One of the largest providers of slot games in the gaming industry, Konami, will be delisting from the New York Stock Exchange voluntarily on April 24 if all goes according to plan. All American Depository Shares (ADS) will then be delisted. On April 13, the company will file with the US Securities and Exchange Commission to become deregistered, which should be in effect by July. The schedule could change depending upon any requests or objections from the Securities and Exchange Commission.
The plan for delisting was made in November and the company believed that being listed on the NYSE was not justified economically. The share volume that was being traded through the NYSE was just a small portion of the total volume of trading. Even though the company will no longer be listed on the stock exchange, it does intend to keep all American Depository Receipts in the United States. The company believes that the ADS’s will still be traded on markets within the US that are over-the-counter.
In regards to the London Stock Exchange and the Tokyo Exchange, the listings will remain active. Konami Gaming, Inc, the US subsidiary of the Japanese company has been heavily investing in various games with more appeal to casino players in Macau and Singapore. Several Konami land based slots, such as Rawhide have been developed for regulated online markets by WMS, a Scientific Games company.
In February, the company reported net revenue of $197.8 million for the last 9 months of 2014, which was an increase of 4.2% from the previous year.
The company was originally listed on the NYSE in 2002 with the goal of diversifying the different opportunities for fund-raising and to enhance the visibility of the brand.