• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Monday 4 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

Ainsworth outlines cost minimization measures ahead of expected AU$34 million FY20 loss

Newsdesk by Newsdesk
Thu 20 Aug 2020 at 17:33
Delays in game approvals see Ainsworth revise revenue target down
16
SHARES
366
VIEWS
Print Friendly, PDF & Email

The CEO of Australian slot machine supplier Ainsworth Game Technology, Lawrence Levy, says the company is well positioned to ride out the COVID-19 pandemic after implementing a series of cost minimization measures in recent months.

Releasing a business update late Thursday ahead of next week’s FY20 results announcement, where the company anticipates revealing an AU$34 million net loss before tax, Ainsworth outlined several initiatives across its key Australian and US markets, including a voluntarily 20% reduction in base salaries for executive management for the June and September quarters and a waiving of all fees by Chairman Danny Gladstone through 30 June. The company has also negotiated rent relief at its Sydney headquarters – comprising a full waiver for the June quarter and 50% reduction for the remainder of 2020.

There have been a combined 67 redundancies in Australia and the US saving AU$6.4 million, another 40 roles eliminated completely saving AU$3.8 million and 126 US-based employees and contractors placed on furlough, with a freeze on all new hires.

“While Covid-19 hit our industry hard, we moved quickly to protect Ainsworth,” Levy said.

“We took proactive measures to streamline our overheads and we are securing more flexible financing arrangements to ensure we can endure a protracted downturn. AGT is now well positioned as customers across our major markets look to recover from the effects of the pandemic.”

Ainsworth said it expects to report a 36% year-on-year decline in revenues in FY20 to AU$149 million, of which just AU$42 million was accrued during the six months to 30 June – down 63%. Adjusted EBITDA is expected to be AU$2.9 million.

Ainsworth has cancelled its FY20 final dividend.

RelatedPosts

Star to open AU$3.6 billion Queen’s Wharf Brisbane development on 29 August

Star’s Hong Kong partners officially terminate Queen’s Wharf Brisbane acquisition deal

Fri 1 Aug 2025 at 13:02
FBM launches eight new slot themes into Mexican casino market

FBM launches eight new slot themes into Mexican casino market

Wed 30 Jul 2025 at 15:59
Hong Kong’s Far East Consortium reports first full year gaming revenue after Australian, European acquisitions

Star says deal now “unlikely” to offload Queen’s Wharf Brisbane assets to Hong Kong partners

Wed 30 Jul 2025 at 13:53
AUSTRAC launches Federal Court action against clubs giant Mounties for alleged serious and systemic non-compliance with AML laws

AUSTRAC launches Federal Court action against clubs giant Mounties for alleged serious and systemic non-compliance with AML laws

Wed 30 Jul 2025 at 12:55
Load More
Tags: Ainsworth Game TechnologyAustraliacovid-19Danny GladstoneFY20 resultsLawrence Levyslot machines
Share7Share1
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Hann Resorts founder Dae Sik Han says IPO essential to ensure no delays to Clark expansion plans

Hann Resorts founder Dae Sik Han says IPO essential to ensure no delays to Clark expansion plans

by Ben Blaschke
Mon 4 Aug 2025 at 06:02

The Chairman and CEO of Hann Philippines Inc, Dae Sik Han, has revealed he opted to proceed with an initial public offering on the Philippine Stock Exchange to ensure his ambitious expansion plans could proceed without delay. Hann, the parent...

Philippine government insists President Marcos won’t “act in haste” on calls to ban online gaming

Philippine government insists President Marcos won’t “act in haste” on calls to ban online gaming

by Newsdesk
Mon 4 Aug 2025 at 05:55

The Presidential Palace has insisted that President Ferdinand R Marcos Jr will not act in haste in assessing whether or not ban the Philippines’ online gaming – also known as remote gaming or eGames – industry. The comments from Palace...

Jeju Dream Tower sets new records for casino drop, sales and visitation in July

Jeju Dream Tower sets new records for casino drop, sales and visitation in July

by Newsdesk
Sun 3 Aug 2025 at 12:47

Korea’s Jeju Dream Tower registered yet another all-time record in casino drop and visitation in July, continuing an impressive six month stretch of growth. According to information from the property’s parent company Lotte Tour, July visitation reached 56,691 – up...

Melco awarded 20-year license to operate City of Dreams Sri Lanka

As City of Dreams Sri Lanka celebrates official opening, Melco’s Lawrence Ho says Sri Lanka “can be to India what Macau is to China”

by Ben Blaschke
Sun 3 Aug 2025 at 10:46

City of Dreams Sri Lanka, the joint venture between Macau’s Melco Resorts & Entertainment and local developer John Keells Holdings, held its Grand Opening on Saturday – celebrating what the companies have described as a “landmark national transformation”. Located within...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English