Playags Stock Price, News & Analysis

PlayAGS reported strong Q1 2022 results, achieving record revenues of $72.9 million, a 31.6% year-over-year increase. EGM unit sales soared by 230%, with total EGM revenues reaching $66.9 million, up 32.4%. However, the company incurred a net loss of $12.6 million, higher than Q1 2021's $7.8 million loss, largely due to debt refinancing expenses. Adjusted EBITDA rose 24.5% to $32.8 million. Domestic EGM RPD increased to $30.79, and the company anticipates reaching a net leverage target of less than 4.0x by year-end 2022.

AGS has successfully launched its Bonus Spin Xtreme (BSX) technology at the Palms Casino Resort in Las Vegas, integrating it into 39 table games, including 24 blackjack, 12 baccarat, and 3 roulette tables. This is AGS's largest installation of BSX to date, enhancing player experiences by creating larger progressive jackpots. The collaboration with the San Manuel Band of Mission Indians marks a significant milestone for AGS, aimed at providing new gaming opportunities at the reimagined Palms Casino, which features a vast array of entertainment options.

AGS continues to expand its product portfolio, unveiling a new multi-denomination gameplay feature for the Rakin' Bacon Deluxe slot at the Indian Gaming Trade Show (April 19-22, 2022). This innovative addition aims to enhance player experience and performance. Furthermore, AGS showcases the award-winning Bonus Spin Xtreme, a progressive side bet linking games to a shared jackpot. The company emphasizes diversification and engagement, introducing new titles and enhancing traditional gameplay to attract players.

PlayAGS, Incorporated (NYSE: AGS) will release its first quarter financial results on May 5, 2022, after market close. A conference call will follow at 5 p.m. EDT to discuss the financial performance and business outlook. Participants are encouraged to pre-register for the call to gain immediate access. The conference can be accessed via U.S. and international phone numbers provided, and a webcast will also be available on the company's website. AGS is committed to providing entertaining gaming experiences and continues to thrive in the commercial gaming sector.

PlayAGS reported its Q4 2021 results, showing a significant revenue increase of 50.6% year-over-year, totaling $70.2 million. Key growth was seen in the EGM segment, where revenues rose by 52.1%, despite an overall decrease of 12.5% compared to Q4 2019. The company's net loss improved to $9.1 million from $17.2 million in Q4 2020. Adjusted EBITDA increased to $32.3 million, reflecting a margin consistent with previous quarters. The firm anticipates achieving a year-end 2022 net leverage target of under 4.0x, aided by $10 million in expected annualized cash interest savings from recent refinancing.

AGS has successfully refinanced its debt, reducing total outstanding debt by approximately $40 million and cutting annual cash interest expenses by $10 million. The refinancing includes a new senior secured first lien term loan of $575 million due 2029 and a $40 million revolving credit facility due 2027, which enhances AGS's financial flexibility. The new facilities will bear interest at SOFR plus 4%, extending key debt maturities while enabling AGS to target a net leverage ratio of less than 4.0x by year-end 2022.

AGS announced a strategic plan to refinance its outstanding debt and extend maturities for better financial positioning. The company aims to refinance $521.2 million and $93.6 million Term Loan Facilities due in 2024, and seek a new $575 million Term Loan Facility due in 2029. Additionally, AGS plans to upsize its undrawn $30 million Revolving Credit Facility to $40 million, maturing in 2027. This refinancing is expected to enhance liquidity and improve financial flexibility for AGS moving forward.

PlayAGS (NYSE: AGS) has announced preliminary financial results for Q4 and full-year 2021, showcasing revenues of $68.4 million for Q4 and $258.6 million for the year, compared to $46.6 million and $167 million, respectively, in 2020. The company is exploring refinancing options for its credit facilities, which could involve over $50 million from its cash reserves. Despite a net loss of $11.6 million in Q4, AGS aims to achieve a net leverage ratio below 4.0x by the end of 2022, driven by continued operational momentum across its business segments.

A Pennsylvania woman, Lisa Piluso, has filed a lawsuit against American Gaming Systems (AGS), claiming they denied her a $100,000 jackpot from the Capital Gains game due to a reported bug in the game. The lawsuit, filed by attorney Paul R. D'Amato, alleges consumer fraud and breach of contract. Piluso stated that she was initially confirmed to have won the jackpot but was later informed of the bug. Following unsuccessful attempts to collect her winnings, she seeks accountability from AGS and greater transparency from state regulators.