Wire NORTH AMERICA
Inspired Makes US$360m Play for AGS
Inspired Entertainment has made a $370m offer to acquire slot machine maker PlayAGS. Inspired has offered $10 per share in cash to acquire PlayAGS.
AGSPlay is currently worth a fifth of its 2019 value, following its Apollo Capital-backed IPO in 2018, with debts standing at $574.3m.
US SUPPLIER NEWS
CALIFORNIA – The new Table Mountain Casino brings an 110,000sq.ft of gaming space to California's Central Valley, and JCM Global’s core product suite is found on each of the casino’s 2,437 gaming devices.
JCM’s core product suite consists of the iVIZION bill validator, GEN5 Thermal Printer, and ICB Intelligent Cash Box system. JCM’s core product suite forms the cornerstone of JCM’s technology roadmap, enabling Table Mountain to deploy JCM’s FUZION system and bring new real-time capabilities to every EGM.
The installation is an extension of JCM’s long-term relationship with Table Mountain. The transactions at the current casino are also secured by JCM’s core product suite, and several Digital Signage Solutions engage guests across the casino floor.
“Whenever a customer expands their relationship with us, we take that as the ultimate compliment. We are honored Table Mountain Rancheria has chosen our core product suite to protect their thrilling new casino,” said JCM Global’s Dave Kubajak.
US – Gaming Innovation Group has signed an agreement with Kings Media, best known for operating the ‘King Billy’ casino brand across .com markets. GiG believes the deal represents a ‘continued strengthening of a targeted strategy’ to leverage its ‘extensive experience’ in fast growing, complex regulated jurisdictions.
“I am particularly delighted to partner with Kings Media, a prominent online casino operator and brand with a great deal of experience, who share our values around personalisation, responsible gaming and the importance of regulated markets,” commented Richard Brown, CEO of GiG. “We see great potential in Ontario, particularly when we can harness the operational experience of operators like Kings Media. We look forward to working closer with the team to maximise potential through a successful launch into the market, and anticipate this to become a successful client for GiG.”
NEVADA – Red Rock Resorts, owner of Green Valley Ranch, Santa Fe Station, Boulder Station, Palace Station and Sunset Station, has said it wants to double its casino portfolio within the next eight years.
Frank Feritta, CEO of Red Rock, said: “We expect to basically double the size of the portfolio by 2030, is kind of what the plans are, and continue to roll out new properties one after the other.”
The company generated $422.2m in revenue, marking a fall of one per cent or $5.9m, from last year’s quarter with three casinos; Texas Station, Fiesta Rancho and Fiesta Henderson remaining closed during the period and now set to be demolished.
P20 WIRE / PULSE / INSIGHT / REPORTS
Inspired Entertainment made a $370m offer to acquire slot machine maker PlayAGS in August. Inspired has offered $10 per share in cash to acquire PlayAGS. PlayAGS shares initially jumped 25 per cent at the news.
Inspired Entertainment noted recent speculation in the press and financial markets regarding a potential transaction with PlayAGS, Inc, but stated that as a matter of policy, Inspired does not comment on market rumours or speculation. PlayAGS confirmed in a statement that it had received a proposal. It added that it did not accept it, but remained in preliminary discussions about a potential deal. It cautioned that no transaction was certain.
AGSPlay reported its latest second quarter earnings on August 8, 2022, showing domestic EGM recurring revenue climbing to a record US$46.2m and its premium EGM installed base nearly doubling year-on-year, growing 15 per cent sequentially. However, the company was especially hit hard by the pandemic and the servicing of debt that stood at $574.3m at the end of June this year. Te upshot being that AGSPlay is currently worth a fifth of its 2019 value, following its Apollo-backed IPO in 2018.
Evolution launches Live Craps in Pennsylvania market
Pennsylvania
Evolution has launched its Live Craps casino game in Pennsylvania. Set in a speakeasy-style studio, this unique version of the classic dice game looks to make the game easier to understand and to play for both the experienced player and the newcomer.
With both an ‘Easy Mode’ and a simple online interactive tutorial explaining the game and how best to enjoy playing it, Craps is another step for Evolution in expanding its portfolio in the US and giving players in Pennsylvania a full suite of live casino options.
Having already launched in Europe back in 2020, and subject to regulatory approvals,
In addressing the company’s second quarter financial performance, AGS President and Chief Executive Officer, David Lopez, said, “Our Q2 results reflect the growing returns we are realising as a result of the significant investments made into our R&D, sales and product management teams over the past 24 months. Tese investments have accelerated the operating momentum we are seeing within the business, as reflected by the material year- over-year growth in our reported Q2 2022 net revenues, net income and adjusted EBITDA.”
Inspired Entertainment, on the other hand, has seen its market value grow to $400m with a 72 per cent jump in quarterly revenue to $71.3m in August, as its business rebounds faster from pandemic lockdowns. Stewart Baker, Inspired’s EVP and CFO, commented on the results: “We are particularly pleased with our second quarter results, given the prevailing perception of headwinds from the macro-economic environment as well as the impact from foreign exchange rates. Given our ongoing strong performance in the face of these headwinds, the long-term outlook of the company and the strength of our balance sheet, we have utilised our board-approved share buyback.”
Evolution is aiming to launch Live Craps across Michigan and New Jersey in the near future.
Jeff Millar, Commercial Director, North America at Evolution commented on the launch: “Tis game was the very first online Live Craps game in the industry, and it was a landmark moment for Evolution. We’re very proud to be able to offer it to our operators and their players in the state of Pennsylvania today.”
Millar added: “Te game itself is going to thrill Craps enthusiasts throughout the US and is sure to attract some new fans. Te game captures all the excitement of a traditional Craps table, and the decadence of the speakeasy era, and brings it to the online casino world in style. We can’t wait to see what players think of it and look forward to launching this game into more states in the future.”
US
Flutter’s FanDuel business now exceeds more than half of sports betting market share in the US and is increasingly confident of recording a full year 2023 EBITDA profit. According to Flutter’s interim results the company’s US division delivered quarterly revenue exceeding $750m for the first time in Q2 with positive adjusted EBITDA of $22m in the same period. Claiming an online sports betting market share of 51 per cent and an overall combined online share of 36 per cent in Q2, Flutter said the growth is demonstrative of ‘significant operational and structural advantages’ over the rest of the market. Tis competitive lead is delivered by winning in two key areas: customer acquisition and product. In the four years since launch, FanDuel has refined its state launch ‘play book’, converting customers from our daily fantasy sports database at a faster rate with each new state.
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