Galaxy Gaming, Inc. (OTCQB: GLXZ) is a gaming company that’s engaged in the business of designing, manufacturing and acquiring proprietary casino table games and associated technology, platforms and systems for the global gaming industry. The company’s current base of products includes over 4,000 gaming tables located in more than 500 casinos, making it the world’s largest independent provider of proprietary table games.
Leveraging a formidable portfolio of intellectual property related to its unique game concepts, Galaxy markets its products to land-based, riverboat and cruise ship gaming establishments, as well as internet gaming companies, in order to enhance their gaming floor operations and improve profitability, productivity and security.
In the first quarter of 2015, Galaxy achieved a 14 percent year-over-year increase in total revenue, recording more than $2.5 million for the period. Despite a 15 percent year-over-year decrease in adjusted EBITDA for the quarter, Galaxy’s management team is optimistic about the strength of the company’s market position moving forward.
“The first quarter has historically been the period we see the lowest revenue growth rates of the year,” Gary A. Vecchiarelli, chief financial officer of Galaxy, stated in a news release. “While several factors contributed to our first decrease of recurring revenues in the last three years, we are not concerned it will have impact on future quarters. Our adjusted EBIDTA and fundamentals of the business remain strong and we expect a strong 2015.”
In April, Galaxy took a significant step toward continued growth when it achieved approval from the Kansas Racing and Gaming Commission to conduct business directly with state-owned casinos. This should provide the company with a platform for considerable industry growth in the months to come. According to a report by the Kansas Lottery, Kansas’s three state-owned casinos are expected to account for more than $336 million in gaming revenue during 2015.
“This approval now opens the door for us to conduct business directly with Kansas casino operators,” stated Robert Saucier, chief executive officer of Galaxy. “We now intend to aggressively increase our presence there and expand our already established great partnerships with many of the prosperous casino resorts located in that market.”
Under the leadership of a proven management team, Galaxy is in a strong position to increase its industry presence within the thriving casino industry in the years to come. According to a report by Statista, global casino gaming revenue has experienced consistent growth since 2009, climbing to forecast revenue of more than $182 billion in 2015. For prospective investors, Galaxy’s strategic position within one of the most consistently performing sectors of the global economy could translate into sustainable returns moving forward.
For more information, visit www.galaxygaming.com