Other OTC:GLXZ
Galaxy Gaming Reports Q4 and Full Year 2022 Financial Results
LAS VEGAS, March 31, 2023 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced today its financial results for the quarter and year ended December 31, 2022.
Financial Highlights
Q4 2022 vs. Q4 2021
- Revenue increased 5% to $5,940K
- +14% to $6,453K at constant currency
- Adjusted EBITDA increased 30% to $3,153K
- Q4 2022 benefited from one-time payroll tax benefit of $575k (net)
- Net income declined from $598K to $55K
Full Year 2022 vs. Full Year 2021
- Revenue increased 17% to $23,442K
- +23% to $24,632 at constant currency
- Adjusted EBITDA increased 21% to $10,534K
- Net loss of $(1,733)K vs. net income of $2,112K
Balance Sheet Changes (vs. December 31, 2021)
- Cash increased 14% to $18,238K
- Total long-term debt1 (gross) decreased to $59,741K from $60,500K
- Stockholdersâ deficit increased to $(17,885)K from $(17,286)K
1 Includes current portion.
Executive Comments
âIn spite of the headwinds from exchange rates, interest rates and inflation rates, we had a solid quarter and ended 2022 on a good trajectory,â said Todd Cravens, Galaxyâs President and CEO.  âAt constant currency, revenues for both the quarter and the year would have been new records for Galaxy. We enter the current year with several new games coming to market, and we will be installing the first of our Galaxy Operating System (âGoSâ) progressives beginning in Q2.  We expect double-digit revenue increases in our online business in 2023, and expect revenue growth in the GG Core business to accelerate over the course of the year as GoS systems get installed, along with new content. We are working on upgrades and enhancements to GoS and expect to present GoS 2.0 at G2E in October.â
âSome adjustments need to be made to our reported numbers to make them more comparable to the respective 2021 figures,â said Harry Hagerty, Galaxyâs CFO. âFor the quarter, using last yearâs exchange rates adds $512K to revenue. Our Adjusted EBITDA in the quarter benefitted from $575K in ERTC credits, which should be removed for comparability. Applying both adjustments results in pro forma revenue of $6,453K (+14%) and pro forma EBITDA of $3,090K (+43%). For the year, using last yearâs exchange rates adds $1,189K to revenue, and Adjusted EBITDA benefitted from the same $575K ERTC credit. Applying both adjustments results in pro forma revenue of $24,632K and pro forma EBITDA of $11,149K.
âThe currency comparisons impacted in the GG Digital operating segment more than the GG Core segment. For the quarter, revenue in GG Core was $3,944K ($4,036 in constant currency) vs. $3,951k in Q4 2021. In GG Digital, we had revenues of $1,996 in Q4 2022 ($2,416 in constant currency) vs. $1,719 in Q4 2021.  For the year, revenue in GG Core was $15,399K ($15,685K in constant currency) vs. $13,556k in 2021. In GG Digital, we had revenues of $8,043 in 2022 ($8,946 in constant currency) vs. $6,428in 2021.
âWe are very comfortably in compliance with the Net Leverage covenant in our credit agreement with Fortress. Our Net Leverage was 4.0x at year-end vs. a maximum allowable of 8.0x (stepping down to 6.0x in 2023). The interest we pay on the term loan has increased sharply as short-term benchmarks increased over the last three quarters of 2022. We expect interest expense to be close to $9.0 million in 2023 based on a benchmark rate of 5.0% for the remainder of the year. We expect to generate Adjusted EBITDA in excess of interest expense and amortization in 2023, and we will also maintain significant cash balances in order to allow us to pay the interest and amortization if business trends deteriorate. We hope to be able to refinance the Fortress debt in Q4 2022 when the prepayment penalty lapses.
âFor 2023, we are forecasting revenue in a range of $26-$27 million and Adjusted EBITDA in a range of $12-13 million. This forecast assumes exchange rates that existed in Q4 2022 and is based on economic conditions as they existed at the beginning of 2023.
