Light & Wonder backs FY25 adjusted EBITDA view $1.4B after Aristocrat injunction

Light & Wonder received an order from the U.S. District Court for the District of Nevada granting Aristocrat a preliminary injunction relating to L&W’s Dragon Train game. The company said, “We respectfully disagree with the judge’s decision and will promptly file an appeal. We will continue to vigorously defend against Aristocrat’s claims, including presenting our defenses to a jury at a trial.” Light & Wonder reaffirmed its 2025 $1.4B targeted consolidated adjusted EBITDA. The company is moving forward on a number of key initiatives to mitigate the immediate impact and any continuing business disruption from this order. The company’s pre-ruling estimate of 2025 consolidated adjusted EBITDA for Dragon Train was less than 5% of the $1.4B. The company said, “We have a diversified portfolio of successful game franchises that are driving our strong performance and growth, of which Dragon Train is only one. Increased investment in our R&D engine has and continues to deliver innovative, engaging content that gives us a continuing competitive advantage not tied to any one game or franchise. Light & Wonder has the #1 share and #1 performance position overall for top new sold games and has the top performing game in all 5 for sale categories in North America. Additionally, Light & Wonder has 8 of the top 25 premium leased and wide-area progressive parent theme games.” The company is also already working on new iterations of the Dragon Train franchise consistent with the terms of the court’s ruling.