Light & Wonder chairman Jamie Odell and vice chair Toni Korsanos to exercise some vested stock options

Casino equipment and online games provider Light & Wonder Inc says chairman Jamie Odell (pictured left) and vice chair Toni Korsanos (pictured right) are each set to exercise a “portion” of their company vested options, a form of executive incentive. The announcement was made in a Tuesday filing to the Australian Securities Exchange, where Light & Wonder is listed. Mr Odell and Ms Korsanos “have each notified the company that they intend to exercise a portion of their vested options on a cashless basis pursuant to the company’s 2003 incentive compensation plan,” said the announcement. No details were included regarding the volume of vested options to be exercised by each executive. The company said Change of Director’s Interest Notices – one for each executive – would be lodged following completion of the exercise process. The relevant vested options have an expiry date of March 28, 2027, and therefore “limited trading windows remain available pursuant to the company’s securities trading policy prior to expiry,” Light & Wonder noted. As the CHESS Depositary Interests (CDIs) “required to satisfy the exercise will be transferred from existing quoted CDIs held in the Light & Wonder Employee Share Trust, no further dilution will result,” the firm said. The term ‘CHESS’ refers to Australia’s Clearing House Electronic Subregister System. Light & Wonder reported a 2.4-percent year-on-year increase in second-quarter revenue, while net income rose 26.3 percent, the firm said earlier this month. The group benefited from growth in its business segments serving land-based gaming and iGaming, as well as improved operating margins and stronger cash generation. Light & Wonder – which in November last year moved to a sole primary listing on the Australian Securities Exchange – said it expected full-year 2026 consolidated adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) growth “to be in the mid- to high-single-digit” percentage range, as the firm continues to execute its long-term strategy. In early August, the group named one of its serving executives, Mike Smith, as managing director, Asia, with the appointment to take effect from October 1.