Playags Stock Price, News & Analysis

On February 6, 2023, PlayAGS, Inc. (NYSE: AGS) announced a partnership with DraftKings, Inc. (NASDAQ: DKNG) to provide over 20 proprietary slot titles for DraftKings Casino. This collaboration aims to enhance DKNG's i-casino operations in North America. AGS already has 10 titles live in New Jersey, with additional games, including the award-nominated Golden Wins Deluxe®, set to launch soon. AGS Senior VP Gary Hardy highlighted this partnership as a significant milestone for the company, showcasing AGS's commitment to delivering exciting gaming experiences.

On January 27, 2023, AGS announced the appointment of Adam Chibib as Chairman of the Board, succeeding David Sambur, who stepped down after five years. Chibib, a long-serving Board member and Lead Independent Director, has over 30 years of diverse experience across various industries, including gaming. AGS President David Lopez expressed confidence in Chibib's leadership, noting his significant contributions since AGS's IPO. The appointment is expected to steer AGS forward while maintaining strong corporate governance.

PlayAGS (NYSE: AGS) has announced a strategic partnership with Caesars Sportsbook & Casino to enhance its online real-money gaming (RMG) offerings. This collaboration will provide Caesars with over 30 popular online game titles, including Capital Gains® and Rakin' Bacon!®, aimed at boosting player engagement in New Jersey and Pennsylvania. AGS's reputation for delivering high-performing games is expected to support Caesars' market share in North America's RMG sector. The initiative underscores AGS's role as a leader in slot content for regulated gaming operators.

PlayAGS has announced the pricing of a secondary public offering of 8,208,076 shares of its common stock, all held by an entity managed by Apollo Global Management. The offering, which is set to take place on the NYSE, will not include any shares sold by AGS itself, nor will AGS receive any proceeds from the sale. J.P. Morgan and B. Riley Securities will act as underwriters. This press release indicates a significant move in AGS's shareholding structure, signaling potential changes in its market position.

PlayAGS announced a secondary public offering of 8,208,076 shares of common stock, managed by affiliates of Apollo Global Management. The offering will raise no proceeds for AGS, as it involves shares held solely by the Selling Stockholder. J.P. Morgan and B. Riley Securities are the underwriters, with shares offered at prevailing market prices or through negotiated transactions. The process adheres to legal requirements and is backed by an effective registration statement with the SEC, dated November 14, 2022.

PlayAGS reported a strong third quarter for 2022, with total revenues rising 16% year-over-year to $78.3 million. EGM sales surpassed 1,000 units for the first time since Q4 2019, with EGM revenue growing by over 15%. Domestic recurring revenue for EGMs reached $45 million, a 4% increase from the previous year. The company achieved net income of $476,000, reversing a loss from the prior year. Adjusted EBITDA rose 8% to $34.5 million, though margins compressed to 44.0% due to revenue mix changes. AGS aims for a net leverage ratio below 4.0 by year-end 2022.

AGS announced it will release its third quarter financial results for the period ended September 30, 2022, after market close on November 8, 2022. An investor conference call will follow at 5 p.m. EST on the same day, providing insights into the Company's financial performance and outlook. Participants are encouraged to pre-register for the conference call through the provided link to gain immediate access. The company's focus lies in enhancing gaming experiences across various markets, leveraging strong product offerings in Class II and Class III slot products.

AGS (NYSE: AGS) announced it will showcase innovative gaming products at the Global Gaming Expo (G2E) from Oct. 11-13, 2022, in Las Vegas. The highlight includes the launch of the Spectra UR43™ cabinet and 37 new slot games. AGS aims to demonstrate its product diversity and recent expansions in EGM, Table Products, and Interactive divisions. The company emphasizes its commitment to research and development, aiming to solidify its market position and attract more customers in both domestic and international markets.

In Q2 2022, AGS reported a 15% year-over-year revenue increase to $76.6 million, with net income of $1.5 million, marking the first profit since Q4 2019. The EGM segment grew by 15.2% to $70.5 million, driven by increased gaming operations revenue. Domestic EGM recurring revenue reached a record $46.2 million, while Adjusted EBITDA rose 6% to $34.1 million. Despite revenue growth, challenges included a 7.5% decline in interactive revenues and a slight decrease in Adjusted EBITDA margin due to rising costs. AGS aims to achieve year-end leverage target of less than 4.0x.