A company called PlayAGS Inc is seeking to raise as much as US$184.5 million via an initial public offering (IPO) on the New York Stock Exchange. The firm is a Las Vegas-, U.S.-based designer and supplier of electronic gaming machines and other products and services for the gaming industry.
A Tuesday press release said the offer involved 10.25-million shares of common stock at an estimated price of US$16.00 to US$18.00 per share.
The offer initiators have also granted the underwriters a 30-day option to purchase up to an additional 1,537,500 shares of common stock, according to the release.
Credit Suisse Securities (USA) LLC, Deutsche Bank Securities Inc, Jefferies LLC and Macquarie Capital (USA) Inc are acting as joint bookrunning managers and as representatives of the underwriters for the proposed offering.
The currently privately-held PlayAGS has previously focused on supplying so-called Class II electronic gaming machines to the Native American gaming market.
The firm recently expanded its product line-up to include: Class III electronic gaming machines for commercial and Native American casinos; video bingo machines for select international markets; table game products; and interactive social casino content.
The company’s product range includes Orion-branded cabinets, providing games including the Chinese-themed “Fu Nan Fu Nu”.
PlayAGS – until December known as AGS – signed in September a patent cross-licensing agreement casino and lottery equipment maker International Game Technology Plc (IGT). Under the agreement, PlayAGS can offer games including patented features from the IGT portfolio.
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"The President [Rodrigo Duterte] had already decided and announced that no construction of a casino on Boracay will be allowed”
Secretary Eduardo Año
Officer-in-charge at the Philippine Department of Local and Interior Government