Gambling in the USA
Galaxy Gaming Reports Financial Results for Q1 2020
Casino table games developer and distributor Galaxy Gaming has announced its financial results for the fiscal quarter ended 31 March 2020.
Financial Highlights
Q1 2020 vs. Q1 2019
Revenue decreased 15.9% to $4,494K
Adjusted EBITDA decreased 25.7% to $1,501K1
Net income decreased 74.7% to $117K
Balance Sheet Changes (vs. 31 December 2019)
Cash increased 14.1% to $11,051K
Total debt (gross) increased 1.2% to $48,613K
Stockholders’ deficit decreased 1.0% to ($27,351)K
“The industry we serve experienced unprecedented disruption beginning in the middle of March. Almost every one of our clients in the physical casino world closed in response to the COVID-19 pandemic. We decided and announced that we would not bill them while they were closed, meaning that we earned no revenue from them in the second half of March. During this time, our focus was on the health and safety of our team who, while working remotely, went above and beyond to assist each other and our clients in working through these new challenges and constraints. We were pleased that online gaming continued to perform well during the shutdown, and we expect this business line to increase in importance to us,” Todd Cravens, President and CEO of Galaxy Gaming, said.
“We were fortunate to have a significant amount of cash when the shutdowns started. In addition, we drew down the full $1 million available on our revolving line of credit to supplement those balances. That liquidity allowed us to keep the team intact and to meet our financial obligations during the shutdown. We were in compliance with the covenants in our bank credit agreement at the end of Q1 2020. Subsequent to the first quarter, we applied for and received $835 thousand in financing under the SBA’s PPP program,” Harry Hagerty, CFO of Galaxy Gaming, said.
Gambling in the USA
Gila River Resorts & Casinos hosts $5.9 million Big Game prop play contest
Gambling in the USA
Spinomenal makes US debut with New Jersey market entry
Spinomenal, the leading iGaming content provider, has made its US debut after launching an exciting collaboration with a leading operator in the state of New Jersey, and is anticipating many more valuable collaborations with top tier online casinos.
Following impressive growth rates, Spinomenal is making a major move into the New Jersey iGaming market, marking a key step in its global expansion. By entering this crucial U.S. region, Spinomenal will bring its innovative games to a new audience, strengthening its presence and leadership in the iGaming industry.
Spinomenal’s specially selected titles will be going live via Pariplay’s Fusion aggregation platform in the New Jersey market. Some of the outstanding titles being made available for NJ players are Demi Gods II, Majestic Wild Buffalo and Kitsune’s Scrolls.
This marks a major milestone in Spinomenal’s strategic expansion plan, as this debut establishes the company’s initial presence within the New Jersey market, with further growth anticipated across the US iGaming ecosystem. This move underscores Spinomenal’s commitment to expanding its global footprint and further solidifying its position as a leader in the online casino industry.
Lior Shvartz, CEO for Spinomenal commented: “After a decade of establishing and positioning Spinomenal as a leading provider in the iGaming industry, we have now taken a big leap and will provide our exciting content to the esteemed New Jersey audience. We are highly optimistic about entering this prominent market, following the process of obtaining approval from the DGE.”
Gambling in the USA
Mechoopda Casino to Suspend Operations Effective January 31, 2025
The Mechoopda Indian Tribe has announced that the Mechoopda Economic Gaming Authority (MEGA) Board has made the decision to suspend operations at Mechoopda Casino. The final day of operations will be Friday, January 31, 2025.
The Mechoopda Casino says this decision comes after months of deliberation and efforts to address the various challenges affecting the casino’s operations.
Dennis Ramirez, Tribal Chairman of the Mechoopda Indian Tribe, said: “Suspending operations at the Casino is a heart-wrenching decision that affects not only our Tribe but also our valued employees, customers, and the surrounding community. While this chapter is closing, our commitment to the Casino’s long-term vision remains steadfast. For over 25 years, this project has been a cornerstone of our economic development goals, and we will continue to work toward its future reopening.”
The Tribe is taking steps to support both its employees and community partners during this transition period:
Employee Support: The Tribe is committed to offering resources and guidance to assist team members through this difficult time.
Remaining Open Until January 31: The Casino will remain open through its final day of operation, giving guests the opportunity to enjoy the remaining days of service.
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