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INVESTOR PRESENTATIONG2E 2019

1

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This presentation contains statements that constitute forward-looking statements which involve risks and uncertainties, including such risks and uncertainties detailed in the

Annual Report on Form 10-K of PlayAGS, Inc. (“AGS” or the “Company”) filed with the U.S. Securities and Exchange Commission (the “SEC”) by the Company on March 5, 2019.

These statements include descriptions regarding the intent, belief or current expectations of AGS or its officers with respect to the consolidated results of operations and

financial condition, future events and plans of AGS. These statements can be recognized by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of

similar meaning. Such forward-looking statements are not guarantees of future performance and actual results may differ from those in the forward-looking statements as a

result of various factors and assumptions. These statements are subject to risks, uncertainties, changes in circumstances, assumptions and other important factors, many of

which are outside management’s control, that could cause actual results to differ materially from the results discussed in the forward-looking statements. You are cautioned

not to place undue reliance on these forward looking statements, which are based on the current view of the management of AGS on future events. We undertake no

obligation to publicly update or revise any forward-looking statement contained in this presentation, whether as a result of new information, future events or otherwise, except

as required by law. In light of the risks, uncertainties and assumptions, the forward-looking events discussed in this presentation might not occur, and our actual results could

differ materially from those anticipated in these forward-looking statements.

This presentation also contains references to Earnings Before Interest, Taxes, Depreciation and Amortization (“EBITDA”), Adjusted EBITDA, Free Cash Flow, total net debt leverage

ratio and adjusted total net debt leverage ratio which are non-GAAP financial measures. Management believes that there are non-GAAP measures and their related

measures are commonly reported by companies and widely used by investors as indicators of a company’s operating performance. Non-GAAP financial measures should be

considered only as a supplement to, and not as a superior measure to, financial measures prepared in accordance with GAAP. Please refer to slides 62 - 65 of this presentation

for a reconciliation of certain non-GAAP financial measures included in this presentation to the most directly comparable financial measure prepared in accordance with

GAAP.

Unless otherwise noted, information included herein is presented as of the dates indicated. This presentation is not complete and the information contained herein may

change at any time without notice. Except as required by applicable law, we do not have any responsibility to update the presentation to account for such changes.

Certain information in this presentation is based upon management forecasts and reflects prevailing conditions and management’s views as of this date, all of which are

subject to change. In preparing this presentation, we have relied upon and assumed, without independent verification, the accuracy and completeness of all information

available from public sources or which was provided to us by third parties. The information contained herein is subject to change, completion or amendment and we are not

under any obligation to keep you advised of such changes. We make no representation or warranty, express or implied, with respect to the accuracy, reasonableness or

completeness of any of the information contained herein, including, but not limited to, information obtained from third parties.

The information contained herein is not intended to provide, and should not be relied upon for, accounting, legal or tax advice or investment recommendations.

2

AGSTEAMPRESENT DAVID LOPEZ

President & CEO

KIMO AKIONACFO

JULIA BOGUSLAWSKICMO & EVP of Investor

Relations

MATT REBACKEVP

VIC GALLOGeneral Counsel,

Secretary, & Compliance Officer

ANDREW BURKESVP of Slot Products

JOHN HEMBERGERSVP of Table Products

STEVE KOPJODirector of Investor

Relations

ADAM WHITEHURSTSVP of Slot Sales

3

AGENDA

▪ Brief AGS Overview

▪ G2E Product Lineup

▪ Updated Road to

$250M AEBITDA

▪ Financial Overview

▪ Q&A

AGENDA

4

BRIEF OVERVIEW

5

AGS COMPANY OVERVIEW

Table Products: $9mm+42% Y-o-Y

$295mm Revenue+18% Y-o-Y

46% Adj. EBITDA margin

$137mm Adj. EBITDA+8% Y-o-Y

LTM 6/30/19Revenue

70% RECURRING REVENUE

EGM: $281mm+18% Y-o-Y

Interactive: $5mm-29% Y-o-Y

CanadaMexico Philippines Brazil

RampingEstablished Early Entry

LTM 6/30/19

(1)

Prospective

Note: All figures as of LTM 6/30/19. Y-o-Y growth is from LTM 6/30/18 to LTM 6/30/19

(1) Denotes AGS acquired by funds managed by Apollo, not Apollo Global Management itself

FINANCIAL SNAPSHOT SEGMENT BREAKDOWNSIGNIFICANT EGM

WHITESPACE OPPORTUNITY

CORPORATE EVOLUTION

No Gaming

6

PEOPLE & PLACES

725+EMPLOYEES

AROUND THE GLOBER&D employees

represent ~35% of total

AGS employees

7

SINCE G2E 2018

OCTOBER 2018Dex S GLI approval

JANUARY 2019FEBRUARY 2019Acquisition of Integrity

Gaming Corp.

