AGS Reports Record Revenue and EBITDA Under Brightstar’s Private Ownership, CEO Says Company Is “Going Great”
Nearly a year after going private in a $1.1 billion deal, gaming supplier AGS is posting all-time financial records and expanding into new international markets.
Gaming technology supplier AGS has reported record revenue and EBITDA for 2025, its first full year under the private ownership of Brightstar Capital Partners, which acquired the company in a $1.1 billion deal that closed in the third quarter of 2025. AGS Chief Financial Officer Kimo Akiona shared the update with the Nevada Gaming Commission on May 22, 2026, saying the company is performing at all-time highs and that the private structure is enabling a level of long-term investment that the public markets did not accommodate.
“On the financial front, the company is doing very well,” Akiona told commissioners. “The momentum continues and our prospects are great. We’re at record levels of organic internal investment in the company, primarily in our research and development group.” Akiona said 2025 marked AGS’s fifth consecutive year of revenue and EBITDA growth, and that Brightstar has been actively pushing the company to accelerate its strategic plans rather than simply maintain the status quo.
Why Going Private Is Working for AGS
Akiona explained the rationale for AGS’s transition from a publicly listed company to private ownership in terms that resonated with commissioners and offered a window into a broader trend in the gaming industry. AGS went public in 2018 after Apollo Global Management, which had owned the company since 2013, took it to market. Apollo exited its position in 2022, leaving AGS as a microcap public company operating in an environment where, as Akiona described it, the market did not fairly reward the company’s operating performance.
“The benefits of being public are you have access to capital markets and can raise money to help support strategic objectives,” Akiona said. “Sometimes you aren’t fairly rewarded for operating performance. Those are often beyond your control — maybe a sector isn’t in favor of the public market. Or size is a problem.” Under Brightstar, AGS has been able to make long-term R&D investments and studio expansions without the quarterly pressure of public reporting cycles, which Akiona said allows the company to make decisions in the genuine long-term interest of the business.
International Expansion Plans, Including Brazil
AGS’s core business remains centered on North America, with operations primarily in the United States, Canada, and Mexico. But Akiona identified Central and South America as significant growth opportunities, with Brazil receiving particular attention. The company is preparing game content and cabinet designs for the Brazilian market, positioning itself for what Akiona described as a longer-term opportunity contingent on Class III regulated gaming becoming established in the country.
“For us, the first phase of that growth will come from selling our slot machines into various markets, primarily through distributors,” Akiona said. “Brazil is a longer-term project we want to be ready for if and when the country goes to Class III regulated gaming.” Brazil’s gaming legislation has been moving forward, with the country establishing frameworks for sports betting and exploring broader gaming regulation. AGS appears to be positioning itself to be ready when opportunity arrives rather than scrambling after the fact.
The Nevada Gaming Commission approved the routine corporate transfer involving AGS and Brightstar at the same meeting. Commission member Brian Krolicki noted that the gaming sector has seen a pattern of companies transitioning from public to private ownership in recent years, a trend Akiona agreed is real and driven by consistent structural factors rather than company-specific distress. For AGS, at least, the move appears to be paying off financially and strategically.