Light & Wonder is a global games company that creates gambling products and services across several platforms. It operates in three segments: Gaming, SciPlay, and iGaming. The Gaming segment designs, manufactures, and sells electronic gaming machines such as slot machines and table games to casinos, pubs, and clubs, and also offers casino management systems like CMP. The SciPlay segment develops and publishes free-to-play social casino games for mobile and web, earning revenue from in-app purchases. The iGaming division provides an online real-money gaming platform and a content marketplace called Infinity, supplying both in-house and third-party games to online casino operators. The company earns money from direct sales of gaming equipment, recurring casino and social gaming revenue, and fees from its iGaming platform. Its primary customers are land-based and online casino operators, along with individual social casino players.
Company Size
5,001-10,000
Company Stage
IPO
Headquarters
Paradise, Nevada
Founded
1973
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Health Insurance
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Vision Insurance
Life Insurance
Disability Insurance
401(k) Company Match
401(k) Retirement Plan
Unlimited Paid Time Off
Paid Vacation
Paid Sick Leave
Paid Holidays
Hybrid Work Options
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IAG EXPO 2026 - elevating the discussion. The 2026 IAG EXPO was a week of celebration and intense discussion, with the common theme being that this is an industry in transition. There was no exhibition floor at this year's IAG EXPO, yet there was certainly no shortage of topics, trials and tribulations for Asia's gaming industry to talk about. The 2026 edition, held at Newport World Resorts in Manila from 14 to 17 September, brought together leading operators, regulators, suppliers, lawyers and other industry stakeholders for three days of summits, networking and debate, culminating in the invitation-only The Regulators Forum. With the exhibition component taking a one-year hiatus due to the timing of key ASEAN meetings, the focus shifted squarely onto the issues shaping the industry, with many of those discussions reflecting an Asian gaming sector undergoing significant change. The inaugural CiG iDEA Summit, hosted by IAG's sister brand Complete iGaming, provided perhaps the clearest example, with the Philippines' rapidly evolving online gaming market taking center stage. PAGCOR Assistant Vice President Jessa Mariz R. Fernandez used her keynote to argue that the recent slowdown in Philippine igaming should be viewed not simply as a decline but as an opportunity to build a more sustainable market, while warning that technology and the black market remain major challenges. However, the day also produced a frank debate over whether PAGCOR's regulatory framework has become too complicated for international operators. During a panel session moderated by Complete iGaming's CEO, Andrew W Scott, veteran igaming executive Harmen Brenninkmeijer argued that the Philippines' requirements around partnerships, certifications and platform approvals were deterring major international players. Fernandez defended the framework, pointing to the Philippines' willingness to engage with stakeholders and improve its regulation. The exchange captured one of the central questions facing the market: how to maintain strong regulatory controls without making the legal market unnecessarily difficult to enter. That question carried into the IAG Academy Summit on Tuesday and Wednesday. PAGCOR Chairman and CEO Alejandro Tengco opened the IAG Academy Summit with a significant update on the regulator's proposed "decoupling" from Casino Filipino, revealing that the Governance Commission for Government-Owned and Controlled Corporations was expected to endorse the proposal imminently before it is sent to President Ferdinand Marcos Jr for consideration. Tengco also announced plans for PAGCOR to launch an official app in the fourth quarter that would help players identify legitimate online gaming platforms - a move that reflects the regulator's increasing focus on channeling players towards licensed operators rather than simply licensing them. He added that PAGCOR's self-exclusion list had grown from around 1,500 people a year earlier to more than 26,000. But it wasn't all about the Philippines. In a special fireside chat, Crown Resorts CEO David Tsai revealed that Crown had resumed international marketing, after abandoning the activity following the regulatory inquiries into its historical operations. The company is now active in several Asian markets and sees international play as a potentially significant source of future growth. "We are back and we are now hiring," Tsai told IAG Vice Chairman and CEO Andrew W Scott, describing Crown's renewed international push and the enthusiasm he had encountered among former and prospective customers in Asia. That discussion offered a counterpoint to the regulatory themes dominating the rest of the week. Crown's experience illustrated just how dramatically the operating environment can change when regulatory expectations, corporate governance and customer relationships are rebuilt. The final session of the IAG Academy Summit looked further ahead, examining the evolution of the integrated resort beyond the casino floor. The message from executives including MGM China's Iwan Dietschi, Crown's Harold Tsakmaklis and Newport World Resorts' John Lucas was that Asia's IRs are increasingly competing on the broader leisure experience - from concerts and entertainment to golf, hospitality and other non-gaming attractions. Across the four days, the industry repeatedly touched on the underlying theme that gaming is changing, as are the regulatory rules, business models and customer expectations surrounding it. This was also a week of celebration, with the 2026 IAG Academy IR Awards bringing together a record 355 guests for a spectacular black-tie gala dinner. Among the many notable winners, Galaxy Macau retained the Best Integrated Resort title for a fourth consecutive year, while Ken Jolly of Light & Wonder was named Industry Legend. The awards also included five online gaming categories, reflecting the increasingly blurred boundaries between land-based and digital gaming in Asia, particularly in the Philippines. The exhibition will return to the IAG EXPO in 2027, with the dates already locked in for 13 to 16 September. By then, many of the questions debated in Manila in 2026 around regulation, online gaming, technology, international expansion and the future of the integrated resort - may have some clearer answers.