FEBRUARY 2019Surpassed 1,000

progressive installs

JULY 2019New Reno R&D studio

JUNE 20194th annual GameON

Customer Summit

MARCH 2019First AGS real-money

online gaming title

goes live

AUGUST 2019Orion Upright

launch

JANUARY 20192nd Sydney R&D studio

8

G2E EGM PRODUCT

LINEUP

9

SLANTPORTRAIT UPRIGHT RISE 49C

28 UNIQUE TITLES

13 GAME FAMILIES

ICON ALORA

G2E EGM PRODUCT LINEUP

10

8’6”

11

▪ Premium offering to drive leases

▪ Large Top Box format

▪ Q4 2019 launch into Class II

12

8’5”

13

▪ Portrait format, hottest category

▪ For sale, lease, or participation

▪ Q3 2020 launch

14

8’6”

15

▪ G2E sneak peek demonstrates

our ability to innovate

▪ Unique visual merchandising

display, reimagines traditional

slot signage

▪ Scheduled limited launch – H2

2020

16

ORION UPRIGHT AND

ORION SLANT

Dual Screen Offerings

17

ORION SLANT

▪ 62 titles available with 30+ titles coming within the next year

▪ Footprint of more than 2,200(3)

▪ 6 new titles launched at G2E 2019

LAUNCHED Q2 2018

PERFORMANCE▪ Currently the #1 ranked Slant cabinet(1)

1.67 HA(2)

(1) Eilers-Fantini Cabinet Performance Report – September 2019(2) Eilers-Fantini Game Performance Database – August 2019(3) Footprint includes sold and leased units as of 6/30/19

1.32 HA(2) 1.13 HA(2)

PRODUCT ROADMAP

18

ORION UPRIGHT


▪ Provides operators with more options to build their AGS footprint


LAUNCHED Q3 2019

TOP PERFORMING GAMES

PRODUCT ROADMAP

19

ORION PORTRAIT

LAUNCHED Q1 2017

PERFORMANCE▪ Ranked as the top 3 indexing Portrait cabinet (2)

1.89 HA(3) 1.59 HA(3) 1.52 HA(3)

(1) As of 6/30/19(2) Eilers-Fantini Cabinet Performance Report – September 2019(3) Eilers-Fantini Game Performance Report (Core – Overall) – September 2019

PRODUCT ROADMAP


▪ Portrait cabinets currently represent ~65% of domestic ship share

▪ More 875 Class 3 units on lease(1)


20

G2E TABLE PRODUCTS

LINEUP

21

NEW PROGRESSIVE PLATFORMS

▪ Multi-level progressive – supports up to 5 independent meters

▪ Optional “must-hit” jackpot feature

▪ New Operator Wide Area Progressive functionality with single and multi-site meter

▪ Seasonal themes, and scrolling messaging at the bottom

▪ Hardware includes light-up bet sensors, double-sided display, dealer interface

touchscreen

▪ Capable of running progressives for blackjack, baccarat, poker derivatives, and

more.

▪ Next-generation Bonus Spin

▪ Supports up to 3 meters and includes the optional must hit jackpot feature

▪ Can link all table games within a casino, providing faster-incrementing and larger

progressive jackpots

▪ Three eye-catching, player-attracting wheels

▪ Community driven wheel spins that consistently deliver multiple winners at the

table

▪ Optional casino-configurable non-cash prizes

STAX PROGRESSIVE 2.0

BONUS SPIN XTREME

22

CARD SHUFFLERS

▪ Shuffle time of less than 36 seconds

▪ Fits in existing cutouts on poker tables

▪ Designed with less moving parts and rollers to reduce

service needs and cleaning intervals

▪ 166 installations in 11 states(1)

