PlayAGS, a leading designer and supplier of electronic gaming machines (EGMs) and other products for the gaming industry, reported a 7.7% increase in total revenues for the quarter ended June 30, 2024, reaching $96.7 million compared to $89.8 million in the same period last year. The growth was driven by a 4.0% rise in gaming operations revenue and a significant 15.4% jump in equipment sales. Despite the revenue growth, net income for the quarter decreased by 48.3% to $440 thousand, down from $851 thousand in the previous year. The company's effective income tax rate for the quarter was 19.6%, a decrease from 36.3% in the prior year. Operating expenses saw an 11.0% increase, primarily due to higher costs of equipment sales and selling, general and administrative expenses, which included a notable increase...Show More

PlayAGS, a leading designer and supplier of electronic gaming machines (EGMs) and other products for the gaming industry, reported a 7.7% increase in total revenues for the quarter ended June 30, 2024, reaching $96.7 million compared to $89.8 million in the same period last year. The growth was driven by a 4.0% rise in gaming operations revenue and a significant 15.4% jump in equipment sales. Despite the revenue growth, net income for the quarter decreased by 48.3% to $440 thousand, down from $851 thousand in the previous year. The company's effective income tax rate for the quarter was 19.6%, a decrease from 36.3% in the prior year. Operating expenses saw an 11.0% increase, primarily due to higher costs of equipment sales and selling, general and administrative expenses, which included a notable increase in professional and legal fees related to the Merger. Interest expense decreased by 4.1%, and the company also reported other non-cash charges and stock-based compensation expenses. The EGM segment remains the largest, contributing 91% of the total revenue for the first half of the year. PlayAGS also highlighted its entry into the mechanical reel category with the release of its first three-reel stepper product, Revel. The company's future plans include completing a merger with Bingo Holdings I, LLC, and Bingo Merger Sub, Inc., affiliates of Brightstar Capital Partners, with the transaction expected to close in the second half of 2025.