AGS Hits Record Revenue and EBITDA for Fifth Straight Year Under New Private Ownership, Sets Sights on Brazil

Gaming technology supplier AGS reported record revenue and EBITDA for 2025, marking the company’s fifth consecutive year of top-line and profitability growth. The results were shared by AGS Chief Financial Officer Kimo Akiona during a routine appearance before the Nevada Gaming Commission on May 22, 2026, nearly a year after the company completed its $1.1 billion acquisition by Brightstar Capital Partners in the third quarter of 2025. The figures confirm that AGS’s transition from a publicly listed microcap to a privately held company has accelerated rather than disrupted its financial momentum.

Akiona told commissioners that Brightstar has been actively pushing the company to speed up plans it had already been pursuing, including heavy investment in research and development and an expansion of its commercial sales capabilities. “We’re at record levels of organic internal investment in the company, primarily in our research and development group,” Akiona said. “Brightstar has been very supportive. They’re very hands on and are pushing us to accelerate some of the plans we already had.”

Why Going Private Has Worked for AGS

AGS’s experience reflects a broader trend in the gaming industry, with several companies that were previously public now operating under private equity ownership. Akiona explained the rationale clearly: as a microcap public company, AGS was not being fairly rewarded by the stock market for its operating performance, and the quarterly reporting cadence of public markets discouraged the kind of long-term investment decisions the company needed to make.

“Sometimes you aren’t fairly rewarded for operating performance,” Akiona said. “Those are often beyond your control — maybe a sector isn’t in favor of the public market. Or size is a problem.” Under Brightstar’s ownership, AGS can invest in R&D studios and commercial expansion without worrying about how those costs appear in a quarterly earnings report. The private structure allows management to focus on multi-year outcomes rather than 90-day cycles.

AGS makes slot machines, table games products, and interactive gaming solutions. Its slot content and cabinet products are installed in casinos across North America, and the company has been expanding its market presence in Canada and Mexico. For casino operators, AGS is a meaningful supplier that competes with much larger companies including Scientific Games and Aristocrat.

Brazil and International Expansion Plans

Looking beyond North America, Akiona identified Brazil as a significant long-term opportunity. Brazil has been establishing a framework for regulated sports betting and is exploring broader gaming regulation, including Class III casino gaming. AGS is preparing content and cabinet designs for the Brazilian market in anticipation of that regulatory development.

“Brazil is a longer-term project we want to be ready for if and when the country goes to Class III regulated gaming,” Akiona said. “Meanwhile, we’ve been working on different game content and cabinets for that market.” The approach — positioning ahead of a market opening rather than scrambling to enter after the fact — reflects Brightstar’s support for strategic planning over short-term returns. Central and South America more broadly were identified as major opportunities for AGS’s next phase of international growth beyond its established North American base.