Press Releases
GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS
Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced its financial results for the quarter ended March 31, 2024.
Financial Highlights
Q1 2024 vs. Q1 2023
- Revenue (net) increased 8% to $8,001K, a record
- Revenue (gross) increased 18% to $9,660K, a record
- Net income increased 89% to $209K
- EBITDA increased 7% to $3,009K
- Adjusted EBITDA increased 3% to $3,171K
Balance Sheet Changes (vs. December 31, 2023)
- Cash increased 5% to $17,487K
- Total long-term debt1Â (gross) decreased to $58,187K from $58,431K
- Stockholdersâ deficit decreased to $(17,899)K from $(18,243)K
Executive Comments
âThe first quarter of 2024 showed continued growth at the top and bottom lines,â said Matt Reback, President and CEO. âBoth gross and net revenue were records, and by significant margins.  And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6 million in perpetual license sales as compared to $805 thousand in Q1 24. While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 24 as compared to 85% in Q1 23.
âIn the Core sector of our business, Gross Revenue for the quarter was up $1.0 million (20%) and Net Revenue grew by $225 thousand (+4%). Our distribution of EZ BaccaratÂź, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector. Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year. In our iGaming sector, revenues were up 14% on a gross basis and 16% after netting out royalties.
âWe have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months.â concluded Reback. âThis has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.â
âWe were cash flow positive in the quarter and ended with $17.5 million in cash,â added CFO Harry Hagerty. âOur loan from Fortress Credit Corp. requires our net leverage not to exceed 5.0x at any of the quarter-ends in 2024, and at the end of Q1 we were at 3.8x, comfortably in compliance. It remains our intention to reduce our net leverage by focusing on both EBITDA growth and debt reduction and to pursue sensible refinancing opportunities.
âOur Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a Forward-Looking Statement subject to our safe harbor language below. Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.â
Gambling in the USA
Industry veteran joins North American operator as chief interactive gaming officer to drive growth in iCasino states and efficiencies in its online sportsbook
Delaware North, a global hospitality and entertainment company with a significant gaming division, has named industry veteran Lee Terfloth as chief interactive gaming officer as it pushes ahead with ambitious plans for its digital offering.
Terfloth has an impeccable track record across some of the biggest land-based and online gaming operators in North America, including Borgata, Resorts Digital, Hard Rock and, most recently, Prime Sports, where he was chief executive officer.
As chief interactive gaming officer at Delaware North, Terfloth will be responsible for two core objectives: Expanding the operatorâs Betly mobile sportsbook and casino brand into additional iGaming states while also reviewing its sportsbook business to improve operational efficiency.
The appointment of Terfloth comes hot on the heels of news that Delaware North has chosen to migrate to Playtechâs powerful online sportsbook and casino platform in the states of Ohio, Arkansas, Tennessee and West Virginia.
Jason Gregorec, president of Delaware Northâs gaming division, said:
âLee Terfloth is a high-caliber senior iGaming executive who has played a key role in launching and growing interactive gaming divisions at some of the most established and renowned gambling operators in North America.
âWe are delighted to be able to leverage this experience and knowledge as we ramp up our own online gaming division via our Betly brand, which has already gained traction in key online sports betting and iGaming states such as Ohio, Arkansas, Tennessee and West Virginia.
âIâd like to officially welcome Lee to the team and look forward to working with him as we deploy our ambitious plans for online gaming across regulated U.S. states,â Gregorec said.
Lee Terfloth, chief interactive gaming officer at Delaware North, added: âIâm thrilled to join Delaware North at a pivotal time for the business as it shifts up a gear with its activity in the online gaming space.
âBetly is an incredibly strong brand and now that we are migrating to the Playtech platform, we have the technological foundation to really level up our activity in terms of markets and the quality of the experience we offer to players.
âI have plenty of experience working with operators at this stage in their lifecycle and look forward to working with the incredible team we have in place to not only meet but exceed the goals the business has set for its interactive division,â Terfloth said.
Latest News
ClickOut Media discusses use of AI to embrace marketing and HR opportunities
The digital age has unlocked a wealth of possibilities for Human Resources (HR), transforming traditional workflows into dynamic, global opportunities. Artificial Intelligence (AI) and advanced computer technologies are no longer just enablers, they have become the go-to tools in transforming recruitment and workplace management while adhering to the creative potential of industries like marketing.
