Light & Wonder (ASX:LNW): ASX‑Only Listing, $1.5bn Buyback Shift and Fresh Fund Moves

Light & Wonder, Inc. (ASX: LNW, formerly NASDAQ: LNW) has hit a turning point this week. As of 17 November 2025, the cross‑platform gaming group has fully completed its move to a sole listing on the Australian Securities Exchange (ASX), shifted its US$1.5 billion share buyback onto the Australian market, and attracted fresh attention from both institutional investors and brokers. ^[1]

Today’s key Light & Wonder headlines (17 November 2025)

ASX‑only listing now live: Light & Wonder has finalized its delisting from Nasdaq and is now solely listed on the ASX, after trading was suspended in the US on 12 November and delisting became effective on 13 November. ^[2]
Shares firmer on ASX: ASX data shows LNW trading around A$136, up about 3.3% on the day, implying a market cap of roughly A$10.9 billion. ^[3]
Buyback moves to Australia: The company is continuing its enlarged US$1.5bn share repurchase program exclusively on the ASX, with new buyback notifications lodged this morning. ^[4]
New ownership filings: ASX and SEC filings today include a Form 3 for Fine Capital, an updated Schedule 13G/A for Caledonia, and an 8‑K reflecting bylaw changes tied to the listing move. ^[5]
Harvard Management trims stake: A new 13F‑based report shows Harvard Management Co. cut its LNW holding by 41.3% in Q2 but still holds about 0.74% of the company (roughly US$59.8m), keeping LNW as its 9th‑largest position. ^[6]
Broker still sees upside: In today’s 18 Share Tips column, Morgans analyst Damien Nguyen reiterates Light & Wonder as a “buy”, citing high recurring revenue, disciplined capital returns and the potential for the ASX‑only listing to close a valuation gap with peers. ^[7]

ASX‑only listing now in effect

Light & Wonder has spent months preparing to exit Nasdaq and concentrate trading on the ASX. The company first notified Nasdaq of its intention to delist in October, flagging the filing of Form 25 on 3 November and an expected trading suspension after the US close on 12 November, with the delisting to take effect on 13 November. ^[8]

An 8‑K filed with the SEC confirms that:

The stock was delisted from Nasdaq on 13 November 2025.
The shares are expected to deregister under Section 12(b) of the Exchange Act 90 days after the Form 25 filing.
The board adopted Fourth Amended and Restated Bylaws, effective 13 November, to align with ASX rules, update voting standards and move from certificated to uncertificated shares. ^[9]

Asia Gaming Brief today notes that the company has now completed its transition, with Light & Wonder “solely listed on the Australian Securities Exchange (ASX)” and the earlier trading suspension timeline playing out as planned. The article points out that LNW’s share price spiked ahead of the transition, then cooled off into 14 November, while the strong Q3 earnings print (net income up 78% to US$114m on revenue of US$841m) helped support sentiment. ^[10]

A separate report on Investing.com similarly stresses that the delisting and bylaw changes are part of a broader shift to an ASX‑only standard listing, with governance tweaks tuned to Nevada law and Australian listing requirements. ^[11]

Why it matters:

Consolidating liquidity on the ASX could tighten spreads and deepen local ownership, especially given Australia’s familiarity with gaming stocks.
US investors can still access the company via OTC trading (ticker LNWO), where data from StockAnalysis shows the shares last closed at US$87.99 on 14 November, up 23.9% since Q3 results. ^[12]
The company expects the ASX focus to enhance its profile in a market already attuned to casino and gaming names, a message repeated by management during the Q3 call. ^[13]

Buyback story: US$1.5bn program now centred on ASX

From dual‑market to ASX‑first repurchases

Light & Wonder has been leaning heavily on buybacks as part of its capital allocation strategy:

In Q3 2025, the company returned US$111m to shareholders via share repurchases and, through 31 October, had completed about 51% of its expanded US$1.5bn program. ^[14]
Since 2022, cumulative buybacks total US$1.5bn across current and prior programs, corresponding to roughly 19.9 million shares, or about 21% of the pre‑program share count. ^[15]

With the Nasdaq delisting, a new batch of ASX announcements shows how that buyback is migrating:

An ASX announcement summarised by Intelligent Investor notes that L&W intends to buy back CHESS Depositary Interests (CDIs) on the ASX from 7 November, with the program upsized from US$1bn to US$1.5bn and around US$705m of capacity remaining at the time of that notice. ^[16]
Today’s “Update – Notification of buy-back – LNW” confirms ongoing purchases, while Form 3 and Schedule 13G/A filings indicate evolving ownership stakes as the register adjusts to the ASX‑only structure. ^[17]

