift to the ASX is expected to increase the company's market capitalization from about AUD 4.5 billion to AUD 12.2 billion, elevating Light & Wonder's position from around 90th to within the ASX 50 index. The company is actively engaging shareholders, index providers, and stakeholders to ensure a smooth transition.
Despite challenges, including ongoing litigation related to some games, Light & Wonder reaffirms its 2025 financial targets. The company aims to achieve a $1.4 billion consolidated AEBITDA and an adjusted net profit after tax (NPATA) between $565-635 million.
In terms of financial contributions, Grover, a recent acquisition, is expected to contribute $65 million to cash flow in its first full year. The company has also increased its stock-buyback authorization to $1.5 billion, with $950 million remaining.
Wilson hinted at new game-design hires and upcoming products, including "next-frontier stuff" to be unveiled at the Global Gaming Expo in October. The Huff 'n More Puff game from Light & Wonder helped drive a 25% boost in North American revenue.
In the operational front, Wilson announced a focus on proprietary igaming content moving forward. The company is pleased with the progress of the integration of Grover Gaming, including a new Grover headquarters in Raleigh, North Carolina. A robust, regionalized road map is planned for the rest of the year, including expansion into the Philippines.
Wilson indicated that trials for pending litigation are expected to commence in the first half of 2026, with the focus now being on the Dragon Train and Jewel of the Dragon games. Despite the earnings growth, sales were reported to be down due to the launch of a new cabinet in Australia and operator caution in North America.
Wilson teased "exciting growth plans" for the future but did not elaborate. He also mentioned that there was a top-line impact attributable to sweepstakes games, but less so in states that have taken anti-sweepstakes action.
The cost of getting Grover into Indiana is expected to deliver fantastic results in the coming years. Wilson announced 845 incremental adds for the game Huff 'n Puff, making it one of the top five quarters they've had. The company is pleased with the progress of the integration of Grover Gaming and looks forward to the opportunities that lie ahead.
[1] Light & Wonder Investor Day, May 2025. [2] Light & Wonder Financial Targets, 2025.
