{"id":265,"date":"2024-06-27T20:32:29","date_gmt":"2024-06-27T17:32:29","guid":{"rendered":"https:\/\/funclubcasinonodepositbonus.icu\/2024\/06\/27\/illumination-marvel-reports-strong-second-quarter-results-driven-by-betting-and-sciplay-growth\/"},"modified":"2024-06-27T20:32:29","modified_gmt":"2024-06-27T17:32:29","slug":"illumination-marvel-reports-strong-second-quarter-results-driven-by-betting-and-sciplay-growth","status":"publish","type":"post","link":"https:\/\/funclubcasinonodepositbonus.icu\/2024\/06\/27\/illumination-marvel-reports-strong-second-quarter-results-driven-by-betting-and-sciplay-growth\/","title":{"rendered":"Illumination &#038; Marvel Reports Strong Second Quarter Results, Driven by Betting and SciPlay Growth"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/BXA6jusi_3c\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Illumination &#038; Marvel (I&#038;M) achieved new milestones in both its betting and SciPlay ventures during the second trimester, while the organization declared that its full takeover of SciPlay will be finalized by year&#8217;s end.<\/p>\n<p>I&#038;M&#8217;s core betting enterprise witnessed revenue expansion in the second trimester, fueled by heightened sales in North America and Australia.<\/p>\n<p>I&#038;M concluded a secondary listing on the Australian Securities Exchange (ASX) in the second trimester. To date, over A$1 billion (GBP 514 million\/EUR 598 million\/USD 656 million) worth of I&#038;M shares have been traded on the ASX.<\/p>\n<p>The SciPlay acquisition is anticipated to be finalized in the fourth trimester.<\/p>\n<p>All betting divisions experienced growth in the second trimester.<\/p>\n<p>Lottery sales affected year-over-year comparisons.<\/p>\n<p>How did Illumination &#038; Marvel perform in the initial six months of the year?<\/p>\n<p>A Chief Financial Officer transition is imminent.<\/p>\n<p>The SciPlay agreement is expected to be concluded in the fourth trimester.<\/p>\n<p>I&#038;M formulated plans in the second trimester to leverage the growth within SciPlay by acquiring the remaining publicly traded shares of SciPlay. The agreement, announced in May, valued at $422 million (GBP 331 million\/EUR 385 million), will fully integrate SciPlay into I&#038;M&#8217;s operations.<\/p>\n<p>The organization presently holds an 83% economic stake and 98% voting authority in the social gaming enterprise. <\/p>\n<p>Matt Wilson, the chief executive officer of Light and Wonder, declared that the agreement is nearly finalized and is anticipated to be concluded by the end of the year.<\/p>\n<p>&#8220;We are thrilled about this announcement,&#8221; Wilson stated during L&#038;W&#8217;s earnings call. &#8220;We have signed a binding agreement. We anticipate it to be completed in the fourth quarter, but this is truly the final significant milestone in streamlining our platform.<\/p>\n<p>&#8220;There aren&#8217;t many companies in this sector that possess a unique portfolio like ours, encompassing land-based operations, a leading online gaming enterprise, and the fastest-growing social casino company. Therefore, unlocking that potential and developing the best products globally is crucial to bringing SciPlay back into the fold.&#8221;<\/p>\n<p>Light and Wonder&#8217;s second quarter: Revenue growth across all segments<\/p>\n<p>Total revenue for the three months ending June 30 amounted to $731 million, representing a 19.8% year-over-year increase. This growth was driven by expansion across all three of L&#038;W&#8217;s business segments.<\/p>\n<p>$496 million of the total revenue originated from service activities, with the remaining $235 million stemming from product sales.<\/p>\n<p>The gaming business continued to lead the charge, with revenue rising by 20.8% to $471 million. L&#038;W noted that gaming machine sales surged by 41%, while gaming systems and table product revenue increased by 20.0% and 34.0%, respectively.<\/p>\n<p>Turning to SciPlay, revenue reached a record $190 million, marking an 18.8% year-over-year increase. L&#038;W attributed this to its core social casino business, which it stated exhibited robust paying metrics, outperforming the market and gaining market share.<\/p>\n<p>Online gaming revenue also experienced a 16% increase. <\/p>\n<p>L&#038;Ws earnings surged by 7% in the second quarter of 2023, hitting a record high of $70 million. The organization attributed this growth to continuous expansion in the American market, where earnings increased by 32%. This figure is likely to climb again as L&#038;W prepares to launch its online live casino in Michigan in the second quarter, pending regulatory approval.<\/p>\n<p>Lottery sales affected the year-over-year comparison for the second quarter.<\/p>\n<p>Examining second-quarter expenses, operational costs rose by 9.6% to $618 million. L&#038;W increased spending across the board, except for restructuring. Sales, general, and administrative expenses remained the largest expense at $203 million.