Light & Wonder Loses Nevada Legal Battle with Talisman
Las Vegas law firm Bailey Kennedy revealed on February 27 that it had obtained a partial summary judgment in favor of its client, The Talisman Group, in a legal case against Light & Wonder and its subsidiary, LNW Gaming. Nevada Eighth Circuit Judge Joanna Kishner ruled that LNW violated its contractual obligations by marketing a competing baccarat game while still under an active agreement with Talisman.
LISTEN TO THIS ARTICLE:The case centered around Talisman's EZ Baccarat game, which had been marketed and distributed under an agreement between the two companies. Talisman accused LNW Gaming of marketing a competing baccarat game, Ruyi Baccarat, on behalf of the British Columbia Lottery Corporation, despite its ongoing contractual obligations with Talisman. The court found that LNW had actively promoted Ruyi Baccarat to casinos while still bound by its agreement with Talisman, an action that was deemed a violation of the contract.
Related: Light & Wonder Pulls the Plug on Live Dealer GamesThe court's decision confirmed that the strategic alliance agreement between Talisman and LNW officially ended on September 8, 2023. However, evidence submitted during the proceedings showed that LNW had started promoting Ruyi Baccarat as early as August 4, 2023, over a month before the contract had expired. Bailey Kennedy stated that the British Columbia Lottery Corporation had initially leased EZ Baccarat from LNW but later replaced it with Ruyi Baccarat in 2020.
The legal dispute is not yet fully resolved, as proceedings are now shifting to Vancouver, British Columbia, where lawyers from both sides are engaged in depositions of officials from the British Columbia Lottery Corporation. The next stage of the case is expected to provide further clarification regarding the lottery corporation's involvement in the dispute and the broader implications of the marketing activities conducted by LNW Gaming.
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Light & Wonder Considers Listing Changes
Light & Wonder is exploring various options for its stock listings, including the possibility of designating the Australian Securities Exchange (ASX) as its primary trading venue or transitioning to trade exclusively on that exchange. The gaming equipment manufacturer disclosed this consideration alongside the release of its fourth-quarter earnings report, which has driven a significant surge in its stock value.
In a statement, the company emphasized its commitment to increasing the liquidity and market capitalization of its ASX-listed shares. As part of this initiative, it is assessing the feasibility of maintaining both a dual primary listing or shifting entirely to the ASX. Light & Wonder intends to gather input from key stakeholders to determine the best course of action that will benefit its shareholders.
It has been nearly two years since Light & Wonder introduced its shares in Australia. While NASDAQ remains the stock's primary exchange, the ASX listing has grown, now accounting for approximately 30% of the company's overall market value.
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