New blackjack tech debuts at G2E Las Vegas. * Amusnet debuted Blackjack Live, a new live-dealer blackjack table with a promotional feature the company calls Free Golden Chips. * Light & Wonder introduced the Multideck Ultra shuffler, adding AI card recognition to its flagship shoe-game shuffler. * AGS is showing its MAX 8 shuffler, which the company says can shuffle up to eight decks for blackjack and baccarat. * None of the exhibitors published the deck count or payout rules that actually set a blackjack table's house edge. LAS VEGAS - G2E Las Vegas, the casino industry's annual trade show, opened Monday at The Venetian Expo, with an exhibit floor opening Tuesday where Amusnet is showing a new live-dealer blackjack table and Light & Wonder an AI-equipped shuffler built for the multi-deck shoes blackjack and baccarat tables deal from. A new live table, A faster shuffle. Amusnet's new table, Blackjack Live, layers a bonus-chip promotion on top of standard live-dealer blackjack. "The Blackjack Live puts this approach into practice, with Free Golden Chips adding a targeted promotional layer to the live gaming experience," Yordan Georgiev, Amusnet's chief product officer, said of the release. The company is also showing Virtual Multiplayer Blackjack, a scaled-up, multi-seat version of the game, at its G2E booth. Light & Wonder, a longtime supplier of automatic shufflers to casino pits, is showing its newest model at booth 1116. The company says Multideck Ultra "advances the company's flagship shuffler with proprietary AI card recognition, a True RNG, a modernized multilingual interface and modular internals for faster service." The shuffler handles the multi-deck shoes that blackjack and baccarat tables deal from between hands. A familiar shuffler returns to the floor. AGS is also at G2E, booth 1150, with its MAX 8 shuffler, which the company called, in a Sept. 22 release, "a new high-speed multi-deck shuffler designed for high-volume tables." AGS first previewed MAX 8 at G2E in 2024, when the company said the unit handles as many as eight decks for blackjack and baccarat shoes and fits both sit-down and standard-height tables. Galaxy Gaming, the supplier behind blackjack side bets like 21+3 and Perfect Pairs, is at booth 4452 with the new casino jackpot technology it announced last week. What the releases don't say. None of this week's announcements said what any of the new hardware or software does to a blackjack table's actual odds. Play with good rules - six decks, dealer stands on soft 17, blackjack paying 3:2 - and the house edge on legal online blackjack runs about 0.34%, cheap by casino standards. Switch that same table to a 6:5 payout on blackjacks, common on lower-limit games, and the edge jumps 1.39 percentage points to 1.73%, turning a $25 bettor's expected loss from $6.80 an hour to $34.60 across 80 hands. AGS describes MAX 8 as built for "high-volume tables"; a faster shuffle simply puts more hands in front of a player each hour, and every one of them carries whatever edge the table's own rules set, unchanged by any AI in the shuffler that deals them. G2E continues through Thursday, Oct. 1, before any of this week's debuts reach a casino floor.
Why is aristocrat Leisure (ASX: ALL) down ~4%? Aristocrat Leisure (ASX: ALL) has opened down around 4% this morning on no obvious company news. However, US gaming stocks were a touch softer overnight although it was nothing of note: Las Vegas Sands (-1.4%), Wynn Rsorts (-1.0%), and Caesars Entertainment (00.1%). Its view at MM to explain the early weakness today is Marketmatters Pty Limited is seeing some switching into Light & Wonder (LNW) which is trading ~1.5% higher, after its recent 15-20% drop following the retirement of Josh Wilson, CEO of Light & Wonder's SciPlay division. * MM likes Light & Wonder (ASX: LNW) around $114. By Shawn Hickman
Back To The Future, king Kong and Gremlins headline Light & Wonder's G2E portfolio. September 23, 2026 iGaming specialists Light & Wonder will be using this year's Global Gaming Expo to highlight its latest movie tie-in titles, including games based on Back To The Future and Gremlins. Other new titles to featured are Kong: Skull Island Unchained, a sequel to one of the firm's most successful licensed games, plus Willy Wonka Wondrous Bonbon Voyage, and new additions to the Wizard Of Oz franchise. They'll be joined by new additions to L&W's portfolio of licensed titles: Creature From The Black Lagoon and The Wolf Man. "G2E is all about the games, and this year we're bringing one of our strongest and most diverse lineups yet," said Matt Wilson, President and Chief Executive Officer at Light & Wonder. "From iconic brands players immediately recognize, to franchises we've built and grown across our business, our portfolio demonstrates the depth of our content pipeline and the power of great games."
