Newly Public PlayAGS Take its Table Games International
Slot machine-maker PlayAGS made its public debut on the New York Stock Exchange Friday, and CEO David Lopez sees opportunity for growth both in the U.S. and abroad.
“We’re actually entering the Philippines in the Latin bingo space right now,” he told Cheddar. “That’s about a 70,000-unit market...Then in Brazil...if a new law goes into effect you’ll see 500,000 or so video bingo machines come online.”
The company, which primarily serves the Native American Market, brought in revenues of $154 million in the first nine months of 2017 and swung to a profit of $13.6 million for that period.
And though the gaming industry has come under pressure from the rise of online and mobile gambling, Lopez says he’s not worried about his casino games getting poached.
“It’s a little bit of a training ground for brick and mortar...If you talk about millennials you think, ‘Hey, when are those millenials going to walk into those casinos and start gambling?’ Well some of it starts on their phone.”
PlayAGS, backed by private equity firm Apollo Investment, sold 10.3 million shares at $16 apiece in its IPO, valuing it at the low end of its expected range at about $550 million.
The stock, which trades under the ticker “AGS”, rose more than 15 percent in its first day of trading.
For full interview [click here](https://cheddar.com/videos/playags-rings-nyse-opening-bell-to-celebrate-ipo).
Now if you live in a major city and feel like no matter how much money you make it's never enough, you're not alone. Jacqueline Schadeck of New Perspectives Financial is here to show us how you can live within your means and still live comfortably.
China's fast fashion retailer Shein is facing a lawsuit that claims the clothing maker's copyright infringement is so aggressive, it amounts to racketeering.
ChatGPT-maker OpenAI and The Associated Press said Thursday that they've made a deal for the artificial intelligence company to license AP's archive of news stories.
The ongoing liquidation of parent company Bed Bath & Beyond has now officially affected buybuy BABY stores. A judge has approved the sale of the chain's intellectual property for $15.5 million.
Prices for airfare seem to be cooling off. The latest consumer price index showed prices dropped 8.1 percent in June from a month earlier, which is the biggest decline in a year.
Alexander Mashinsky, the former CEO of the failed cryptocurrency lending platform Celsius Network, has been arrested on federal fraud charges, including wire fraud, according to CNBC.
