AGS slips to loss in Q1 as Covid-19 casino closures hit

Gaming technology supplier AGS has said that enforced closures as a result of the novel coronavirus (Covid-19) global pandemic were to blame for it posting a loss of $22.6m (£18.4m/€20.9m) in the first quarter.

Revenue in the three months to March 31, 2020, totalled $54.3m, down 25.6% from $73.0m in the same period last year.

AGS noted a year-on-year drop in revenue across both its gaming operations and equipment sales businesses. Gaming operations revenue was down 19.3% from $52.9m to $42.7m, while equipment sales revenue slipped 32.6% year-on-year to $11.6m.

Looking at the supplier’s different business segments, revenue from electronic gaming machines, its primary source of income, dropped 27.7% to $50.4m. Operations revenue was down by 21.4% to $38.9m and equipment sales fell 43.1% to $11.5m.

Read the full story on iGB North America.