▪ Launching H2 2020

▪ Engineered for specialty single-deck table games

▪ Large touchscreen display for game selection

▪ Card recognition for enhanced game protection

▪ Fits in existing cutouts on specialty tables

SINGLE-DECK POKER SHUFFLER - Dex S

SINGLE-DECK HAND FORMING SHUFFLER - Pax S

(1) As of 9/30/19

23

TABLE AND PIT SIGNAGE

▪ Nearly 12 feet featuring

three 55-inch Samsung

monitors

▪ Designed to showcase

progressive meters on up

to three different games

▪ 29” double-sided display▪ Customizable avatar▪ Adjustable min/max limits▪ Feature-rich roulette trends▪ Looping marketing video content▪ Over 78 installations in 10 different

jurisdictions

ACOT

TABLE SIGNAGE

PIT SIGNAGE

▪ Secures and protects

chip inventory

▪ Fits existing table tray

cutouts

▪ Familiar no-peek

functionality

24

PREMIUM TABLE GAMES

25

G2E INTERACTIVE

PRODUCT LINEUP

26

INTERACTIVE - iGaming

▪ Robust, scalable Remote Gaming Server

▪ Single integration can deliver content

from wide network of game providers

▪ Recently live in New Jersey

RMG PLATFORM

27

ROADMAP TO $250M

AEBITDA

28

ROAD TO $250M AEBITDA

ROAD TO $250M AEBITDA IS AN ASPIRATIONAL GOAL SET BY THE COMPANY TO ACHIEVE $250M OF ADJUSTED EBITDA

$55-$75

$15-$20

$5-$10

$10-$15 $230-$270

$45-$70

($ in mm)

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$145 - $150

Int’l $10-$15

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EGM SEGMENT

$55-$75mmContinued aggressive R&D investment & recruiting

Target 5% domestic market share

Domestic EGM Sales

Gaming operations revenue

Note: Domestic markets refer to US and Canada

($ in mm)

1

2

3

4

Increase international footprint (Mostly recurring

revenue)

Optimize international current footprint

5

6

Int’l $10-$15

30

EGM R&D INVESTMENT

▪Opened two new design studios in 2019 (Sydney #2 and Reno)

▪More than 35% of AGS employees are R&D focused

▪ Targeting to release multiple cabinets and nearly 60 titles in the upcoming year

▪All 6 studios are fully staffed and will generate commercial content in 2020

• Atlanta

• Sydney

$14.4

$21.3

$25.7

$31.7 $32.8

2015 2016 2017 2018 LTM

6/30/2019R&D Expense

R&D Expense

145 158 174218

254

2015 2016 2017 2018 LTM 6/30/2019

R&D Headcount

• Reno

• Austin

12%

13%

12%

11% 11%

R&D Expense as a % of Revenue

($ in mm)

31

1.4X

1.3X

1.1X1.0X 1.0X 1.0X

0.9X

0.9X0.8X

Pe

rfo

rma

nc

e o

ve

r zo

ne

av

era

ge

TOP 25 CORE

GAME @ 1.89 HA(2)

TOP 25 CORE

GAME @ 1.59 HA(2)

RECENT EGM PERFORMANCEGAME PERFORMANCE OVERVIEW

(1) Eilers-Fantini Game Performance Report (Core – Overall) – September 2019(2) Eilers-Fantini Game Performance Report – September 2019(3) Eilers-Fantini Game Performance Report – September 2019 (suppliers with more than 100 games)

Top Indexing Suppliers – Owned (Domestic Performance)(3)

TOP INDEXING SUPPLIER OVERALL(1)

TOP 25 CORE

GAME @ 1.52 HA(2)

32

EGM GROWTHCONTINUED AGGRESSIVE R&D INVESTING AND RECRUITING

Pricing Model Premium Lease Only Sale & Lease Sale & Lease Sale & Lease

Year Introduced 2014 2016 2017 2018

Big Red ICON Orion Portrait Orion Slant

33

EGM GROWTHEXCITING NEW PRODUCTS IN THE PIPELINE

Pricing Model Sale & Lease Premium Lease Offering Sale & Lease Premium Lease Offering

Target Introduction Q3 2019 Q4 2019 Q3 2020 H2 2020

Orion Rise Orion 49C StarwallOrion Upright

34

TARGET 5% MARKET SHARE (US AND CANADA)

Note: Market share is calculated based on the # of units on participation plus the cumulative amount of units sold to date and estimated to remain on casino floors(1) Per Eilers& Krejcik - Slot & Table Count - 2Q19(2) Other Early Entry jurisdictions include AR, AZ, CT, DE, ID, IA, IL, KS, MD, MA, MN, ND, NE, NJ, NC, OR, SD, WA, WI, WY and the Canadian provinces of British Columbia, Manitoba,

New Brunswick, Nova Scotia, Prince Edward Island, and Saskatchewan. (3) AGS is not currently licensed in U.S. states of AK, CO, KY, ME, MO, RI, VA, WV and the Canadian province of Newfoundland & Labrador. (4) Eilers-Fantini Quarterly Slot Survey

25KINCREMENTAL

SOLD UNITS

1-2KINCREMENTAL RECURRING

REVENUEUNITS

CURRENT2.9% MARKET

SHARE

0.1-0.2%MARKET SHARE

2.5%MARKET SHARE

Market Stage JurisdictionEstimated TotalUnits in State(1)

