Light & Wonder's premium installed base grows for 25th consecutive quarter

Light & Wonder announced that third-quarter revenue was $824 million, down 2% year over year. Net income, however, rose 17% to $133 million.

Gaming segment revenue fell 1% to $554 million. A 24% decline in systems revenue and a 7% decline in table products revenue were partially offset by stronger machine sales and gaming operations. Gaming machine sales rose 5% to $199 million, while gaming operations revenue grew 3% to $248 million.

Worldwide, the company shipped 8,906 new gaming machines in the quarter, of which more than 5,800 went to North America. The gaming operations installed base reached 36,974 units, excluding Grover charitable gaming. Premium products accounted for 58% of the North American mix.

Light & Wonder said the results reflect demand for its content portfolio and cabinet products. The company also expects the fourth quarter to be seasonally stronger, but noted that social casino conditions have weakened and customer investment timing has been delayed.