A TipRanks auto‑generated update this morning broke out some of the mechanics, highlighting that L&W had repurchased more than 1.3 million securities in recent sessions and reiterating that the stated goal of the buyback is to return surplus capital and support shareholder value rather than to signal any change in fundamentals. ^[18]

SBC Eurasia’s weekly digest, also released today, flags Light & Wonder as one of the week’s notable movers for shifting its entire US$1.5bn buyback program from Nasdaq to the ASX, underlining how central the Australian market has become to the company’s equity story. ^[19]

How the stock is trading today

On the ASX, LNW is trading around A$136, roughly 3.3% higher than the A$131.66 reference price quoted alongside today’s ASX announcements and implying a market capitalization close to A$10.9bn. ^[20]

On the US side, following the Nasdaq delisting, Light & Wonder now trades OTC under the symbol LNWO, where it last closed at US$87.99 on 14 November, up about 2.8% on the day according to StockAnalysis. ^[21]

MarketBeat’s coverage of today’s Harvard Management filing pegs the company at a US$7.4bn US‑dollar market cap, with a P/E multiple around 23x, a P/E/G ratio below 0.5 and a beta of roughly 1.4, suggesting above‑market volatility. ^[22]

Fund flows: Harvard trims, others reshuffle

The most eye‑catching institutional move reported today comes from Harvard Management Co. Inc.:

Harvard reduced its Light & Wonder position by 41.3% in Q2, selling 437,486 shares.
It still owns 621,406 shares, worth about US$59.8m, representing roughly 0.74% of LNW and 4.2% of Harvard’s portfolio, making LNW its ninth‑largest holding. ^[23]

MarketBeat’s piece also notes that hedge funds and institutions collectively own over 88% of the company, and lists several smaller asset managers that have either initiated or increased positions over recent quarters. ^[24]

On the ASX side, today’s filings show:

A Form 3 for Fine Capital indicating an updated beneficial ownership stake.
A Schedule 13G/A for Caledonia, reflecting a revised holding after recent trading and the listing transition.
An ASX‑filed copy of the Fourth Amended and Restated Bylaws, confirming the governance changes associated with the shift to ASX Listing category. ^[25]

None of these filings, taken alone, appear to signal a change in the company’s strategy, but they do show that active, concentrated shareholders remain heavily involved in the name.

The fundamentals: Q3 2025 earnings recap

Underneath the listing headlines, Light & Wonder’s Q3 2025 earnings remain the key driver of the story.

According to the company’s 5 November earnings release and subsequent commentary: ^[26]

Revenue: US$841m, up roughly 3% year‑on‑year, slightly below analyst expectations.
Net income: US$114m, up about 78%, with EPS rising nearly 90% versus the prior year period.
Consolidated AEBITDA: US$375m, up 18%, with margin expansion across all three segments (Gaming, iGaming and SciPlay).
Adjusted NPATA: Around US$153m, up 25%, and even stronger on a per‑share basis thanks to the shrinking share count.

The Gaming division delivered revenue of about US$558m, driven particularly by gaming operations, which grew roughly 38% on the back of:

Ongoing growth in the North American premium installed base, now up 21 consecutive quarters.
An incremental contribution of more than US$40m from Grover Gaming’s charitable gaming business, acquired earlier this year. ^[27]

Digital also continues to pull its weight:

iGaming posted record quarterly revenue, with margins improving as proprietary content and the OpenGaming network scale.
SciPlay continued to grow direct‑to‑consumer revenue, reinforcing the company’s push into higher‑margin, data‑rich distribution. ^[28]

On the cash and balance‑sheet side:

Q3 operating cash flow was about US$184m, up more than 50% year‑on‑year, and free cash flow came in around US$136m, up roughly 64%. ^[29]
Light & Wonder issued US$1bn of 6.25% senior unsecured notes due 2033, using the proceeds to retire US$700m of 7% 2028 notes, pay down revolver borrowings and support buybacks — effectively extending maturities while lowering interest costs. ^[30]
The company ended the quarter with a combined net leverage ratio near 3.3x, within its target range of 2.5x–3.5x despite heavy repurchases. ^[31]

Management reaffirmed its full‑year 2025 guidance, targeting:

Consolidated AEBITDA: US$1.43bn–US$1.47bn.
Adjusted NPATA: US$550m–US$575m. ^[32]

On the Q3 call, CEO Matt Wilson and CFO Oliver Chow emphasised that:

About two‑thirds to 70% of revenue is now recurring, a key driver of the company’s “cash‑flow flywheel.” ^[33]
The Grover integration is progressing well, with more than 11,000 charitable gaming units in the installed base and new content slated for that footprint from early 2026. ^[34]
The company is willing to temporarily nudge leverage up if buyback opportunities look compelling, but aims to drift back toward the lower end of the 2.5x–3.5x range over time. ^[35]

Strategic growth levers: Grover, hardware and index inclusion

Beyond pure numbers, three strategic themes stand out.

