Acres' Cashless Retail Slots Success Leads to IPO Plans
Acres Manufacturing's Foundation tech allows retail casino slot machines to accept payments from mobile devices. Acres is considering an initial public offering in 2023.
Acres Manufacturing is planning an IPO. Its flagship product is Foundation, which allows slots to interface with other systems. Founder John Acres sold his business in 2003 for $143 million to International Game Technology. Noah Acre's son, Noah, now heads the business.
The immediate addressable market for Foundation is 1.2 million gaming machines in North America and another 600,000 combined over Asia and Australia.
Foundation adds cashless retail slots data to loyalty program accounts. It works on any slot machine or table game connected to casino management systems. Foundation installation results in players spending 22%18% more. GGB News reports that installations are in Wyomissing, Pa.-headquartered Penn Entertainment’s gambling establishments.
Early deployments of Foundation cashless gaming have proven that casheless players increase their play and visitation.
Acres' Cashless Retail Slots Success Leads to IPO Plans. Slabs are a Core Product, Online and Off.
Penn Entertainment's Barstool Sportsbook and Casino is one of Acres Manufacturing's brands. Online slots are well represented in the game offerings. Pennsylvania taxes online slots at 54% compared to 17%. All-time gross revenue from Pennsylvania online casinos is 73% of state's overall revenue.
Acres' Cashless Retail Slots Success Leads to IPO Plans. Foundation is a technology that will integrate land-based and online slots.