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PlayAGS confirmed in a statement that it had received a
proposal. It added that it did not accept it but remained in
preliminary discussions about a potential deal. It cautioned
that no transaction was certain.
Inspired Entertainment declined to comment. Las Vegas-based
PlayAGS makes gaming tables and interactive solutions for gaming
houses. Backed by private equity firm Apollo Global Management
Inc, it went public in 2018. The casino gaming industry and its
vendors have been hard hit by the COVID-19 pandemic, with
PlayAGS now worth a fifth of what the market valued it at in
2019. However the company is on the mend as gaming activities
and travel rebound, reporting $76.6 million in quarterly revenue
this week, beating analyst estimates. Inspired Entertainment
supplies gaming solutions, including virtual sports and mobile
gaming, in casinos and bars in more than 35 jurisdictions,
according to its website. It has a market value of close to $400
million. The New York-based firm reported a 72% jump in
quarterly revenue to $71.3 million this week, as its business
rebounds from pandemic lockdowns. On an analyst call on
Wednesday, Inspired Entertainment Chief Financial Officer
Stewart Baker said the firm was actively looking at a number of
M&A activities. "We are certainly willing to use capital for M&A
if it's something that strategically fits with what we are
trying to do. And there seem to be a lot of things around right
now presenting themselves as possibilities,” said Baker.
(Reporting by Svea Herbst-Bayliss in Boston and Krystal Hu in
New York; Additional reporting by Greg Roumeliotis in New York;
Editing by David Holmes and Josie Kao)
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