Light & Wonder Announces Plans to Raise $1 Billion

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Last updated: September 30, 2025

In a brief press release, Light & Wonder (L&W) announced its plans to raise $1 billion to help cover debts and continue operations. It will issue senior unsecured notes in a private offering to investors through Light & Wonder International Inc. Learn more about these plans and Light & Wonder’s potential future.

Light & Wonder Sells Notes

The company plans to raise $1 billion by selling notes through a private offering. They are similar to bonds and will pay a fixed interest rate yearly, with the notes maturing in 2033. The senior status means they will be paid before other obligations in case of bankruptcy, but they won’t have collateral. L&W plans to use funds to:

• Repay all outstanding borrowings
• Redeem all $700 million of the 2028 Notes
• Use the remaining proceeds for corporate purposes

L&W plans to close the offering on September 24th, but hasn’t provided any other details. It may use the proceeds to improve its online casino games selection and help facilitate its transition to the Australian Securities Exchange. The company has stated that notes are only offered to people qualified to be institutional buyers based on Rule 144A.

Light & Wonder’s Recent Restructuring

Light & Wonder has been experiencing some changes, such as appointing a new iGaming division CEO, Simon Johnson, and partnered with PENN Entertainment to add player engagement features. However, it’s also had to shut down its live gaming division. The company’s President and CEO, Matt Wilson, claims that the company’s research showed the live dealer market percentage is smaller than anticipated.

Our wheelhouse and our core competencies are where we’re focusing the iGaming business going forward.

Matt Wilson, CEO of Light & Wonder

The company is also preparing for its trial against Aristocrat Leisure next year. Aristocrat claims L&W’s Dragon Train titles are similar to their Dragon Link games. The Australian Securities Exchange is Aristocrat Leisure’s home market and with Light & Wonder planning to fully transfer towards it, their rivalry can only intensify.

Revenue and Acquisitions

Light & Wonder has also experienced a decline in revenue, making $809 million in Q2 2025, compared to last year’s $818 million. Despite this, their iGaming division is still growing with a reported $81 million revenue in Q2 2025. The company will focus on improving its slot machines and other games.

I have confidence in our strategy as we continue to execute our long-term blueprint, which will continue to drive quality of earnings and sustainable value both operationally and financially.

Matt Wilson, CEO of Light & Wonder

One of the company’s newest acquisitions this year is Grover Gaming. It specializes in pull-tabs, so L&W will be able to enter the charitable gaming market. Light & Wonder considers charitable gaming a fast-growing market and believes this will help its cross-platform expansion strategy. Grover Gaming is available in five states and aims to earn a license in Indiana.

Future of Light & Wonder

Light & Wonder’s global plans are to expand into the United Arab Emirates. It acquired a vendor license for the country in July and is eager to provide its selection of games. That includes land-based titles, online slots, and even table games. As it’s a newly regulated market, there is much growth potential it can tap into.

Securing a license from the GCGRA is an important milestone for Light & Wonder as we enter one of the most anticipated new regulated markets in the world.

Matt Wilson, CEO of Light & Wonder

The company will also continue to monitor the online sweepstakes market. L&W is pro-regulation and pro-taxation, so it’s currently avoiding online sweepstakes, as they aren’t adequately regulated. Considering many states have started banning sweepstakes casinos, like New Jersey, it’s unlikely to be Light and Wonder’s focus. However, they will continue offering social games through SciPlay.

Conclusion

While the company seems to be facing financial troubles, it’s hopeful that the notes sale will help cover costs for future operations. Light & Wonder is excited to enter the UAE market and is preparing for a legal battle with Aristocrat Leisure. We will keep you informed of any future developments so you can stay up to date.