For multi-channel marketing firms like ClickOut Media, renowned for crafting stories that connect people and brands, the question is no longer if these tools can be transformative but rather how they can be used efficiently to spark innovation, enhance collaboration, and expand the global reach of their campaigns.
AI in HR
AI has revolutionised the âfirst stepsâ in recruitment, from applicant sourcing to CV screening, face-to-face interviews, and beyond. Using AI tools to carry out these processes has created a more streamlined workflow, resulting in diverse and inclusive teams. For creative industries such as digital marketing, this diversity brings invaluable perspectives from various individuals that can enrich campaigns and strategies.
ClickOut Media thrives on team collaboration, and when AI is paired with the companyâs ethos of encouraging charismatic and connected teams, the result is not just to foster efficiency but to invite synergy, too. It is the blend of streamlined workflow and human insight that enhances the personalisation that is critical to their storytelling success.
This raises the question: could AI increase workplace efficiency while improving human relationships and marketing campaigns?
Reaching across borders
With a global outlook and a commitment to bespoke solutions, ClickOut Media demonstrates how AI tools can enhance creativity and teamwork beyond borders. Video platforms like Google Meet, Zoom, and Teams have redefined collaboration, allowing firms to transcend geographical barriers and build partnerships across time zones.
In addition to facilitating seamless communication, AI-powered notetakers and transcription tools add another layer of efficiency to remote teamwork. By streamlining workflows and reducing manual tasks, AI not only enhances collaboration but also drives productivity across global teams.
By championing the power of AI and digital tools, ClickOut Mediaâs commitment has enabled the company to build and sustain a robust, fully remote workforce featuring account managers, technical leads, and marketing leads.
As a digital marketing agency that is deeply rooted in data and technology, the company has consistently excelled in its field. With years of experience and unwavering aid provided at every stepâregardless of whether employees are working in an office environmentâthis level of support would not be possible without the use of AI.
Moreover, ClickOut Media doesnât stop using technology to optimise workflow, it leverages these tools to embrace multicultural perspectives, ensuring campaigns resonate with diverse audiences. By integrating AI into HR practices, the company is expanding its reach while redefining global engagement and creativity standards.
Finding the perfect balance
The real challenge of AI lies not in its adoption but in its integration, navigating a way for companies to harness digitalisation tools without losing the human essence that drives personal connections and evokes out-of-the-box media strategies.
At ClickOut Media, the answer lies in finding the perfect balance. By using AI for menial tasks, like scheduling interviews or managing leave requests, HR teams can focus on what truly matters – building authentic team relationships and cultivating an environment where imagination thrives.
This approach doesnât replace human interaction, it amplifies it and enables a company to maintain its collaborative spirit while embracing innovation, creating a workplace where employees feel connected and valued and clients experience campaigns that resonate well.
Is AI the future?
As AI reshapes the workplace, the focus shifts to the possibilities unlocked by deliberate and thoughtful tool integration. ClickOut Media is paving the way for a future where technology and humanity coexist seamlessly, and AI is steadfastly being used to empower creativity and inspire new ideas across the globe.
The future isnât about how to adopt technology, it is about mastering its potential to transform challenges into opportunities, and ideas into impact.
So, in this new era, the choice is clear – adapt, innovate, and evolve, or risk being left behind in the wake of those who do.
Poker
CELEBRATE THE FESTIVE SEASON WITH ACR POKER’S CHRISTMAS SPECIAL MULTI-DAY PKO TOURNEY
2024-Poker players looking to celebrate the holidays and unwrap big wins are heading to ACR Poker. The popular worldwide poker site is kicking off the festivities with its Christmas Special Multi-Day progressive knockout (PKO) tournament, starting Sunday, December 22nd.
Featuring a $55 buy-in, a $200,000 guaranteed prize pool, and a variety of flights to choose from, the Christmas Special Multi-Day PKD is designed to easily slot into any schedule, making it ideal for players looking to make the most of the holidays while competing for huge prize money and bounties.
“Our Christmas Special PKO tourney offers players a chance to dive into exciting poker action and earn big cash rewards over the festive period, all for just $55,” said ACR Pro Chris Moneymaker. “Check out the flexible schedule of flights and compete for your share of the $200K GTD prize pool to kick start your new year.”
The first flight begins on Sunday, December 22nd at 2:05pm ET, with the final flight on Sunday, December 29th at 12:05pm ET, and Day 2 action wrapping up the tourney in a festive finale later that day at 4:05pm ET. Players who want to spice things up can also explore staking another player or selling part of their action.
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