The changes include the legal name and abbreviation for the stock market. The company says that such rebranding announced in March is aimed to represent their tune. It reflects the e-gambling aim.
The company opened trades using the L&W symbol in NASDAQ. The process started on 29 April 2022.
Cross-Platform Tune
The name change is a part of the whole strategy of becoming the leader in the cross-platform gambling industry. The software developer’s goal is to launch astonishing, fully cross-platform games. The company representative noted that such an approach provides an iconic entertainment portfolio and franchises for both land-based and online (including mobile) casinos.
The internet option gives even more place to grow — L&W games can easily be found in real-money and free-to-play categories. Products of the leading provider are compatible with any device and system, whether it is iOS or Android.
Financial Trouble Shooting
Due to the big debt, the company sold its lottery division in April. This brought the firm $ 5.8 billion in gross (excluding taxes, approximately $ 5 billion). The deal allowed Light & Wonder to pay off a huge part of their debt. This month the urgent loan of $ 4 billion was paid off.
The company managed to reduce its credit from $ 8.8 to $ 4 billion. The net debt leverage ratio of the corporation has decreased from 6.2x to slightly below 3.9x.
Light & Wonder made a deal with Endeavor, implying selling OpenBet for $ 1.2 billion to the partner organisation.
One of L&W's strategic plans for 2022 is extending an agreement with Entain for the long term. This is a British company specified in betting and gambling.
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