In a recent development, Oliver Chow has been appointed as the Chief Financial Officer (CFO) of Light & Wonder, marking his transition from the interim position he assumed in August this year, following the departure of Connie James.
This announcement solidifies his role as a permanent member of the leadership team, with the additional honor of becoming an Executive Vice-President of the company.
Chow’s journey with Light & Wonder began in October 2022 when he joined as the Senior Vice-President of Corporate Finance.
Before his tenure at Light & Wonder, he gained extensive experience during his five years at Aristocrat, including two years as the Chief Financial Officer for the Americas, EMEA, and customer experience divisions.
His career in finance also includes significant roles at Universal Pictures, Deluxe Entertainment Services, and JPMorgan & Chase. Expressing his enthusiasm, Chow stated, “It is a privilege to be appointed as Light & Wonder’s CFO.
I’m excited to work with the company’s leadership and board to execute on our clear strategy and build on our strong financial profile.
I am looking forward to supporting the organization to further enable growth, margin expansion, and financial execution.”
Light & Wonder’s CEO, Matt Wilson, extended a warm welcome to Chow, highlighting his impressive performance over the past four months and the seamless transition into his role as CFO.
Wilson emphasized Chow’s over 15 years of experience in entertainment and gaming leadership and his profound financial expertise, making him the ideal candidate to lead the company forward.
Wilson also praised Chow’s meticulous attention to detail and his readiness to tackle diverse challenges within the organization, solidifying the board’s decision.
This appointment comes on the heels of Light & Wonder’s impressive Q3 results, with a remarkable 128% revenue increase to $731 million.
The surge was primarily driven by record-breaking performances in the SciPlay and igaming segments.
The SciPlay division reported a 14.6% revenue increase to an unprecedented $196 million, while igaming revenue reached an all-time high of $70 million, reflecting a 20.7% rise.
Lower operating costs combined with revenue growth resulted in a net profit of $75 million.
Furthermore, consolidated adjusted EBITDA saw a substantial increase of 21.7%, reaching $286 million in Q3.
During the same period, Light & Wonder completed the acquisition of the remaining shares in SciPlay, the social gaming division that it spun off in 2019.
The company acquired the 17% holding for more than $420 million.
Additionally, Light & Wonder made significant progress toward its secondary listing on the Australian Stock Exchange (ASX), a plan announced in May, and officially became part of the ASX 200 Index in October.