Nevada Gaming Commission Approves AGS Funding through IPO

American Gaming Systems logo

AP Gaming Holdco, a gaming manufacturing company, based in Las Vegas that conducts its business as American Gaming Systems or AGS, has lately announced that it is looking forward to increasing its capital funds through Initial Public Offering or IPO.

Voting took place among the members of Nevada State Gaming Control Board where they agreed with AGS’s proposal for fundraising through IPO. The company has submitted a written application to this game regulatory to expedite the matter.

American Gaming Systems is regarded as one of the largest and most popular Class II slot machines in the USA. It has earned the reputation for being the most preferred Class II slot machine provider to the tribal casinos across the nation. Also, it has made quite a name for itself in the business and marketing of Class III slot machines for charity and commercial markets.

AGS purchased Cadillac Jack in 2015 from Amaya Inc for a whopping cost of $167 million which boosted the shares of the company to a great extent. After buying RocketPlay (Lucy Play Casino) in 2015, AGS entered into the social gaming industry.

American Gaming  Systems was included in the list of National Association for Business Resources for the “Best and Brightest Companies” to work in the United States for 2017. AGS has more than 10,000 gaming stations in different parts of the world with approximately 550 in different nations.

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120 employees working in Nevada own just a fraction of the market share. The company has a commanding presence in Texas and Alabama tribal casinos which accounts for approximately 40% of current market share.

Fundraising through IPO will help AGS to deleverage their finances and put their focus and energy into increasing and improving the gaming operations in Florida, Montana, and California. AGS is planning to expand its business in 8 states across the country. As of now, it is not clear how much amount the company is looking forward to putting in the IPO.

According to Julia Boguslawski who is the chief marketing officer of AGS, the company would not be disclosing the details of the IPO until the approval gets its final nod from US Securities and Exchange Commission.

The approval to list in the IPO was started by AGS back in April 2016 when they announced they had submitted a draft registration to SEC on Form S-1. The joint book runners on the deal include Nomura Securities, Macquarie Capital, Stifel, BofA Merrill Lynch, SunTrust Robinson Humphrey, Deutsche Bank, Jefferies, Credit Suisse and Citi.

Apart from getting the approval to raise funds through IPO, AGS is undergoing regulatory support to change the law.

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