1. Charitable gaming via Grover

Light & Wonder completed its US$850m cash acquisition of Grover Gaming’s charitable gaming assets in May, with up to US$200m in additional earn‑out payments tied to revenue over four years. ^[36]

Grover gives LNW:

A leading position in charitable electronic gaming in the US, a structurally different but fast‑growing niche.
A new avenue to roll out Light & Wonder content onto an installed base of over 11,000 units, with plans to enter Indiana as a new state market in early 2026. ^[37]

2. Hardware innovation

The Q3 release and earlier trade‑show coverage highlight a steady stream of cabinet innovation, from the newly unveiled LIGHTWAVE™ cabinet to the COSMIC™ and HORIZON™ platforms designed for premium licensed content like Squid Game and branded themes. ^[38]

These cabinets matter because:

They anchor high‑earning, premium leased units on the casino floor.
They create natural homes for blockbuster IP — from Wizard of Oz to Squid Game and Frankenstein — that can then be leveraged digitally. ^[39]

3. Index and peer positioning

A recent TradingView “Stock Story” noted that LNW shares jumped after being added to the FTSE All‑World Index, triggering buying by global index trackers and ETFs. The same piece pointed out that, despite strong performance, the stock was still trading well below its 52‑week high at the time of publication. ^[40]

Another TradingView analysis comparing gaming solutions stocks highlights that:

LNW’s Q3 revenue was slightly shy of consensus, but profitability beat expectations comfortably, and
The stock is up more than 20% since reporting, reflecting investors’ focus on margin and cash flow rather than pure top‑line growth. ^[41]

Today’s Morgans “buy” call in The Bull leans into that narrative, describing Light & Wonder as a high‑margin, content‑driven gaming technology leader with around 70% recurring revenue, disciplined capital management and scope for the ASX‑only listing to narrow the valuation discount versus global peers. ^[42]

Risks and overhangs: legal and leverage

No 2025 Light & Wonder update is complete without a look at litigation and leverage.

Aristocrat litigation

On 17 October, the company issued an update on the Nevada legal proceedings with Aristocrat:

A Nevada court granted Aristocrat’s renewed motion to obtain math models for certain Light & Wonder hold‑and‑spin games released since 2021.
Light & Wonder reiterated that, based on independent expert review, it has found no evidence of Aristocrat math being used in any commercial games beyond Dragon Train and Jewel of the Dragon.
Fact discovery is scheduled to close on 15 December 2025, with expert discovery expected to run through 16 March 2026. ^[43]

The company maintains that it is confident in its position, but acknowledges that the discovery process continues and could influence timelines or costs.

Debt and interest rates

Light & Wonder operates with meaningful leverage, though within its stated range:

Post‑refinancing, the company has US$5bn in face‑value debt and a combined net leverage ratio around 3.3x, which management expects to manage through growth and cash generation even as buybacks continue. ^[44]

While the recent refinancing lowered interest expense, higher rates generally still make gaming‑sector leverage a point to monitor — particularly if macro conditions weaken or regulatory changes impact casino or online gaming demand.

What to watch next

For investors tracking Light & Wonder around 17 November 2025, the key watch‑points are:

ASX trading dynamics
- How does liquidity on ASX:LNW evolve now that it’s the sole listing?
- Does the OTC LNWO line remain active enough for US‑based investors?
Buyback pace and remaining capacity
- With roughly half of the US$1.5bn program already used, and about US$700m of headroom flagged recently, the daily ASX buyback notifications will show how aggressively the company is leaning into share repurchases at current valuations. ^[45]
Grover integration and Indiana launch
- Q4 updates and early 2026 commentary should reveal more about Grover’s growth trajectory, the Indiana roll‑out and cross‑selling of core L&W content into the charitable gaming base. ^[46]
Legal milestones
- Any developments in the Aristocrat case around or after the 15 December and 16 March discovery dates will be closely watched for financial or operational implications. ^[47]
Guidance and 2026 outlook
- The company has reaffirmed its 2025 guidance; the next catalysts are likely to be Q4/FY 2025 results and a 2026 outlook, where management can update on margins, digital growth and capital allocation beyond the current buyback window. ^[48]

Final word

Light & Wonder’s story today is less about a sudden change in fundamentals and more about where and how the equity trades:

A completed shift to an ASX‑only listing,
A large, still‑active buyback now centred in Australia,
Strong recent earnings and cash generation,
But also concentrated institutional ownership, leverage and ongoing litigation that investors need to factor into their risk assessments.

Nothing here is personal investment advice, but if you follow global gaming and digital casino suppliers, LNW is one of the most event‑driven names on the board right now.

https://youtube.com/watch?v=Usy7q1XpVY0