Stock values for the two largest gaming equipment providers took a dip during June, causing a slight decline in this month’s AGEM Index.
Of the 13 companies tracked by Las Vegas-based financial advisor Applied Analysis for the Association of Gaming Equipment Manufacturers, eight reported month-over-month declines in their stock price.
Of the five companies on the positive side, two – Transact Technologies (traded on the Nasdaq) and Konami Corp. (Tokyo Exchange) – recorded double-digit percentage stock price increases.
However, the declines by International Game Technology (traded on the New York Stock Exchange) and Scientific Games Corp. (Nasdaq), in their average daily stock prices tipped the scale. The two industry giants provide games and systems technology to both the worldwide casino and lottery industries.
IGT saw its stock price decline 6.8 percent on an average daily basis during June. Scientific Games was down 17.1 percent.
For the month, the AGEM Index fell 1.39 percent.
Scientific Games’ stock value fell despite achieving several milestones during the June, according to Applied Analysis. The company provided the system for the Delaware Lottery’s expansion into full-scale sports betting. Prior to the ruling, Scientific Games had offered limited betting in Delaware in compliance with the state’s partial exemptions from federal law.
Meanwhile, Everi Holdings saw its average daily stock price fall almost 4 percent on the New York Stock Exchange, despite extending a multi-year development and distribution agreement with GAN PLC, a European Internet gaming and social gaming provider.
Konami Gaming’s stock price was boosted after the company announced record-high profits for fiscal year 2018 and a 4.2 percent increase in revenues.
Applied Analysis said the AGEM Index was outperformed by the major stock indices during June.
The Index covers eight suppliers in the United States that are listed on the New York Stock Exchange, the Nasdaq National Market and the U.S. over-the-counter market. Two of the suppliers are traded on the Australian Exchange, and one each are traded on the Tokyo Exchange and the Taiwan over-the-counter Market.
Howard Stutz is the executive editor of CDC Gaming Reports. He can be reached at hstutz@cdcgamingreports.com. Follow @howardstutz on Twitter.
