Updated Complaint Targets Multiple Games, Adds Trade Secret Claims
Light & Wonder (L&W) is once again under legal fire from Aristocrat, with new claims of trade secret misappropriation tied to its Dragon Train game series. The update came during a recent webcast led by L&W President and CEO Matt Wilson, who confirmed the company will formally respond to the latest complaint by April 11.
The dispute originally began in March 2024, when Aristocrat accused L&W of copying its popular Dragon Link slot title. On March 14, 2025, Aristocrat expanded its complaint in the District Court of Nevada, now including Jewel of the Dragon and citing internal emails and design links involving former L&W employee Emma Charles.
Voluntary Game Pull and Internal Audit
In response, L&W has removed Jewel of the Dragon slot machines from casinos, with around 150 units pulled nationwide. According to Wilson, the game represented less than 1% of the company’s deployed slots, calling it “a small game in relation to the universe of games we’ve created.”
Meanwhile, L&W has ramped up its internal review, extending a third-party audit led by Mark Nicely to cover all hold-and-spin titles released since mid-2021. So far, the company says the audit has not flagged any similar issues beyond Dragon Train and Jewel of the Dragon.
L&W previously removed Dragon Train from both U.S. and Australian markets and cut ties with the designer involved in the original dispute. Now, Aristocrat claims the alleged misuse of proprietary information could extend to Double Dragon and an unnamed unreleased title.
Market Impact and Financial Outlook
The legal tension appears to be weighing on investor confidence. L&W’s share price has slid between 17% and 20% in recent days — its sharpest drop this year.
Despite the challenges, L&W reaffirmed its 2025 financial targets, including a projected $1.4 billion in adjusted consolidated EBITDA and an adjusted NPATA range of $565 million to $635 million. The company also recently posted record revenue of $3.2 billion for FY2024.
CEO Reaffirms Strategy
Wilson addressed the situation directly during the company webcast, emphasizing L&W’s focus on original game development.
“We remain steadfast in our commitment to R&D and expanding our portfolio of proven franchises,” he said. “Our share gains in game performance are a testament to the talent and culture within our organization.”
