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Galaxy Gaming revenue and earnings increase in 2019

News

Table games supplier Galaxy Gaming’s revenue increased 14.5% to $21.3m for 2019 and said it remains confident that it has the funds to survive the closure of many casinos due to the outbreak of Covid-19.

The business’s earnings before interest, tax, depreciation and amortisation EBITDA, meanwhile, came to $8.8m, up 33.3% year-on-year.

The business ended 2019 with cash reserves of $9.7m and long-term debt of $48.0m.

As a land-based supplier, the casino closures and social distancing measures caused by the outbreak of the novel coronavirus disease (Covid-19) have had a major effect on Galaxy in 2020.

Earlier this week, has suspended billing any casinos that have closed due to the outbreak.

“The world has changed drastically in the past week and our customers appear to be among the hardest hit, with mandatory closures in several jurisdictions and more likely to come,” Todd Cravens, Galaxy’s president and chief executive said at the time. “These closures will put incredible burdens on our customers with respect to their own customers and employees and we don’t want to add to those burdens.”

Galaxy said it estimates that it has enough liquidity to maintain its current operations for a period of time “that extends well beyond the expected duration of casino closings”.

The supplier said the results presented are estimates based on preliminary financial data. As such, the figures could be liable to change and other financial information such as the supplier’s net result will be available on 27 March.

In 2020 the supplier has expanded its business through the $12.4m acquisition of  Progressive Games Partners (PGP), announced in February this year.

Under the agreement, Galaxy will acquire 100% of the equity interests in PGP, which owns the exclusive global online rights to a range of proprietary casino table games.