n his new role, Lofgren will be responsible for streamlining American Gaming Systems’ entrance into new markets, optimizing the performance of the sales force, improving the game development process through customer and market data feedback, developing strategic alliances and investigating potential merger and acquisition activities. Lofgren will report directly to Chairman and Interim President and CEO Robert L. Miodunski.
With nearly 25 years of experience in the gaming industry, Lofgren has extensive business experience at the executive level in operations, business development, finance, acquisitions and international business and has overseen worldwide operations that have included game development, project management, manufacturing and sales and marketing. His work history has given him unique and broad exposure to essentially all segments of the industry, including casino, lottery, horse racing, bingo, AWP and redemption markets, from both regulatory and business perspectives.
Prior to joining AGS, which is privately held by San Francisco-based Alpine Investors, Lofgren was the principal of the company he founded, Redhorse Advisory Group, which provides expertise and resources to a select group of gaming clients who benefit from its services through improved performance, entrance into new markets or evaluation of new products and investments.
Prior to Redhorse, Lofgren held the position of Executive Vice President of Bally Technologies. From 1999 to 2005, he was EVP and General Manager for Bally Gaming and responsible for its worldwide daily management that included more than 800 employees and activity in more than 250 jurisdictions. During his tenure, he was responsible for growing the gaming machine division from an unprofitable business with operating income of less than us$ 10 million to operating income of more than us$ 100 million while boosting total revenue by more than 300 % to us$ 375 million.
Lofgren, who holds a BBA degree from the University of San Diego, has also held various management positions with Alliance Gaming, Video Lottery Technologies and the Nevada Gaming Control Board.
“The appointment of Paul to this important position is another step forward as we position American Gaming Systems to be a stronger player among domestic gaming machine companies,” Miodunski said. “His vast experience and strong contact base will immediately boost our sales efforts while also allowing us to explore new business opportunities.”
“It didn’t take long for me to realize the great potential AGS has moving forward and I’m excited to be part of a team that is growing in stature every day,” Lofgren said. “We will build on the success AGS enjoys in existing markets and actively expand into new markets that are looking for different machine options, entertaining game content and innovative gaming solutions in general. The combined capabilities of AGS and Alpine also represent a unique opportunity to accelerate some of Redhorse’s current initiatives and should provide good synergies for all going forward.”
AGS’ current portfolio of products includes Class III and Class II slots, Class III and Class II server-based gaming and wide-area progressives. AGS is a leader in the Class II space, providing video machines to tribal markets, and has sales, service and development centers in Nevada, California, Illinois, Oklahoma, South Carolina and Canada.
The firm’s current list of market approvals includes Oklahoma, California, Florida, New Mexico, Michigan, Maryland, Washington, Texas, New York, Louisiana and South Dakota and is seeking regulatory approvals and gaming licenses in new jurisdictions every month.