AGS Estimated Current Market Share

Established

/ Class II

Alabama 6,435 44.0%

Texas 3,751 37.9%

Oklahoma 75,100 13.7%

Ramping

Florida 23,681 11.0%

Montana 17,659 2.9%

California 74,714 2.8%

Early Entry

Indiana 19,820 1.8%

Ontario - CAN 24,777 1.6%

New Mexico 20,055 1.5%

Mississippi 28,964 1.4%

Michigan 30,961 1.1%

New York 35,274 1.0%

Louisiana 41,239 1.0%

Nevada 160,573 0.9%

Alberta - CAN 20,784 0.8%

Ohio 18,882 0.4%

Pennsylvania 24,869 0.4%

Quebec - CAN 17,013 0.0%

Other(2) 298,363 1.7%

Prospective Other(3) 56,241 0.0%

Total 999,155 2.9%

INCREMENTAL SHARE BREAKDOWN

▪ 1.9% market share 2 years ago

▪ Achieved approximately 6% ship share

in the LTM period ending Q2 (4)

35

Slant – 5%

Upright – 15%

Portrait – 65%

DOMESTIC SHIP SHARE BY CABINET TYPE

SHIP SHARE(2)

(1) Approximated recent domestic ship share

Orion Portrait

Orion 49C

Orion Slant

Orion Upright

ICON

Multiple cabinets addressing 85%

of the current market demand

36

EGM - OKLAHOMA

OVERVIEW

37

OKLAHOMA OVERVIEW

$18.00

$20.00

$22.00

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Q1

'18

Q2

'18

Q3

'18

Q4

'18

Q1

'19

Q2

'19

AGS OKLAHOMA RPD(3)

Bluberi 3,418

ICON 1,931

Orion Portrait 1,112

Orion Slant 743

Integrity 2,300

Other 792

TOTAL 10,296

(1) Normalized for the revenue contribution of revenue from Rocket and Integrity

(2) 2016 Oklahoma Total Annual Casino Revenue

(3) Normalized for the impact of Integrity units.

AGS OKLAHOMA INSTALLED BASE

$100.9 $112.6$133.0 $132.8

$43.7$45.7

$54.8 $59.5

2016 2017 2018 LTM 6/30/2019

Oklahoma Gaming Operations Revenue

Non-Oklahoma Gaming Operations Revenue

$144.5

$158.3

$187.8 $192.3

AGS Gaming Operations Revenue

Oklahoma total revenue

of ~$4.4B(2)

38

OKLAHOMA UPDATE

Product Rollout

- Placed ~800 units in Q4 ’18

- Non optimal cabinet mix

- Inefficient title selection

- Focus on optimizing existing footprint

- Centralized decision making

- Strict product rollout execution

Footprint Management

- Passive management of positions

- Underutilization of analytics

- Decentralized oversight

- Reorganized and beefed up gaming operations and analytics team

- More frequent onsite visibility

Sales and Marketing

Organization

- Shift in market

- Growth outpaced leadership

- Limited marketing presence

- New Oklahoma leadership

- New SVP of Sales

- Strategic and targeted marketing campaigns

Previous State New Approach

39

OKLAHOMA UPDATE – EARLY INDICATORS

▪ Touching 1,000 – 1,200 units by the end of 2019 with 1,000 units targeted in H1 2020

• 700 theme changes to date

✓ EX: Overall, resulted in a nearly 50% yield increase

✓ EX: Initial 200 theme changes at premier property, primarily on Slant cabinets,

resulted in a 70% yield increase

• Nearly 100 units of zone changes

▪ Through increasing our resources, we have enhanced the depth and quality of data analysis

▪ Through leveraging long standing relationships, we now have detailed daily performance

reports on ~60% of our Oklahoma installed base

40

EGM DOMESTIC RECURING REVENUE GROWTHGROWING DOMESTIC RECURRING REVENUE

NEW AND EXISTING OFFERINGS TO DRIVE LEASES & RPD LIFT

▪ Great line-up of new premium form factors

▪ ~ 70k domestic premium lease games

▪ Key target US jurisdictions include CA, NV, FL, & MI

▪ Focus on improving yields through strategic optimization with existing and new cabinets

Incremental Units RPD(2)

Annual revenue ($ in mm)

Annual AEBITDA ($ in mm)(3)

100 $50 $1.8 $1.5

Incremental Premium Unit Assumptions

(1) Represents U.S. and Canada market for Premium Leased EGMs

(2) Illustrative RPD for premium leased products

(3) Incremental EGM Adjusted AEBITDA of 80%

41

EGM - INTERNATIONAL GROWTHGROW INTERNATIONAL FOOTPRINT (MOSTLY RECURRING REVENUE)

