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.
Last modified on Tue 16 Feb 2021 11.31 EST
At least 11 billionaires last year received dividends totalling tens of millions of dollars from companies that received jobkeeper subsidies designed to keep workers employed, new research shows.
The research, commissioned by the opposition frontbencher Andrew Leigh, shows that retail moguls Solomon Lew and Gerry Harvey were among those receiving the payments.
Leigh said the payments came against a backdrop of the rich doing extremely well during the pandemic, with Forbes estimating that the average Australian billionaire’s wealth increased by 59% over the past year, while workers struggled with wage stagnation and a spike in unemployment caused by the pandemic.
The Association of Gaming Equipment Manufacturers has elected a new slate of officers under the leadership of a new president - David Lucchese, executive vice president of sales, marketing and digital at Everi. Previously an AGEM s vice president, Lucchese replaces Luke Orchard as president for a two-year term, while Orchard, senior vice president, chief compliance and risk management officer at IGT, moves to a vice president position for a one-year term. One-year terms were also approved for: vice president Elaine Hodgson (president and CEO, Incredible Technologies), vice president Thomas Jingoli (executive vice president and chief commercial officer, Konami Gaming), vice president Bob Parente (senior vice president and chief revenue officer, gaming, Scientific Games), secretary Eric Fisher (senior vice president and GM, Crane Payment Innovations), treasurer Hector Fernandez (president - Americas, Aristocrat Technologies and) general counsel Daron Dorsey (senior vice pres