Galaxy Gaming, headquartered in Las Vegas has announced its preliminary financial results for the fiscal year ending 31 December 2019, while the organisation also offers updates on the global COVID-19 pandemic.
Casino table games and devices manufacturer and distributor, which is to file a full financial report later in the month, anticipates sales for the full year to respond to $21.3m, which would mark a $18.6m rise of 14.5 percent.
In addition, Galaxy Gaming, which last month acquired all the equity interests in Progressive Games Partners for $12,425 million, anticipates that the adjusted EBITDA would report a 33.3 percent leap from $6.6 million to $8.8 million.
The company also plans to record $9.7 million in cash, and $48 million in long-term gross debt, including $39.1 million in subordinated debt issued in May 2019 in conjunction with the redemption deal.
Concluding Galaxy Gaming reported the following findings on coronavirus spread: “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.”