International

Mexico

Philippines

▪ Initial ALORA units currently installed and live

▪ Monitoring initial performance

▪ ~70,000 unit market size

▪ Currently represent ~10% of the Mexico EGM market

▪ ~88,000 unit market size

▪ Low cost optimization of legacy domestic units

Imm

ed

iate

Up

sid

e

▪ Argentina, Peru and Asia represent future opportunities for growth

Brazil

Fu

rth

er

Up

sid

e

▪ Pending legislation could allow up to 500,000+ video bingo machines

▪ Targeting 8,000-10,000 recurring revenue video bingo machines

42


$55-$75

$15-$20

$5-$10

$10-$15 $230-$270

$45-$70

($ in mm)

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$145 - $150

Int’l $10-$15


43

TABLE PRODUCTS SEGMENT

$15-$20mm

Industry-leading progressive platforms drive

meaningful growth

Successful launch of shuffler business

Increased placements of high-margin premium

games and side bets

“Disruptors” in table equipment market

($ in mm)

1

2

3

4

44

▪ Progressives drive growth with multiple platforms• 775(1) placements of Super 4, Royal 9, Blackjack Match• Bonus Spin, currently 262(1) units placed

• Launching Bonus Spin Xtreme in early 2020▪ Significant upside with a goal of increasing installed base +1,000

incremental units over 3-4 year period

TABLE PRODUCTS GROWTH - PROGRESSIVESPROGRESSIVES AND SHUFFLERS – MOST SIGNIFICANT GROWTH DRIVERS

MULTIPLE PROGRESSIVES PLATFORMS DRIVE MEANINGFUL GROWTH

Estimated Market Size(2)

AGS Estimated Coverage

Blackjack Tables 13,000 7.3%

Baccarat, Craps, Roulette & Other Tables 5,000 2.4%

Incremental Units ALP

Annual revenue ($ in 000s)

Incremental Market Share(2)

100 $400 - $500 $480 - $600 0.8% - 2.0%(3)

Table Products Progressive Installed Base

Incremental Lease Assumptions

(1) As of June 2019

(2) Represents North America market

(3) Represents hypothetical market share increase of 100 incremental units for Blackjack tables and Baccarat, Craps, Roulette & Other tables, respectively.

62

627

947

1,090

2016 2017 2018 6/30/19

45

TABLE PRODUCTS GROWTH - SHUFFLERSPROGRESSIVES AND SHUFFLERS – MOST SIGNIFICANT GROWTH DRIVERS

▪ Currently have 166(1) Dex S shufflers in the field

▪ Goal to obtain 10% of the

poker table market


Poker Tables – Dex S 7,000

Premium Tables – Pax S 5,000

▪ Our new single-deck, hand-forming shuffler, Pax S – to be released in H2 2020

▪ Goal to obtain 10% of the premium table market




100 $350 - $450 $420 - $540 1.4% - 2.0%(3)


(1) As 0f 9/30/19


(3) Represents hypothetical market share increase of 100 incremental units for Premium tables and Poker tables, respectively

46

TABLE PRODUCTS GROWTH - SIDE BETS, PREMIUM GAMES & SIGNAGETABLE GAMES AND SIGNAGE PRESENT ADDITIONAL UPSIDE

▪ Have more than 2,000 side bets units in the field(1)

▪ Driven by our hit titles such as Buster Blackjack, and In Bet/Between

▪ Scheduled to release 2 games in the upcoming year

▪ Currently have more than 160 premium units in the field(1)

▪ Driven by games like Criss Cross Poker

▪ Scheduled to release 12 games in the upcoming year



Blackjack Tables 13,000 13.9%



Premium Tables 5,000 3.3%




100 $75 - $125 $90 - $150 0.8%





100 $500 - $800 $600 - $960 2.0%


SIDE BETS

PREMIUM GAMES

TABLE EQUIPMENT

▪ Diversified offerings with Table Signage, Pit Signage and new ACOT chip tray

▪ Potential to be a disruptor in this category

(1) As of June 2019


(3) Represents hypothetical market share increase of 100 incremental units for Blackjack tables and Premium tables, respectively

47


$55-$75

$15-$20

$5-$10

$10-$15 $230-$270

$45-$70

($ in mm)

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$145 - $150

Int’l $10-$15


48

INTERACTIVE SEGMENT

$5-$10mmReal-Money Gaming presents scalable worldwide

growth opportunities

Growth of social B2B business ($ in mm)

