Light & Wonder Continues to Transform as Its CEO Steps Down

It is true that Barry Cottle leaves the chief position of Light & Wonder. The reason for that traces back to June 2018. Cottle has signed a contract for 3 years to lead the company. At the end of January 2021, it ended without extension. Now, the new CEO is Matt Wilson who previously occupied the executive vice-president position in L&W for 10 years. We’ll see how the company will change in the soon future.

Light & Wonder is a massive developer in the iGaming industry. However, after long debates and evaluations, Scientific Games has decided to focus solely on games. And the company sells its lottery and sports betting divisions. Such a decision was made in 2021. From this deal, Scientific games are going to use around €7bln to reduce the net debt to EBIDTA ratio. That will help to transform the company and ensure stable further growth.

At the end of October 2021 Scientific Games agreed to sell the lottery part of Light & Wonder to Brookfield. The deal ended on €5.3bn in gross cash proceeds. Brookfield is a Canadian company, which runs businesses in various spheres and industries. Such an acquisition is a win-win deal. Scientific Games receives enough revenue to boost the growth of other projects and lower the debt of €8.8bn. And Brookfield receives a high-quality team with a leading business.