Light & Wonder Completes Move to Sole Listing on the Australian Securities Exchange

Light & Wonder,  one of the world’s biggest creators of pokie games, casino systems, and online gaming technology, has officially completed its shift to a single listing on the Australian Securities Exchange (ASX). The move ends the company’s multi-year listing on the Nasdaq Stock Market in the United States and consolidates all public trading under a single exchange.

Trading in the U.S. ceased after the closing bell on November 12, 2025, with the delisting taking effect on November 13. From now on, Light & Wonder trades exclusively as CHESS Depositary Interests (CDIs) on the Australian Securities Exchange. U.S. investors can still access the company through over-the-counter markets, but the ASX now serves as its only primary listing.

Why Light & Wonder Is Choosing Australia as Its Home Market

Australia has rapidly evolved into the company’s most supportive investment base. Since Light & Wonder introduced its secondary ASX listing in 2023, local trading volumes have grown steadily and often matched or exceeded activity seen on the Nasdaq. For the company, this demonstrated that Australian investors, already familiar with gaming and wagering stocks,  were becoming the natural home for its shareholder base.

The move to a single exchange also reduces regulatory complexity. Managing two sets of listing rules and disclosure obligations has long been a heavy compliance burden. By exiting the U.S. exchange and focusing solely on the Australian market, Light & Wonder can simplify governance and reduce administrative overheads. Concentrating all trading in one location also enhances price consistency and fosters stronger investor engagement.

Ahead of the transition, the company updated its corporate bylaws to align with ASX standards. These changes also incorporated adjustments tied to Nevada corporate law, where Light & Wonder is incorporated.

Financial Momentum Ahead of the Switch

The consolidation comes at a time when the company’s financial results have been strengthening. In the third quarter of 2025, Light & Wonder reported revenue of US$841 million, continuing the solid top-line performance seen throughout the year. Net income surged by 78 percent to US$114 million, offering a strong signal to investors during the listing transition.

Earlier, in the second quarter, the business delivered a similar performance. Revenue dipped slightly to US$809 million, but net income still climbed 16 percent to US$95 million, supported by growth across gaming machines, digital content, and the company’s expanding North American premium installed base. 

The progress in integrating Grover Gaming’s charitable gaming division, a US$850 million acquisition, has also helped strengthen its overall market position, with more than 600 active units already added since the transaction was announced.

Share Buybacks Now Fully ASX-Based

The company’s capital management strategy has also shifted in tandem with the delisting. Light & Wonder’s enlarged US$1.5 billion share repurchase program, originally launched at US$1 billion and increased in 2025, will now be executed exclusively through CHESS Depositary Interests on the ASX. Approximately US$705 million remains available for future repurchases, and analysts expect the program to be more efficient now that all activity is consolidated under one exchange.

How the Listing Change Affects Shareholders

Investors who previously held Nasdaq-listed Light & Wonder shares will need to convert them into CHESS Depositary Interests to continue participating on the ASX. The company has committed to guiding U.S. shareholders as they navigate the conversion process. Australian investors now gain uninterrupted access to one of the most recognisable gaming technology companies in the world without the complications of a dual listing.

A Clear Long-Term Strategy

Light & Wonder’s decision to move entirely to the Australian Securities Exchange reflects a long-term strategy that aligns the company with a market deeply familiar with gaming and wagering stocks. It simplifies corporate governance, consolidates liquidity, and positions the company to engage more effectively with its strongest investor base.

With rising earnings, continued growth in both hardware and digital divisions, and a leaner capital-markets structure, Light & Wonder enters its next phase with a clearer strategic direction and a stronger foundation for long-term expansion.