âWe have not repurchased any common stock under the authorization we received in November and will not be able to do any repurchases until after the current blackout period expires after the filing of our Q1 10-Q on May 15, 2023.â
The company is releasing an investor deck with its earnings this quarter. Investors are encouraged to send questions to management at [email protected] by Monday, April 3rd. Management will record their answers to investor questions and give more detail to the investor deck. The recording should be posted on or around April 7th.
Forward-Looking Statements
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. Â All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations, in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, have its games approved by relevant jurisdictions, and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events, or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, and cruise ship and casinos worldwide. In addition, through its wholly owned subsidiary, Progressive Games Partners LLC, Galaxy licenses proprietary table games content to the online gaming industry. Connect with Galaxy on Facebook, YouTube  and Twitter.
Non-GAAP Financial Information
Adjusted EBITDA includes adjustments to net loss/income to exclude interest, taxes, depreciation, amortization, share based compensation, gain/loss on extinguishment of debt, foreign currency exchange gains/losses, change in estimated fair value of interest rate swap liability and severance and other expenses related to litigation. Adjusted EBITDA is not a measure of performance defined in accordance with generally accepted accounting principles in the United States of America (âU.S. GAAPâ). However, Adjusted EBITDA is used by management to evaluate our operating performance. Management believes that disclosure of Adjusted EBITDA allows investors, regulators, and other stakeholders to view of our operations in the way management does. Adjusted EBITDA should not be considered as an alternative to net income or to net cash provided by operating activities as a measure of operating results or of liquidity. Finally, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Revenue at constant currency is a non-GAAP measure. We calculate constant currency revenue by applying the exchange rates realized in the year-ago period to the revenue earned in the respective foreign currencies in the current period. We believe that providing constant currency revenue allows readers to better understand the underlying growth of our businesses by removing the effect of exchange rate changes. In calculating EBITDA pro forma for constant currency, we do not adjust the exchange rates for expenses in current periods as the majority of our expenses are denominated in US dollars.
| Contact: | Â | Â |
| Â | Â | Â |
| Media: | Â | Phylicia Middleton (702) 936-5216 |
| Investors: | Â | Harry Hagerty (702) 938-1740 |
|  |  |  | Years ended December 31, | |||||||||||||
| Adjusted EBITDA Reconciliation: | Â | Â | 2022 | Â | Â | Â | 2021 | Â | ||||||||
| Net (loss) income | Â | Â | $ | (1,773,189 | ) | Â | $ | 2,111,812 | Â | |||||||
| Interest expense | Â | Â | Â | 7,411,224 | Â | Â | Â | Â | 1,505,386 | Â | ||||||
| Share redemption consideration | Â | Â | Â | â | Â | Â | Â | Â | 682,469 | Â | ||||||
