Las Vegas headquartered Galaxy Gaming has published its preliminary financial results for the fiscal year ending December 31, 2019, as the firm also provides updates on the global COVID-19 pandemic.
The developer and distributor of casino table games and systems, which is to file a full financial report later in the month, anticipates revenue for the full year to reac $21.3m, which would represent a 14.5 per cent increase from $18.6m.
Furthermore, Galaxy Gaming, which purchased all of the equity interests in Progressive Games Partners for $12.425m last month, anticipates that adjusted EBITDA will record a 33.3 per cent jump from $6.6m to $8.8m.
The company also expects to report that cash was $9.7m and long-term gross debt was $48m, including $39.1m of subordinated debt issued in connection with the redemption transaction in May 2019.
Concluding Galaxy Gaming released the following comments on the spread of coronavirus: “On March 16, 2020, the company announced that it would suspend billing its customers whose casinos are closed for the duration of such closure.
“The company also stated that it had sufficient cash on hand to continue to pay its employees through the duration of the casino closures. In addition to the cash on hand, the company drew down $1m on its revolving credit facility.
“The company currently estimates that it has sufficient liquidity to maintain its current operations for a period of time that extends well beyond the expected duration of casino closings.”