The Venetian gaming operator Apollo Global Management has today announced that they will be selling their 22% stake in the Las Vegas gaming equipment provider AGS. This is a massive drop as Apollo was the largest shareholder of AGS and it should be noted that AGS is one of the fastest growing gaming equipment providers. The SEC reported that Apollo has more than 8.2 million shares of AGS, approximately $52 million when compared to Monday’s close at $6.35. This is relatively small when compared to Apollo’s other deals as they previously owned Caesar’s Entertainment but sold in 2019 and they were also responsible or $2.25 billion paid for operations of the Venetian, Palazzo, and the Venetian Expo. AGS did not state a reason for Apollo’s […]

Galaxy Gaming has come forward and released their Q3 revenue report today and the numbers are up. When compared to 2021, Galaxy posted a 12% increase in revenue to $5.9 million. The companies adjusted EBITDA did fall 5% from 2021 from $2.4 million to $2.3 million but for the year EBITDA has grown. When looking at revenue over the year prior to September, it has increased by 22% to $17.5 million showing a good growth for Galaxy Gaming. A quote from Galaxy Gaming’s CEO states, “As compared to Q2 2022, sequential revenue growth was 6% on a constant currency basis. But the most newsworthy event happened after the end of the quarter at G2E – the gaming show held annually in Las Vegas. We introduced […]

Macau is getting close to the conclusion of negotiations for new gaming concessions with six concessionaires up for grabs with 10-year plans of MOP100 billion, $12.5 billion USD. As it stands now Galaxy and Sands China are the two concessionaires that would each put forward more than the MOP20 billion with the other four accounting for the rest. The new tender will also require operators to put a large amount of their investments in non-gaming areas and would look to them as main sponsors for Macau’s yearly international events from government and local groups. The situation is a bit tricky though as there are seven operators applying for only six spots so one of them will be cut from the lineup. It seems Galaxy and […]