| Interest income | Â | Â | Â | (71,223 | ) | Â | Â | (2,048 | ) | |||||||
| Depreciation and amortization | Â | Â | Â | 2,761,359 | Â | Â | Â | Â | 2,858,991 | Â | ||||||
| Share-based compensation | Â | Â | Â | 1,278,068 | Â | Â | Â | Â | 1,532,455 | Â | ||||||
| Foreign currency exchange loss (gain) | Â | Â | Â | 290,394 | Â | Â | Â | Â | 64,879 | Â | ||||||
| Change in fair value of interest rate swap liability |
 |  |  | â |  |  |  |  | (66,009 | ) | ||||||
| Provision (benefit) for income taxes | Â | Â | Â | 208,887 | Â | Â | Â | Â | 48,637 | Â | ||||||
| Other non-recurring income | Â | Â | Â | 5,709 | Â | Â | Â | Â | â | Â | ||||||
| Severance expense | Â | Â | Â | 28,477 | Â | Â | Â | Â | 12,596 | Â | ||||||
| Special project expense (benefit) – Triangulum | Â | Â | Â | (86,959 | ) | Â | Â | 487,712 | Â | |||||||
| Special project expense – Other | Â | Â | Â | 481,737 | Â | Â | Â | Â | (503,050 | ) | ||||||
| Adjusted EBITDA | Â | Â | $ | 10,534,484 | Â | Â | Â | $ | 8,733,830 | Â | ||||||
|  |  | Three Months Ended December 31, | ||||||||||||||
| Adjusted EBITDA Reconciliation: | Â | 2022 | Â | 2021 | Â | |||||||||||
| Net (loss) income | Â | $ | 55,105 | Â | $Â Â Â Â Â Â | 623,384 | Â | |||||||||
| Interest expense | Â | 2,129,902 | Â | 1,054,912 | Â | |||||||||||
| Share redemption consideration | Â | â | Â | 96,023 | Â | |||||||||||
| Interest income | Â | (48,057 | ) | (886 | ) | |||||||||||
| Depreciation and amortization | Â | 571,570 | Â | 698,774 | Â | |||||||||||
| Share-based compensation | Â | 323,518 | Â | 324,807 | Â | |||||||||||
| Foreign currency exchange loss (gain) | Â | (199,647 | ) | 33,478 | Â | |||||||||||
| Provision (benefit) for income taxes | Â | 310,828 | Â | 41,637 | Â | |||||||||||
| Other non-recurring income | Â | (12,546 | ) | (25,000 | ) | |||||||||||
| Special project expense (benefit) – Triangulum | Â | â | Â | 74,688 | Â | |||||||||||
| Special project expense – Other | Â | 21,833 | Â | (490,676 | ) | |||||||||||
| Adjusted EBITDA | Â | $ | 3,152,505 | Â | $ | 2,431,141 | Â | |||||||||
| Currency Reconciliation – Q4 2022 vs Q4 2021 | |||||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | Consolidated | ||||||||||||||||||||
| Â | Q4 2022 | Â | Q4 2022 Pro Forma | Â | Q4 2021 | Â | Change | ||||||||||||||
| Â | Â | Realized | Actual | Â | Â | Realized | Pro Forma | Â | Actual | Â | Q4 2022 | Q4 2022 | |||||||||
| Â | Revenue in | Exchange | Reporting | Â | Revenue in | Exchange | Reporting | Â | Reporting | Â | Actual vs. | Pro Forma vs. | |||||||||
| Â | Local | Rate | Currency | Â | Local | Rate | Currency | Â | Currency | Â | Q4 2021 | Q4 2021 | |||||||||
| Â | Currency | Q4 2022 | Revenue | Â | Currency | Q4 2021 | Revenue | Â | Revenue | Â | Actual | Actual | |||||||||
| EUR | ⏠| 1,687,114 | $ | 0.94 | $ | 1,587,722 |  | ⏠| 1,687,114 | $ | 1.17 | $ | 1,977,536 |  | $ | 1,337,799 |  | 19 | % | 48 | % |
| GBP | ÂŁ | 628,843 | $ | 1.16 | $ | 729,663 | Â | ÂŁ | 628,843 | $ | 1.35 | $ | 852,003 | Â | $ | 1,072,517 | Â | -32 | % | -21 | % |
| USD | $ | 3,623,137 | $ | 1.00 | $ | 3,623,137 | Â | $ | 3,623,137 | $ | 1.00 | $ | 3,623,137 | Â | $ | 3,259,935 | Â | 11 | % | 11 | % |
| Â | Â | Â | $ | 5,940,522 | Â | Â | Â | $ | 6,452,676 | Â | $ | 5,670,251 | Â | 5 | % | 14 | % | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | GG Core | ||||||||||||||||||||
