Around 22 per cent of the shares in slot maker AGS will be sold off by stakeholder Apollo Global Management, operator of The Venetian in Las Vegas.
A report in the Nevada Independent says that Apollo is the largest shareholder in AGS and has 8.2 million of its shares, potentially worth around $50m. AGS has not provided a reason for the sale.
Apollo bought the AGS shares 10 years ago, since when AGS has acquired 20 different gaming businesses. It took AGS public in 2018. Four months ago, Inspired Entertainment made an offer for AGS that was rejected.
AGS has a strong position in the supply of equipment to tribal casinos, notably in Oklahoma. Around 70 per cent of its revenue comes from slot machines operated on a shares basis.