Galaxy Gaming: 'Industry not out of the woods'

Galaxy Gaming saw its third quarter revenues sink by 67 per cent to US$1.7m.

The developer of table games and systems for land-based casinos and igaming reported that in the nine months to end June its adjusted EBITDA decreased to $36,000, down 98 per cent triggering a net loss of $1.2m against net income of $580,000.

The company also reported that its cash went down by 72 per cent to $2.6m while its long-term liabilities increased to $48m.

Todd Cravens, CEO, said: “The highlight of quarter three was the acquisition of Progressive Games Partners, strengthening our position in the online segment. In the physical casino sector we saw an improvement over the second quarter, but it is clear that the industry is not out of the woods yet.

“We used a significant amount of cash in the PGM acquisition but with the recent completion of the Main Street financing, our liquidity remains adequate.”