Light & Wonder vs Aristocrat Leisure: which gaming share wins? Light & Wonder or Aristocrat Leisure: see how the ASX gaming leaders stack up head-to-head - and which one I'd buy today. Published September 19, 6:30 am AEST You're reading a free article with opinions that may differ from The Motley Fool's Premium Investing Services. Become a Motley Fool member today to get instant access to its top analyst recommendations, in-depth research, investing resources, and more. Learn More Light & Wonder vs Aristocrat Leisure shares: which gaming giant is better? When it comes to the world of gaming technology, both Light & Wonder (ASX: LNW) and Aristocrat Leisure Ltd (ASX: ALL) are heavyweights that regularly come up in discussions among keen Aussie investors. If you're tossing up between these two innovative consumer discretionary companies, this side-by-side look at their fundamentals, performance, and outlook should help you decide which could be the smarter buy today. The case for Light & Wonder. Light & Wonder, based in Las Vegas, develops and supplies technology-based gaming products and services to casinos and digital platforms. The company operates through three key segments: Gaming (physical machines and platforms for casinos), SciPlay (digital games for mobile and web), and iGaming (real-money online gaming and sports wagering solutions). According to its most recent public description, Light & Wonder draws on decades of experience to deliver content and platforms across both land-based and digital gaming. Looking at the latest numbers, Light & Wonder currently has a market cap of $9.53 billion, making it a significant player but still notably smaller than Aristocrat. Its price-to-earnings (P/E) ratio stands at 25.88, and its earnings per share (EPS) is $3.40. Interestingly, the company doesn't currently pay a dividend, so it's more a growth-focused pick. Its year-to-date (YTD) return sits at -21.93%, so 2026 has been tough for LNW holders so far. The case for Aristocrat Leisure. Aristocrat Leisure is one of Australia's best-known global gaming companies, with operations in around 100 countries and licences in more than 340 gaming jurisdictions. The group divides its business into three arms: its core gaming technology (slot machines and casino systems), Aristocrat Interactive (real-money digital gaming), and Product Madness, which creates highly popular free-to-play mobile games. Though its roots are in land-based pokies, Aristocrat has pushed hard into the digital and US markets, and according to its most recent company profile, is now a true global player. On the numbers, Aristocrat is a giant with a market cap of $36.72 billion. Its P/E ratio is virtually identical to Light & Wonder at 25.90. Notably, Aristocrat does pay a dividend, with a yield of 1.61% and a current dividend per share of $0.99. Unlike Light & Wonder, it's delivered a positive YTD return of 6.57%, showing resilience in the recent market. Valuation comparison. Here's how the key numbers stack up: While both trade on almost identical P/E ratios, Aristocrat is much larger, is paying a dividend, and has delivered a positive YTD return. Recent share price performance. Let's look at the recent share price trends, comparing share price performance from 18 August 2026 to 16 September 2026. * Light & Wonder closed at $133.25 on 18 August 2026 and finished at $123.68 on 16 September 2026, representing a decline of around 7.2% over the period. * Aristocrat Leisure closed at $63.41 on 18 August 2026 and at $61.50 on 16 September 2026, a fall of approximately 3% over the same stretch. In other words, both shares have slipped over this four-week snapshot, but Light & Wonder's decline has been noticeably steeper. Which is the better buy? Based on the most recent data, my pick between these two is clear: I'd lean toward Aristocrat Leisure. Here's why. Both companies are tech-savvy gaming leaders, but Aristocrat is steadier and offers shareholders a dividend stream. The company's positive YTD return of 6.57% versus Light & Wonder's -21.93% signals underlying strength. Both trade on similar P/E multiples, so Aristocrat doesn't look overpriced versus its smaller rival. Light & Wonder may still offer growth potential down the track, but based on current momentum and yield, Aristocrat looks the more compelling buy today.