President and CEO of PlayAGS, David Lopez, discusses the company's decision to go public. PlayAGS is a slot machine maker based in Nevada valued at $550 million.
PlayAGS is offering more than 10 million shares, priced at $17 per share. Lopez says every 1% of the market PlayAGS picks up equals $90 million in revenue for the company.
Lopez says the gaming industry is resistant to a soft economy. He views the recent tax overhaul as a benefit to his company because it allows for more spending on equipment and gives players more money to spend.
In Wednesday's business headlines, Microsoft CEO Satya Nadella is due in court to defend the company's takeover of Activision Blizzard and United Airlines is under fire over its recent cancellations with CEO Scott Kirby blaming the FAA for the disruptions. Meanwhile, a judge approved Overstock's purchase of Bed Bath & Beyond assets.
Commercial electric vehicle startup Lordstown Motors Corp. has filed for Chapter 11 bankruptcy protection nearly two months after it warned that it was in danger of failing.
