iodunski, who guided one of the most remarkable corporate turnarounds in the gaming industry as CEO of Alliance Gaming Corp., was lured out of retirement by San Francisco-based Alpine Investors, which has stated its intent to make AGS a more influential player in the gaming equipment market.
He retired as CEO of Alliance Gaming in September 2004 after a 5-year run that saw the company’s split-adjusted publicly traded stock price move from below us$ 2 to more than us$ 100. During his tenure, Alliance’s Bally Gaming and Systems business unit experienced tremendous growth, and coupled with several key technology acquisitions, set the stage for the company to become Bally Technologies and assume a powerful leadership position among global gaming suppliers.
AGS’ current portfolio of products includes Class III and Class II slots, Class III and Class II server-based gaming and wide-area progressives, most with an emphasis on locals play. AGS is a leader in the Class II space, providing video machines to tribal markets, and has offices in Nevada, Illinois, Oklahoma, South Carolina and Canada, with a satellite service presence in a number of other jurisdictions. AGS’ current list of market approvals includes Oklahoma, California, Florida, New Mexico, Michigan, Maryland and Washington and is seeking regulatory approvals and gaming licenses in new jurisdictions every week.
“Alpine has decided to put strong financial backing behind and specific emphasis on its investment in AGS,” said Graham Weaver, President of Alpine Investors, “and Bob Miodunski delivers the credibility, the leadership and the motivation we need to take AGS to another level.”
“The opportunity to take a profitable and growing technology company and push it into the mainstream of gaming suppliers was simply too good to pass up,” said Miodunski, who has focused on real estate development since departing from the gaming industry in 2004. “Alpine Investors is dedicated to building on an impressive foundation and product line that already exists. Our plan is to identify a high-caliber President and CEO that I will work with while retaining my position as Chairman.”
Before forming Alpine Investors, Weaver was VP at Oak Hill Capital Management, the private equity investment arm for the Robert M. Bass organization. Prior to that, he worked at American Securities Capital Partners, a private equity firm focused on the middle-market. Weaver began his career at Morgan Stanley Capital Partners, Morgan Stanley’s private equity fund. He graduated with highest honors from Princeton University and received an MBA from Stanford University’s Graduate School of Business.
Prior to taking over as CEO of Alliance Gaming, Miodunski served as President of Alliance business unit United Coin Machine Co. His professional background also included senior management positions at Federal Sign Co. and several technology-based companies earlier in his career. Miodunski holds a mechanical engineering degree from the University of Missouri and an MBA from the University of Dallas.