Galaxy Gaming takes 15.9 per cent hit

There was a 15.9 per cent hit for Galaxy Gaming, the supplier of table games and wagering platforms, based in Las Vegas, as a result of the pandemic.

The company’s results for the first quarter of the year showed revenue down to $4.4m and EBITDA down 25.7 per cent to $1.5m while net income fell 74.7 per cent to $117,000.

President and CEO Todd Cravens pointed out that all of its customers in land-based gaming closed down in face of Covid-19. “We decided that we would not bill them while they were closed, meaning that we earned no revenue in the second half of March.”

CFO Harry Hagerty said that the company was fortunate to hold significant cash when the lockdown started and additionally the company drew the full $1m available on its revolving line of credit to supplement the balances.