Business seems to be rapidly getting better and better for Ainsworth Game Technology (AGT). After the online casino operator struck a fantastic deal with Churchill Down in the United States, its revenue forecast got adjusted a few notches up. This resulted in an increase in their expected revenue from NZD$14.7 million to NZ$26.5 million for the second half of this month.
Ainsworth Financial Statement for July 2018
When the Australian based online casino submitted their financial report to ASE (Australian Securities Exchange), the casino operator reported that its profits before deductions would be NZ$28.97 million. More so, they said that they would have a pre-tax profit of about NZ$17.77 million registered for July. This will be an increase of NZ$2 million over projections made earlier this month.
In mentioning the recent deal with Churchill Down being one of the significant reasons for the alteration in May, AGT also reported that its business in the second half of the year could waver because of a couple of reasons. These reasons include regulatory delays in different product submissions, competitive activity, and the delay in the release dates for previously scheduled online casino games until 2019.
This past January, Novomatic took control of 52% of AGT. This deal was worth around NZD$348.3 million. This made it easier for the online pokie machine giant to branch out into new markets like the Asian market and the US gambling market.
J.P Morgan analysts, Shaun Cousins, Donald Carducci and Shalin Doshi, indicated that Ainsworth Game Technology would be up against some tough competition from niche casino operators. This is due to the push for online casinos to have a wide range of online pokie titles available on their game libraries. With so much happening in the online casino gambling industry, keep it locked here at Kiwi Casinos for the latest news!