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AGS sees Q2 revenue fall 78% year-on-year

AGS announced its Q2 results for the period ending on June 30, recording losses caused by the ongoing pandemic.

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The casino supplier’s revenue dropped to $16.8m, a 78% year-on-year fall compared to $74.5m in 2019. AGS stated it was “primarily due to decreased gaming operations revenue and unit sales in our EGM segment.” 

 

EGM revenue suffered an 80% drop and earned $13.9m against $70.9m the previous year. Table products brought in $674 000, a 72% decline compared to $2.4m.

 

However, revenues from interactive operations saw a rise in profits and earned $2.1m, a 94% increase from $1.1m in 2019. Adjusted EBITDA fell by 103% from $35.7m to a loss of $1.2m. Gaming operations revenue fell to $10.2m, compared to $53.6m the previous year. 

 

Loss of income from operations was $28.7m, a massive drop compared to almost $2m of income in 2019. Net loss was $42.6m, an increase from $7.6m the previous year. It was partially “partially offset by decreases in expenses” such as reduced salaries, furloughed employees and staff reductions.

 

AGS drew $30m “under the existing revolving credit facility” and entered “into incremental term loans” of $95m. 

 

Kimo Akiona, AGS chief financial officer, said: “Although it is hard to predict exactly how the pandemic will continue to impact the macro operating environment, given all of the measures we've taken, we believe we are positioned with sufficient liquidity and flexibility to emerge from this a more competitive and more nimble organisation." 

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