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).
Jeep unveiled its 2024 Wrangler SUV, with more capabilities and updated technology.
Major crypto tokens, including Bitcoin, are trading higher.
Bed Bath & Beyond struck a deal with an investment management firm to get more product on the shelves in an effort to avoid bankruptcy.
Google revealed details of its new artificial intelligence supercomputer on Wednesday.
Demand for mortgages was down last week, even though rates inched lower for potential homebuyers.
Walmart told shareholders Wednesday that inflation is impacting the business. Now it is looking to add automation to offset hiring.
Bob Lee, a technology executive who created Cash App and was currently chief product officer of MobileCoin, has been fatally stabbed in San Francisco.
The Food and Drug Administration has announced that the maker of a brand of eye drops linked to an outbreak of fatal bacterial infections failed to follow safety protocols.
Southwest Airlines Co. has announced the return of its "Companion Pass" offer, which allows the airline's "Rapid Rewards" members to designate a companion who can travel with them for free between August 15 and September 30.
German carmaker Volkswagen said it plans to introduce 25 new electric vehicle models through 2030. As that roll out begins in earnest, Pablo Di Si, president and CEO of Volkswagen Group of America, provided Cheddar News with a breakdown of what consumers can expect from the line-up.
