Light & Wonder Shifts US$1.5B Buyback to ASX
Light & Wonder is preparing to migrate its US$1.5 billion share repurchase program from the NASDAQ to the Australian Securities Exchange (ASX) as the company completes its transition to a single-market listing in Australia.
The buyback initiative, which started as a US$1 billion multi-year authorization in June 2024 and was expanded to US$1.5 billion in 2025, remains active through June 2027. It has been a central component in the company’s capital management and shareholder return strategy.
In a filing released Friday, the company confirmed it will continue repurchasing common stock on NASDAQ up until its planned delisting around November 13, 2025. Following that date, the program will shift to include repurchases of CHESS Depositary Interests (CDIs) on the ASX, aligning with Light & Wonder’s plan to consolidate all trading activity in Australia.
As of November 5, approximately US$705 million was still available under the authorized repurchase amount across both exchanges. Light & Wonder stated that it expects to utilize a significant portion of the remaining capacity by the end of the year, with actual buyback levels determined by market performance, share valuation and broader economic conditions.
The move toward an exclusive ASX listing has been years in the making. Since its secondary listing launch in 2022, the company has seen a growing proportion of its investor base come from Australia. Management has argued that the ASX’s mature market for gaming-sector equities offers a stronger platform for liquidity and valuation.
Light & Wonder’s delisting from NASDAQ will occur after market close on November 12, with the ASX becoming its sole trading venue starting November 14 at 10 a.m. AEDT. Investors holding NASDAQ-listed shares will need to convert them into CDIs to continue trading on the ASX. The company plans to provide detailed instructions for shareholders ahead of the transition, though investors may alternatively sell before delisting or explore over-the-counter trading options in the US afterward.
The company continues to report strong operating results, reinforcing management’s confidence in focusing trading activity on the ASX. Concentrating liquidity in a single market ( alongside a disciplined share buyback strategy ) supports Light & Wonder’s broader plan to strengthen long-term value creation across its global gaming operations.
