PlayAGS, Inc. reported a total revenue of $394.9 million for the fiscal year ending December 31, 2024, marking a 10.8% increase from $356.5 million in the previous year. The company's gaming operations revenue rose by 4.8% to $251.7 million, while equipment sales surged by 23.1% to $143.1 million, driven by a significant increase in the number of Electronic Gaming Machines (EGMs) sold. The net income for the year was $51.6 million, a substantial increase from $428,000 in 2023, reflecting a 11,966.6% rise, largely attributed to improved operational efficiency and a favorable tax benefit.
In terms of operational metrics, PlayAGS saw an increase in its installed base of EGMs, which reached 23,023 units by the end of 2024, up from 22,569 units in 2023. The company also reported a notable increase in its Interactive segment, with gaming operations revenue jumping 85.7% to $21.9 million, driven by a higher number of games live at online casino customer sites. The Table Products segment also contributed positively, with gaming operations revenue increasing by 8.5% to $16.7 million, supported by a rise in the installed base of table products.
Strategically, PlayAGS is in the process of merging with Brightstar Capital Partners, a move that is expected to close in the second half of 2025. The merger agreement, which was approved by shareholders in August 2024, stipulates that each share of PlayAGS common stock will be converted into $12.50 in cash upon completion. This merger is anticipated to enhance the company's operational capabilities and market position, although it also introduces risks related to employee retention and operational continuity during the transition period.
The company has also focused on expanding its product offerings, including the introduction of new gaming concepts and technologies. For instance, PlayAGS launched several new EGM cabinets and game titles in 2024, which are designed to attract players and maximize operator profits. The company reported a total of 6,105 EGMs sold during the year, an increase of 861 units compared to the previous year. Additionally, PlayAGS has been actively enhancing its research and development efforts, with R&D expenses rising by 10.1% to $46.7 million, reflecting its commitment to innovation in the gaming industry.
Looking ahead, PlayAGS remains optimistic about its growth trajectory, bolstered by its strategic initiatives and the anticipated benefits from the merger. However, the company acknowledges potential challenges, including market competition, regulatory changes, and economic conditions that could impact consumer spending in the gaming sector. The management believes that its current liquidity position, with $38.3 million in cash and $40 million available under its revolving credit facility, will support its operational needs and strategic growth plans in the near term.
About PlayAGS, Inc.
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