In Nevada, Class II gaming machine developer AGS is reportedly set to grow after state regulators overwhelmingly approved its petition to launch an as yet unscheduled initial public offering via the New York Stock Exchange.
According to a report from the Las Vegas Review-Journal newspaper, Thursday saw the Nevada Gaming Commission unanimously approve the move only a day after the firm had received similar consent from the Nevada Gaming Control Board and ahead of the start later today of a planned investor road trip.
“There’s nothing here that regulatory matters should hold back so I’m happy to see this go forward,” Tony Alamo, Chairman for the Nevada Gaming Commission, reportedly told those assembled at a special meeting to discuss the matter.
The Las Vegas Review-Journal reported that AGS has been licensed in Nevada since 2014 and is one of the dominant players in the Class II gaming machine market for tribal casinos. The Las Vegas-based company, which has approximately 550 employees around the world including 120 in the western state, is purportedly set to begin the process of launching its initial public offering by the end of the month with any new funds utilized to decrease overall debt and aid in deleveraging.
“I like the proposition that the company has skin in the game in Nevada,” John Moran from the Nevada Gaming Commissioner reportedly stated during the Thursday meeting.
The newspaper reported that AGS’ initial public offering is believed the first for a gaming machine manufacturer since Las Vegas-headquartered Everi Holdings Incorporated conducted a similar move in 2005.