1

2

49

REAL-MONEY GAMING

▪ Live with 12 operators

▪ Games are offered by 19 different suppliers

▪ AGS Top Titles:

UNITED KINGDOM

ONLINE CASINO

MARKET SIZE OF~$2.5B

NEW JERSEY▪ Recently live with Rush Street Interactive

▪ AGS Top Titles:

ONLINE CASINO

MARKET SIZE OF

~$275M

▪ RMG aggregation platform enables AGS to leverage proven content for worldwide distribution in regulated markets like UK, New Jersey, Pennsylvania, Nordics, Italy, Spain, Romania, and Columbia

▪ Approximately 95% of our RMG revenue is from UK and Europe▪ AGS content library expected to more than double in 2020▪ Planning to add proprietary AGS table games

50


$55-$75

$15-$20

$5-$10

$10-$15 $230-$270

$45-$70

($ in mm)

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$145 - $150

Int’l $10-$15


51

TUCK-IN M&A

$10-$15mm Successful integration and growth of previous tuck-

in acquisitions

Identifying new tuck-in opportunities in current and

adjacent product categories and markets($ in mm)

1

2

52


$55-$75

$15-$20

$5-$10

$10-$15 $230-$270

$45-$70

($ in mm)

EG

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$145 - $150

Int’l $10-$15


53

FINANCIAL OVERVIEW

54

Q2 2019 & LTM FINANCIAL PERFORMANCE HIGHLIGHTS

Note: Adjusted EBITDA allows us to add back certain non-cash charges that are deducted in calculating net income and to deduct certain gains that are included in

calculating net income. However, these expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to

short-term results. In addition, in the case of charges or expenses, these items can represent the reduction of cash that could be used for other corporate purposes.

Note: Please refer to appendix for Net Income to Adjusted EBITDA reconciliation

REVENUE ADJUSTED EBITDA

$36.9 $35.5

$36.6 $35.7

Q2 '18 Q2 '19

$238.1

$281.1

$6.2

$8.8

$7.5

$5.3

180

230

280

LTM 6/30/2018 LTM 6/30/2019

EGM Table Products Interactive

$69.3

$71.0

$1.8

$2.4$1.7

$1.1

Q2 2018 Q2 2019

EGM Table Products Interactive

$127.3 $138.5

$126.9$137.1

LTM 6/30/18 LTM 6/30/19

($ in mm) ($ in mm)

Tables: $0.2

Interactive: ($0.5)

Tables: $2.0

Interactive: ($3.3)

Recurring

Revenue

$206.1

Recurring

Revenue

$53.6

Tables: $0.8

Interactive: ($0.6)

Tables: $0.1

Interactive: ($0.4)

$72.8

$74.5

$295.2

$251.8

55

FY 2019 OUTLOOK

($ in mm) FY 2018 2019 Guidance 2019 Growth %

Adjusted EBITDA1 $136.2 $145 - $150 6% - 10%

Capex $66.2 $65 - $69 (2%) - 4%

1) Please refer to appendix for Adjusted EBITDA reconciliation. We have not provided a reconciliation of forward looking total Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss), due primarily to the variability and difficulty in making accurate forecasts and projections of the variable and individual adjustments for a reconciliation to Net income (loss), as not all of the information necessary for a quantitative reconciliation is available to us without unreasonable effort. We expect that the main components of Net income (loss) for fiscal year 2019 shall consist of operating expenses, interest expenses as well as other expenses (income) and income tax expenses, which are inherently difficult to forecast and quantify with reasonable accuracy without unreasonable efforts. The amounts associated with these items have historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

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$32.9

$48.6

$54.6

$1.3

$1.2

$1.1

$6.5

$7.7

$10.5

2016 2017 2018 2019

Purchases of Property and Equipment Purchase of intangible assets Software development and other expendtitures

$40.7

$57.5

$66.2 $65 - $69

CONSOLIDATED CAPEX

($ in mm)

(1) (2) (3)

(1) Purchases of property plant and equipment includes growth capex relating to new EGM lease placements, optimization of the EGM installed base, maintenance capex as well as capitalized corporate expenses.

