Light & Wonder to Delist from Nasdaq and Focus Solely on Australian Market
Light & Wonder’s Strategic Market Shift
Light & Wonder, a leading global gaming technology company known for creating innovative content, hardware, and systems that connect popular gaming titles across multiple platforms, is undergoing a significant change in its stock market strategy.
Headquartered in Las Vegas, the company has announced plans to withdraw its shares from the Nasdaq Stock Exchange and concentrate exclusively on trading through the Australian Securities Exchange (ASX).
Anticipated Benefits of the Shift
CEO Matt Wilson revealed this strategy during the company’s second-quarter earnings presentation. He highlighted that an extensive review process led the board to decide on transitioning to a single listing on the ASX.
Wilson expressed confidence that this move will generate substantial value for shareholders in the future.
The delisting from Nasdaq is expected to be completed by the end of November. Although the company’s stock has fallen by over 11% over the past year, this decline is largely linked to an ongoing intellectual property dispute with competitor Aristocrat Leisure. While the trial is scheduled for next year, Light & Wonder recently achieved a favorable ruling in the case.
A Thoughtful and Strategic Decision
While this shift may seem bold to some investors in the United States, the plans have been developing for some time. Light & Wonder initially listed on the Sydney Stock Exchange more than two years ago, and since then, the ASX listing has grown to represent about 37% of the company’s total market value.
Earlier this year, the company enlisted the support of Jarden Australia and Goldman Sachs to assess the potential advantages of consolidating its listing on the ASX.
Australia represents a market where Aristocrat Leisure already holds significant influence. It is considered a more favorable environment for gaming tech companies like Light & Wonder, offering access to investors familiar with the sector who may provide more accurate valuations aligned with the company’s intrinsic value.
Potential Market Impact and Buyback Initiatives
According to Jefferies analyst David Katz, the transition will increase Light & Wonder’s market capitalization on the ASX to approximately AUD 12.2 billion, qualifying the company for inclusion in the ASX 50 index.
Being part of this prominent index could attract more investment funds, potentially boosting the company’s valuation further.
In preparation for the delisting, Light & Wonder has been actively buying back shares, repurchasing $100 million in the second quarter alone, which brings the total to $266 million so far in 2025. The company aims to utilize at least half of the remaining $950 million authorized for buybacks ahead of the Nasdaq exit, even if this temporarily increases its debt ratio beyond the preferred level.