Aristocrat to use AUD45m of Light & Wonder settlement to cover legal costs

The amount includes about AUD16m in legal costs expected to be incurred during the current financial year, which runs from October 1 to September 30.

Australia.- Trevor Croker, chief executive and managing director of Aristocrat Leisure, has revealed that nearly AUD45m (US$31.7m) of the group’s US$127.5m settlement from an intellectual property lawsuit with Light & Wonder Inc will be used to cover legal expenses. He made the comments while addressing shareholders at the company’s annual general meeting last Thursday (February 19).

According to Croker, the amount includes about AUD16m (US$11.3m) in legal costs expected to be incurred during the current financial year ending September 30. He said the remaining portion of the settlement would be recorded as a significant item.

On the group’s outlook, Croker said the company expects “continued organic growth potential in gaming markets such as Asia, where demographic and income trends support long-term growth”. He added that Europe presents growth opportunities and pointed to market openings such as the UAE.

He said the company was “excited” by a pipeline of “small acquisitions” that would add capabilities aligned with its technology platform, and deepen its AI knowledge, mentioning the purchase of live slot streaming provider Awager in October and Gaming Analytics Inc.

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See also: Light & Wonder to pay Aristocrat $127.5m in IP case

The amount includes about AUD16m in legal costs expected to be incurred during the current financial year, which runs from October 1 to September 30. Australia.- Trevor Croker, chief executive and managing director of Aristocrat Leisure, has revealed that nearly AUD45m (US$31.7m) of the group’s US$127.5m settlement from an intellectual property lawsuit with Light &…