Ainsworth, the Australia-based slot machine developer, has disclosed that it has acquired MTD Gaming Inc, a US-based developer and supplier of unique poker, keno, and video reel content for use in Multi-Game and Video Lottery Terminal markets. MTD currently has products installed in Montana, Louisiana, and South Dakota.
Ainsworth intends to offer MTD products to its customers in Nevada, California, Arizona, and New Mexico. Besides, it plans to display MTD products at its booth at the National Indian Gaming Association Tradeshow & Convention (NIGA) on March 25 to 27 at the San Diego Convention Center.
The acquisition is valued at a total cost of US$26 million, payable at two milestone-based installments. The deal is likely to be funded by a combination of existing debt facilities and cash reserves.
Ainsworth CEO, Lawrence Levy, said they were delighted to welcome MTD to Ainsworth because the acquisition marked another positive step in transitioning Ainsworth to growth and improved profitability. He also said MTD’s unique poker and Keno games were a great fit with their existing Class II and Class III offerings in the US and follows the global launch of their new A-Star cabinet hardware in February 2020.
Besides, Levy said Ainsworth expects to drive incremental revenues by offering those proven and highly successful games to customers in their established markets where it operates, including California and Nevada.