Casino table games developer Galaxy Gaming has received a loan of $4m from Zions Bancorporation through the Nevada State Bank and the Main Street Priority Loan Program actioned as part of the US government’s CARES Act in March.
It is designed to assist businesses in face of the Covid-19 pandemic. Todd Cravens, Galaxy CEO, said: “Our igaming business remains robust, but the land-based casino industry in the second and third quarters of this year varied widely by geography.
“New restrictions have just been announced in the UK as well as other domestic markets. These Main Street funds increase our ability to ride out any short-term downturns that might result from regional efforts to fight the pandemic.”
His CFO, Harry Hagerty, said: “The loan has given us a flexible and relatively inexpensive source of funding with which to address the uncertainties ahead.” He said that pro forma for the Main Street loan, Galaxy’s cash at September 30 would have been around $6.6m.