Aristocrat, Light & Wonder consolidating gaming ops market share, Jefferies says

ReutersMay 10, 2026 7:11 PM

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Jefferies says U.S. slot survey shows grossed net installs for poker machine company Aristocrat Leisure ALL.AX were +1,700 over 1H26

Notes survey typically underestimates by around 30%, thus providing more confidence for co's 4k-5k net unit install guidance

Jefferies says rival Light & Wonder's LNW.AX net installs were heavily impacted by video lottery terminal (VLT) transition

Brokerage says new-to-market (NTM) sales share, or percentage of sales generated by newly installed machines or games, shows both cos are expected to hold their positions in near term

Jefferies says brokerage in line with consensus for Aristocrat's 1H26 results; continues to see challenges in co's iGaming ramp-up, although land-based gaming is set up for strong 2H

Jefferies adds Light & Wonder's forward share looks strong and should support its FY26 operating earnings guide, although leverage remaining elevated could be overhang until at least 1H27

YTD, ALL and LNW's ASX-listed shares down 19.5% and 27.2%, respectively, as of last close

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