The Nevada Gaming Control Board has recommended approval for an initial public offering by AGS, the company begun as Class II supplier American Gaming Systems that has spent the past several years expanding into a full-service Class III supplier of slots, table games and interactive products.
The Gaming Board recommendation sets the state for final approval of an IPO by the Nevada Gaming Commission. The formal company name is AP Gaming Holdco, which does business as AGS.
AGS is the second-largest Class II slot machine manufacturer in the U.S., with a 40 percent market share in Alabama and Texas tribal casinos, and increasing presence in California and Florida tribal casinos. Since achieving Nevada licensing in 2014 and moving its state of incorporation from Delaware to Nevada, the company has expanded its offerings with Class III slots, table games and side bets, and an interactive division that offers a white-label social casino.
In testimony before the board, AGS executives said they plan to deleverage the company’s finances with proceeds from the public offering, according to a report in the Las Vegas Review-Journal.
It was not known when an IPO may occur or what the initial share prices will be, as Chief Marketing Officer Julia Boguslawski deferred any comments on details to the newspaper, citing rules of the federal Securities and Exchange Commission.
The IPO recommendation followed the news that AGS was named among the 2017 “Best and Brightest Companies to Work For in the Nation” by the National Association for Business Resources. The Best and Brightest awards program identifies, recognizes and celebrates the organizations that epitomize better business, richer lives, and stronger communities.
AGS was part of a select group of companies recognized out of more than 2,000 companies who participated in the annual Best and Brightest Companies to Work For competition, which identifies and honors companies that demonstrate both an exceptional environment for and an impressive commitment to their employees. Companies are evaluated based on categories such as communication, work-life balance, employee education, diversity, recognition and retention.
Along with this nationwide recognition, AGS won a top spot among Atlanta’s 2017 “Best and Brightest Companies to Work For,” a regional honor for companies in the Atlanta, Georgia metro area who exemplify an employee-focused culture. AGS has two offices in Georgia—one in the Atlanta suburb of Duluth and the other in midtown Atlanta’s Armour Yards.
“Our mission is to deliver highly entertaining, diverse and unique gaming experiences to players around the world, while never losing the passion, agility, grit and customer focus that made AGS successful in the first place,” said AGS President and Chief Executive Officer David Lopez.
“To accomplish this, we have shaped an employee culture focused on communication, embracing change, service to community and country, teamwork, passion and personal ownership. This culture, one which encourages us to work hard but have lots of fun too, is why our employees are so innovative, customer-driven, and love coming to work every day. We are tremendously excited and proud about being recognized as one of the few companies nationwide to be counted among the Best and Brightest.”
AGS has more than 550 employees around the world, with major offices in Las Vegas, Nevada; Atlanta, Georgia; Oklahoma City, Oklahoma; and Mexico City, Mexico.