(2) Purchase of intangible assets includes cash paid for placement fee arrangements securing floor space on long-term contracts(3) Software development and other expenditures is driven primarily by capitalized R&D costs related to new product development

$12 - $13

$3 - $4

$50 - $52

Optimized

~1,500 units

Optimized ~1,600 units

Optimized ~1,850 units

Plan to optimize ~1,600 units

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$(6.2)

$(10.7)

$17.0

$20 - $25

2016 2017 2018 2019

GROWING FREE CASH FLOW

FREE CASH FLOW

Note: 2019 represents estimated free cash flow for the year ended 12/31/2019

Note: Please refer to appendix for Free Cash Flow reconciliation. We have not provided a reconciliation of forward looking Free Cash Flow to the most directly comparable GAAP financial

measure, Net cash provided by operating activities, due primarily to the variability and difficulty in making accurate forecasts and projections of the variable and individual adjustments for a

reconciliation to Net cash provided by operating activities, as not all of the information necessary for a quantitative reconciliation is available to us without unreasonable effort. We expect

that the main components of Net cash provided by operating activities for fiscal year 2019 shall consist of changes in assets and liabilities that relate to operations, which are inherently

difficult to forecast and quantify with reasonable accuracy without unreasonable efforts. The amounts associated with these items have historically and may continue to vary significantly

from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

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FREE CASH FLOW SUPPORTS GROWTH WITH ATTRACTIVE ROI

STRONG FREE

CASH FLOW

SUPPORTS

GROWTH

WITH

ATTRACTIVE

ROI

New Placement (Premium)

New Placement (Core) Optimized Unit

Average Cost per Unit $10,000 $10,000 $10,000

Average RPD Increase(1) $50.00 $25.00 $8.00 - $10.00

Annual Revenue ( in 000’s) $18,250 $9,125 ~$3,000

Payback (Years) < 1 < 2 ~ 3

▪ Reinvestment in high ROI growth

▪ New premium lease products allow for opportunity for more attractive returns

(1) Illustrative RPD for premium and core placements and incremental lift from optimized units

Payback Example

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12/31/2018 6/30/2019 Rate Maturity

Capitalization

Cash $71 $18

$30 million existing revolver – – L+5.50% 06/06/22

First lien term loan 538 535 L+3.50% 02/15/24

Other 1 1

Total first lien debt $539 $536

Total debt $539 $536

Total net debt $468 $518

LTM Adjusted EBITDA $136 $137

Net leverage 3.4x 3.8x

Integrity LTM Adjusted EBITDA – $7

Post-Integrity LTM Adjusted EBITDA(1) $136 $144

Adjusted total net debt leverage ratio(1) 3.4x 3.6x

CAPITAL STRUCTURE OVERVIEW

(1) Includes the trailing twelve month estimated impact of significant acquisitions' Adjusted EBITDA (Integrity), adjusted for the time period for which they are included in AGS's results.

CAPITALIZATION

▪On September 4, 2019, AGS repriced its $30 million revolving credit facility by 200 basis points to LIBOR plus 350 basis points with additional 25 bps reduction upon a Moody’s upgrade

($ in mm)

60

CAPITAL STRUCTURE OVERVIEW


6.5x

6.1x

3.4x3.6x

2016 2017 2018 LTM 6/30/19

ADJUSTED NET LEVERAGE(1)

($ in mm)

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APPENDIX

62

TOTAL ADJUSTED EBITDA RECONCILIATION

▪ Write downs and other include items related to loss on disposal or impairment of long lived assets, and fair value adjustments to contingent consideration

▪ Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off

• Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature

▪ Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements

▪ New jurisdiction and regulatory license costs relate primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

▪ Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

▪ Acquisition & integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket and Gameiom, to integrate operations

▪ Non-cash stock compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards

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2

3

4

5

6

7

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234567

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8

12345678

($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2017

Net loss attributable to PlayAGS, Inc. ($12.4) ($20.1) ($4.1) ($8.5) ($45.1)

Income tax expense (benefit) 2.2 1.3 1.1 (6.5) (1.9)

Depreciation and amortization 18.5 18.2 16.9 18.1 71.6

Other (income) expense (2.8) (1.5) (0.5) 1.9 (2.9)

Interest income (0.0) (0.0) (0.0) (0.0) (0.1)

Interest expense 15.2 14.6 12.7 13.1 55.5

Write downs and other 0.2 1.9 0.5 1.8 4.5

Loss on extinguishment and modification of debt – 8.1 – 0.9 9.0

Other adjustments 0.6 0.9 0.5 0.8 2.9

Other non-cash charges 2.1 1.8 1.6 2.3 7.8

New jurisdiction and regulatory licensing costs 0.2 0.5 0.6 0.8 2.1

Legal & litigation expenses including settlement payments 0.4 0.2 0.2 (0.2) 0.5

Acquisition & integration related costs 0.6 0.2 0.1 2.0 2.9

Non-cash stock compensation – – – – –

Adjusted EBITDA $24.9 $26.1 $29.4 $26.4 $106.8

($ in mm)

