PlayAGS Triumphs in Gaming Industry with Record-Breaking Financial Milestones in 2023

PlayAGS, a key player in the gaming industry, has achieved significant financial milestones in the fourth quarter and the entire year of 2023, showcasing a robust growth trajectory and operational success. The company’s strategic endeavors and product diversification have led to remarkable revenue increases and operational achievements, solidifying its position in the market.

For the year ending December 31, 2023, PlayAGS reported a substantial revenue jump to $356.5 million, a 15.2% increase from the $309.4 million recorded in the prior year. This growth was propelled by double-digit advancements in each of its three divisions: Electronic Gaming Machines (EGM), Table Products, and Interactive, culminating in a net profit of $7.4 million compared to a loss of $6.3 million in 2022.

The final quarter of 2023 was particularly impressive for PlayAGS, with total revenue hitting $94.2 million, marking an 11th consecutive quarter of double-digit year-over-year growth.

This performance was driven by significant sales across all operating segments, with EGM, Table Products, and Interactive revenues up by 14%, 24%, and over 30%, respectively. Equipment sales revenue soared by over 40% year-over-year to a record $34.6 million, supported by strong sales in EGM and Table Products.

PlayAGS Triumphs in Gaming Industry with Record-Breaking Financial Milestones in 2023

David Lopez, President, and CEO of PlayAGS, reflected on the achievements: “The strength in our fourth quarter results was broad-based, with all three operating segments setting new quarterly records for revenue and adjusted EBITDA.

The quality and consistency of our recent financial performance is a true reflection of our incredibly talented and focused team, increasingly deep and diverse product offering across all three segments, and the improving efficiency and effectiveness of our execution.”

Despite the increase in operational costs, which climbed 10.2% to $299.1 million due to expansion and other factors, the company’s strategic growth efforts ensured a profitable year with adjusted EBITDA rising 14.7% to $159.0 million. The EGM segment continued to lead revenue generation with a 15.0% increase to $327.1 million, primarily due to a spike in equipment sales.

The successful year was also marked by strategic partnerships and product launches, including teaming up with Caesars Digital to launch the slot game Rakin’ Bacon Odyssey in New Jersey, further expanding its Interactive segment’s reach and contributing to a 15.6% revenue increase in this division.

Looking ahead, PlayAGS’s record-setting quarter positions the company for further growth and expansion. With a clear focus on innovation, market expansion, and operational excellence, PlayAGS is set to continue its trajectory of success, delivering value to shareholders and enhancing its product offerings for customers worldwide.