Apollo plans to sell its 22 percent stake in Las Vegas-based slot maker AGS

Photo: Attendees gather at the AGS booth during G2E on Wednesday, Oct. 12, 2022. (Jeff Scheid/Nevada Independent)

Apollo plans to sell its 22 percent stake in Las Vegas-based slot maker AGS

Article brief provided by Nevada Independent
  • Howard Stutz, Nevada Independent
November 15, 2022 2:47 PM
  • Howard Stutz, Nevada Independent
  • Nevada
  • Suppliers

Venetian operator Apollo Global Management is selling its 22 percent ownership in Las Vegas-based gaming equipment provider AGS, a stake the private equity firm has held for almost 10 years.

Apollo is the largest shareholder in AGS, which is one of the industry’s fastest-growing gaming equipment manufacturers.

According to a filing with the Securities and Exchange Commission late Monday, Apollo owns more than 8.2 million shares of AGS, which would be worth more than $52 million based on Monday’s closing price of $6.35 on the Nasdaq.

In a statement, AGS did not provide a reason for the sale and said the company would not receive any proceeds from the transaction.