Las Vegas-based gaming equipment manufacturer AGS has been recommended for approval to launch an initial public offering to become a publicly traded company by the Nevada Gaming Control Board (NGCB).
The two member NGCB unanimously voted to recommend AGS for approval, with its recommendation being passed to the Nevada Gaming Commission later today.
AGS, which is currently the second largest Class II slot machine manufacturer in the US, requires regulatory approval before it can change its company registration in Nevada and commence the process to become a publicly traded company.
The company employs over 550 employees worldwide, with 120 of these being located in Nevada, and is looking to diversify into Class III gaming in order to better compete with existing Las Vegas gaming companies.
AGS currently has major operations in Nevada, Alabama and Texas, with further smaller operations in California, Florida and Montana.
Testifying before the NGCB, executives from AGS confirmed that they plan to reduce the company’s debts with proceeds from the initial public offering. The company also plans to expand operations in eight states together with Canada.