Ainsworth uses new credit line to pay off old one
Ainsworth uses new credit line to pay off old one
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This may not be a perfect example of robbing Peter to pay Paul, but it’s pretty close. Ainsworth Game Technology has had a couple of difficult years, seeing a drop in its annual performance in 2019 before 2020 brought further losses due to COVID-19. A filing (pdf) it just submitted to the Australian Securities Exchange (ASE) indicates that it has received a new five-year credit line worth $35 million and, while that could be viewed as potentially good news, closer examination proves otherwise. Ainsworth is using the money to pay off another credit line it had.
Austria-based gaming equipment maker and operator Novomatic AG says it has restructured the group’s sales and production departments, in a bid to “increase efficiency” and “amplify synergy potential”. The group – traditionally strong in Europe and the Americas – has been working to increase the presence of its casino gaming machine products in Asia-Pacific markets.
Under the restructuring plan, all of Novomatic’s sales units “are, effective immediately, bundled under” Jakob Rothwangl (pictured, left), the group’s vice president for global sales. The entire production department “is now centrally managed” by Walter Eschbacher (pictured, right), Novomatic’s director for production and logistics, said the company in a Wednesday release.
The Association of Gaming Equipment Manufacturers (AGEM) has a new slate of officers, the group announced on Wednesday. It includes a new president, David Lucchese, executive vice president for sales, marketing and digital at Everi Holdings Inc, a cash handling technology and electronic game content provider.
Previously an AGEM vice president, Mr Lucchese replaces Luke Orchard as president for a two-year term. Mr Orchard, senior vice president, chief compliance and risk management officer at casino technology supplier International Game Technology Plc, becomes one of AGEM’s vice presidents for a one-year term.
One-year terms were approved for other positions. Elaine Hodgson, president and chief executive of Incredible Technologies Inc; Thomas Jingoli, executive vice president and chief commercial officer at Konami Gaming Inc; and Robert Parente, senior vice president and chief revenue officer for gaming at casino equipment supplier Sc