Ainsworth Game Technology Limited is an Australian publicly listed company (AGI) headquartered in Newington, Sydney, Australia. They have offices in the US, Europe, NZ, Macau and South America. It appears the company that has been a strong player in the gambling industry for years has been suffering a downturn mostly due to the Corona-19 virus pandemic. Gaming machines developer Ainsworth Game Technology Limited has reportedly announced that it expects the firm to record a pre-tax loss of approximately $11 million for the six months to the end of the year.
Lawrence Levy, Chief Executive Officer for the Sydney listed firm and has made the pessimistic prediction during a Thursday conference call as part of the company’s annual general meeting. The revelation came after the firm ran up a pre-tax loss of around $32 million for the twelve months to the end of June, which had represented a decline of some 500% year-on-year. The losses resulted in the axing of as many as one hundred and seven in house positions.
CEO Levy is said to have proclaimed…“Our focus remains on protecting Ainsworth Game Technology Limited should a protracted downturn eventuate across global markets.” Shareholders in the company were reportedly told by Levi that he ‘cautiously expects the challenging market conditions’ largely caused by the pandemic ‘to continue’ through the first half of next year as land-based casinos around the world cautiously begin resuming or ramping up operations.
The former Novomatic AG executive also said the company’s loan facility with Australia and New Zealand Banking Group Limited had been ‘initially reduced’ to roughly $44.3 million. M. Levi announced, “We remain focused on ensuring that our liquidity and balance sheet strengthen during this challenging time.” The CEO purportedly said that its subsequent financials were ‘on track with our forecasted financial performance.’
