Acres Manufacturing, citing the response to its Foundation casino management system, is planning an initial public offering (IPO) as soon as market conditions allow next year.
The company is projecting growth through 2025, with operating income expected to reach $163.3 million and revenue of $273.4 million by that year.
That growth is expected as Foundation casino management system installations at PENN Entertainment’s casinos continue to exceed expectations as cashless wagering adoption continues to grow, Acres said.
Growth should continue as the immediate addressable market for Foundation is 1.2 million gaming machines in North America, and another 600,000 combined over Asia and Australia, Acres said. Asia and Australia have been omitted from the company’s current business plan due to COVID uncertainties and regulatory differences.