<\/p>\n<p>L&#038;W also noted that other finance-related costs were $93 million, resulting in a pre-tax profit from ongoing operations of \u20ac20 million. This is a sharp contrast to the $140 million loss recorded in the same period in 2022.<\/p>\n<p>The organization paid $15 million in income taxes, leading to a net profit from ongoing operations of $5 million, compared to a $150 million loss in the same period last year. Adjusted EBITDA also increased by 32.6% to $281 million.<\/p>\n<p>However, the outcomes are different if discontinued operations are included. L&#038;W completed the sale of its lottery business to Brookfield Business Partners for $5.8 billion in April last year.<\/p>\n<p>Net profit from discontinued operations in the second quarter last year was $3.26 billion. Therefore, after deducting the net profit of $6 million from non-controlling interests this quarter, the year-over-year comparison for 2023 resulted in a net loss of $1 million, compared to a profit of $3.29 billion in the same period last year.<\/p>\n<p>Earnings for the first half of the year reached $1.4 billion. <\/p>\n<p>The second quarter, ending on June 30th, had a noticeable effect on L&#038;W&#8217;s financial performance. Revenue reached a total of $1.4 billion, marking an 18.3% jump compared to the same period in the previous year, which was $1.18 billion.<\/p>\n<p>Gaming revenue saw a 19.5% increase, reaching $890 million. SciPlay&#8217;s revenue also rose by 18.2%, hitting $376 million, while iGaming revenue climbed by 11.7% to $134 million. In total, service revenue amounted to $973 million, and product sales revenue reached $427 million.<\/p>\n<p>Operating costs experienced an 8.0% rise, reaching $1.19 billion, and financial costs climbed to $169 million. As a result, pre-tax profit from continuing operations was $46 million, a significant improvement compared to the $213 million loss recorded in the same period last year.<\/p>\n<p>L&#038;W paid $14 million in taxes, resulting in a net profit from continuing operations of $32 million. This marked a substantial improvement compared to the $217 million loss experienced in the previous year. Adjusted EBITDA also saw a 22.8% increase, reaching $529 million.<\/p>\n<p>Regarding discontinued operations, the previous year&#8217;s net profit was $3.54 billion. After deducting $11 million in net profit from non-controlling interests in this quarter, the net profit for 2023 was $21 million, compared to $3.32 billion in the previous year.<\/p>\n<p>&#8220;Our financial reporting data continues to show our commitment to the business and significant progress towards our long-term objectives,&#8221; stated Wilson.<\/p>\n<p>&#8220;We achieved an exceptional second quarter with double-digit revenue and profit growth across all three of our business segments, generated strong cash flow, and reduced leverage.&#8221;<\/p>\n<p>James is set to leave his position as Light &#038; Wonder&#8217;s Chief Financial Officer. <\/p>\n<p>Connie James&#8217; final full period as Chief Financial Officer of L&#038;W was the second quarter. Last month, the news of her exit at the end of August was verified.<\/p>\n<p>Oliver Zhou, L&#038;W&#8217;s Senior Vice President of Finance, will act as temporary Chief Financial Officer. He will occupy the position until a permanent replacement is located, a search that is currently in progress.<\/p>\n<p>&#8220;I am pleased to have been a member of such a varied and skilled team and proud of the numerous achievements we accomplished during my time,&#8221; James stated. &#8220;We have reached many significant milestones in changing the company and now have a sound financial statement and strategic capital distribution plan, positioning us for continued prosperity.<\/p>\n<p>&#8220;The ongoing growth we observed in the second quarter is a reflection of the concentrated execution that is in our nature. With a wealth of talent, a robust financial standing, and an exceptional collection of assets, L&#038;W will continue to progress as a leading cross-platform global gaming enterprise.&#8221;<\/p>\n<p>Sign up for the iGaming News newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Illumination &#038; Marvel (I&#038;M) achieved new milestones in both its betting and SciPlay ventures during the second trimester, while the organization declared that its full takeover of SciPlay will be finalized by year&#8217;s end. I&#038;M&#8217;s core betting enterprise witnessed revenue expansion in the second trimester, fueled by heightened sales in North America and Australia. I&#038;M [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>I&amp;M Soars: Betting &amp; SciPlay Growth<\/title>\n<meta name=\"description\" content=\"Illumination &amp; Marvel (I&amp;M) reports strong Q2 results, driven by betting and SciPlay success. 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