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US – AGS reports loss of $17m due to fourth quarter closures

By - 5 March 2021

With nearly all of its customers closing their operation for the entire quarter, AGS saw its Q4 revenue fall by 40.1 per cent to $46.6m compared to $77.8m, generating a loss of $17.2m compared to net income of $1.4m in the 2019 fourth quarter.

The company’s Orion Starwall got off to an ‘encouraging start with over 300 games installed.’ Domestic Active Unit EGM RPD increased by eight per cent year-over-year to approximately $27 whilst the company’s installed base of industry-leading table game progressive products increased by 127 units sequentially.

AGS President and Chief Executive Officer David Lopez said: “2020 was a year full of unprecedented challenges, the likes of which required the unwavering commitment of a passionate, loyal, and hardworking team to successfully overcome. To that end, I am extremely honored by and thankful for the tireless efforts put forth by so many of our AGS team members to ensure we not only survived the COVID-19 pandemic, but put ourselves in a position to emerge a stronger, more resilient company.”

Mr. Lopez added: “Looking beyond the many challenges faced throughout the year, one of the bright spots, to the extent there was one, is that the COVID-19 pandemic slowed down the pace of life. As a company, we used this time to refine our strategy and improve our operating efficiency, with a keen focus on three key areas; people, product, and processes. As a result, I believe we are better positioned today to achieve success across all three of our business segments than at any other point in our company’s history.”

AGS Chief Financial Officer Kimo Akiona added: “I am incredibly proud of the way our team came together throughout 2020 to face the unprecedented operational and financial hurdles introduced by the spread of COVID-19. Not only were we able to nimbly streamline our business to preserve liquidity at the onset of COVID-19, but we opportunistically shored up our balance sheet in May and successfully ramped operations as our casino operator partners gradually brought their businesses back online. As I look ahead to 2021, I believe our strong liquidity position, improving product portfolio, and organizational alignment position us to achieve improved financial performance”

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