Adj. EBITDA reconciliation Q1 Q2 Q3 Q4 2018

Net (loss) income attributable to PlayAGS, Inc. ($9.5) ($5.3) $4.3 ($10.3) ($20.8)

Income tax (benefit) expense (12.4) 7.0 (3.5) 0.6 (8.4)


Other expense (income) 9.2 0.5 0.4 0.4 10.5

Interest income (0.1) (0.0) (0.1) (0.0) (0.2)



Loss on extinguishment and modification of debt 4.6 – – 2.0 6.6



New jurisdiction and regulatory licensing costs – – – – –

Legal & litigation expenses including settlement payments – 0.8 (0.0) 0.2 1.0


Non-cash stock compensation 8.2 0.5 0.5 1.8 10.9

Adjusted EBITDA $34.5 $36.6 $33.6 $31.5 $136.2

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TOTAL ADJUSTED EBITDA RECONCILIATION

▪ Write downs and other include items related to loss on disposal or impairment of long lived assets, and fair value adjustments to contingent consideration

▪ Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off

• Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature

▪ Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements

▪ New jurisdiction and regulatory license costs relate primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

▪ Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

▪ Acquisition & integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket and Gameiom, to integrate operations

▪ Non-cash stock compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards

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2

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($ in mm) LTM

Adj. EBITDA reconciliation Q3 '17 Q4 '17 Q1 '18 Q2 '18 6/30/2018

Net loss ($4.1) ($8.5) ($9.5) ($5.3) ($27.5)

Income tax expense (benefit) 1.1 (6.5) (12.4) 7.0 (10.8)


Other (income) expense (0.5) 1.9 9.2 0.5 11.1

Interest income (0.0) (0.0) (0.1) (0.0) (0.1)



Loss on extinguishment and modification of debt – 0.9 4.6 – 5.5



New jurisdiction and regulatory licensing costs 0.6 0.8 – – 1.3

Legal & litigation expenses including settlement payments 0.2 (0.2) – 0.8 0.8


Non-cash stock compensation – – 8.2 0.5 8.6

Adjusted EBITDA $29.4 $26.4 $34.5 $36.6 $126.9

($ in mm) LTM

Adj. EBITDA reconciliation Q3 '18 Q4 '18 Q1 '19 Q2 '19 6/30/19

Net (loss) income $4.3 ($10.3) ($0.1) ($7.6) ($13.6)

Income tax (benefit) expense (3.5) 0.6 (5.8) (0.1) (8.8)


Other expense (income) 0.4 0.4 5.3 (0.0) 6.0

Interest income (0.1) (0.0) (0.0) (0.0) (0.2)



Loss on extinguishment and modification of debt – 2.0 – – 2.0



New jurisdiction and regulatory licensing costs – – – – –

Legal & litigation expenses including settlement payments (0.0) 0.2 – 0.0 0.2


Non-cash stock compensation 0.5 1.8 1.2 2.2 5.7

Adjusted EBITDA $33.6 $31.5 $36.3 $35.7 $137.1

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FREE CASH FLOW RECONCILIATION

($ in mm)2016 2017 2018

Free Cash Flow Reconciliation

Net cash provided by operating activities 34.5$ 44.0$ 45.5$

Purchase of intangible assets (1.3) (1.2) (1.1)

Software development and other expenditures (6.5) (7.6) (10.5)

Purchases of property and equipment (32.9) (48.6) (54.6)

Payments-in-kind interest payments - 2.7 37.6 Free Cash Flow (6.2)$ (10.7)$ 16.9$

▪ Purchase of intangible assets includes cash paid for placement fee arrangements securing floor space on long-term contracts

▪ Software development and other expenditures is driven primarily by capitalized R&D costs related to new product development

▪ Purchases of property plant and equipment includes growth capex relating to new EGM lease placements, optimization of the EGM installed base, maintenance capex as well as capitalized corporate expenses.

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NET LEVERAGE RECONCILIATION

12/31/2016 12/31/2017 12/31/2018 LTM 6/30/2019

Total debt $572 $668 $539 $536

Less: Cash and cash equivalents 18 19 71 18

Net Debt $554 $649 $468 $518

LTM Adjusted EBITDA $85 $107 $136 $137

Total net debt leverage ratio 6.5x 6.1x 3.4x 3.8x

Integrity LTM Adjusted EBITDA $- $- $- $7

Post-Integrity LTM Adjusted EBITDA(1) $85 $107 $136 $144

Adjusted total net debt leverage ratio(1) 6.5x 6.1x 3.4x 3.6x

NET LEVERAGE RECONCILIATION

($ in mm)


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