Welcome to our dedicated page for Playags news (Ticker: AGS), a resource for investors and traders seeking the latest updates and insights on Playags stock.
PlayAGS Inc. news centers on AGS as a global gaming supplier with slot, table and interactive product lines for land-based and online casino operators. Company updates commonly cover slot title launches, table game progressives, card shufflers, real-money online gaming content, trade-show showcases, R&D expansion and product-management leadership across North America and international markets.
Recent company developments also include AGS' completed acquisition by Brightstar Capital Partners, its transition to private ownership, delisting from the New York Stock Exchange and a refreshed brand identity tied to its broader slot, table products and online content portfolio.
LAS VEGAS, Dec. 16, 2020 /PRNewswire/ -- AGS has received a provisional iGaming supplier license from the Michigan Gaming Control Board. This license enables AGS to offer its engaging game content to licensed online casino operators in Michigan once iGaming is launched, anticipated in late 2020 or early 2021.
AGS plans to utilize its Remote Gaming Server to deliver a variety of high-performing games. The company is optimistic about the Michigan market, citing established player familiarity with its offerings due to their success in land-based casinos.
AGS (NYSE: AGS) announced new leadership in its Slot Products team, appointing Steve Walther as Senior Director and Amy Greene as Director of Gaming Operations. Both have extensive industry experience. Walther, previously at Konami Gaming, will oversee product planning and market strategies, while Greene will manage recurring revenue and capitalize on game performance. This restructuring aims to enhance AGS's product management and market penetration, focusing on high-performing gaming products, indicating a strategic move towards growth in the gaming industry.
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PlayAGS reported third-quarter 2020 financial results, highlighting a 37.9% year-over-year revenue decline to $49.3 million. The EGM segment faced a 40.1% revenue drop, largely due to COVID-19 impacts. However, the company achieved a free cash flow positive quarter and improved liquidity of $113.2 million. Net loss was $11.1 million, a significant improvement from $42.6 million the previous quarter. Encouragingly, the interactive segment grew 59.5% year-over-year, driven by increased real-money gaming revenue. AGS leaders express optimism regarding future product pipelines.
AGS will host an investor conference call and live webcast on November 5, 2020, at 5 p.m. EST to discuss its Q3 2020 results. Participants are encouraged to pre-register here. Those unable to pre-register can join via the provided conference numbers. A replay of the webcast will be available shortly after the event.
AGS has appointed Brad Boyer as Vice President of Investor Relations, Corporate Development & Strategy. With over 10 years of expertise in the Gaming sector and strong investor relationships, Boyer's experience is expected to enhance AGS's business strategies, particularly in M&A evaluations. Previously a Vice President at Stifel, he led coverage of gaming and hospitality sectors. AGS aims to diversify its offerings in Class II and Class III gaming products, supporting its goal to be a leading gaming supplier.
AGS reported significant declines in its financial performance for Q2 2020, with total revenues of $16.8 million, down 77.5% year-over-year. EGM revenues plummeted by 80.3% to $13.9 million, while Table Products fell 72.1%. A net loss of $42.6 million represented a 464.2% increase from the previous year's loss. The company improved liquidity by borrowing $125 million amid ongoing COVID-19 impacts, while Interactive segment revenue surged 94.1%. AGS remains confident in its long-term strategy.
AGS (NYSE: AGS) will host an investor conference call and live webcast on August 5, 2020, at 5 p.m. EDT to discuss its Q2 2020 results. Interested participants can pre-register using the provided link for immediate access. Those unable to pre-register may call +1 888-349-0106 (Toll Free) or +1 412-902-0131 (International) with Conference ID: AGS Q2 2020 Earnings Call. The live webcast can be accessed through AGS's website.
AGS (NYSE: AGS) has announced a virtual option for its 2020 Annual Meeting of Stockholders set for July 1, 2020, at 8 a.m. PDT in Las Vegas. This decision comes in response to ongoing COVID-19 concerns. Stockholders are encouraged to attend virtually via a dedicated online platform, using a 16-digit control number provided with their notice. In-person attendees will be subject to health screenings and are advised to wear masks. AGS emphasizes its commitment to maintaining safety while facilitating shareholder engagement.