Net income rose tenfold in the first quarter of 2023 after the company purchased Barstool Sports and recorded a $500 million gain from reclassified lease components. It operates both gaming properties nationwide and online sports betting services. Light & Wonder's quarterly earnings shrunk in the most recent quarter following the company's divestiture of its lottery and sports betting business. The company recently repaid $4.8 billion in debt, reducing its total outstanding debt by 55%.