| Â | Q4 2022 | Â | Q4 2022 Pro Forma | Â | Q4 2021 | Â | Change | ||||||||||||||
| Â | Â | Realized | Actual | Â | Â | Realized | Pro Forma | Â | Actual | Â | Q4 2022 | Q4 2022 | |||||||||
| Â | Revenue in | Exchange | Reporting | Â | Revenue in | Exchange | Reporting | Â | Reporting | Â | Actual vs. | Pro Forma vs. | |||||||||
| Â | Local | Rate | Currency | Â | Local | Rate | Currency | Â | Currency | Â | Q4 2021 | Q4 2021 | |||||||||
| Â | Currency | Q4 2022 | Revenue | Â | Currency | Q4 2021 | Revenue | Â | Revenue | Â | Actual | Actual | |||||||||
| EUR | ⏠| 72,177 | $ | 1.01 | $ | 72,679 |  | ⏠| 72,177 | $ | 1.16 | $ | 83,804 |  | $ | 38,942 |  | 87 | % | 115 | % |
| GBP | ÂŁ | 444,102 | $ | 1.17 | $ | 519,775 | Â | ÂŁ | 444,102 | $ | 1.35 | $ | 599,786 | Â | $ | 863,242 | Â | -40 | % | -31 | % |
| USD | $ | 3,352,260 | $ | 1.00 | $ | 3,352,260 | Â | $ | 3,352,260 | $ | 1.00 | $ | 3,352,260 | Â | $ | 3,049,111 | Â | 10 | % | 10 | % |
| Â | Â | Â | $ | 3,944,714 | Â | Â | Â | $ | 4,035,850 | Â | $ | 3,951,295 | Â | -0 | % | 2 | % | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | GG Digital | ||||||||||||||||||||
| Â | Q4 2022 | Â | Q4 2022 Pro Forma | Â | Q4 2021 | Â | Change | ||||||||||||||
| Â | Â | Realized | Actual | Â | Â | Realized | Pro Forma | Â | Actual | Â | Q4 2022 | Q4 2022 | |||||||||
| Â | Revenue in | Exchange | Reporting | Â | Revenue in | Exchange | Reporting | Â | Reporting | Â | Actual vs. | Pro Forma vs. | |||||||||
| Â | Local | Rate | Currency | Â | Local | Rate | Currency | Â | Currency | Â | Q4 2021 | Q4 2021 | |||||||||
| Â | Currency | Q4 2022 | Revenue | Â | Currency | Q4 2021 | Revenue | Â | Revenue | Â | Actual | Actual | |||||||||
| EUR | ⏠| 1,614,937 | $ | 0.94 | $ | 1,515,042 |  | ⏠| 1,614,937 | $ | 1.17 | $ | 1,893,731 |  | $ | 1,298,857 |  | 17 | % | 46 | % |
| GBP | ÂŁ | 184,741 | $ | 1.14 | $ | 209,888 | Â | ÂŁ | 184,741 | $ | 1.37 | $ | 252,217 | Â | $ | 209,275 | Â | 0 | % | 21 | % |
| USD | $ | 270,877 | $ | 1.00 | $ | 270,877 | Â | $ | 270,877 | $ | 1.00 | $ | 270,877 | Â | $ | 210,824 | Â | 28 | % | 28 | % |
| Â | Â | Â | $ | 1,995,809 | Â | Â | Â | $ | 2,416,826 | Â | $ | 1,718,956 | Â | 16 | % | 41 | % | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Note: Some numbers may not foot due to rounding. | |||||||||||||||||||||
| Currency Reconciliation – Full Year 2022 vs Full Year 2021 | |||||||||||||||||||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | Consolidated | ||||||||||||||||||||
| Â | Full Year 2022 | Â | Full Year 2022 Pro Forma | Â | Full Year 2021 | Â | Change | ||||||||||||||
| Â | Â | Realized | Actual | Â | Â | Realized | Pro Forma | Â | Actual | Â | Full Year 2022 | Full Year 2022 | |||||||||
| Â | Revenue in | Exchange | Reporting | Â | Revenue in | Exchange | Reporting | Â | Reporting | Â | Actual vs. | Pro Forma vs. | |||||||||
| Â | Local | Rate | Currency | Â | Local | Rate | Currency | Â | Currency | Â | Full Year 2021 | Full Year 2021 | |||||||||
| Â | Currency | Full Year 2022 | Revenue | Â | Currency | Full Year 2021 | Revenue | Â | Revenue | Â | Actual | Actual | |||||||||
| EUR | ⏠| 6,206,166 | $ | 1.06 | $ | 6,591,971 |  | ⏠| 6,206,166 | $ | 1.20 | $ | 7,447,074 |  | $ | 4,828,354 |  | 37 | % | 54 | % |
| GBP | ÂŁ | 2,633,850 | $ | 1.24 | $ | 3,272,999 | Â | ÂŁ | 2,633,850 | $ | 1.37 | $ | 3,607,206 | Â | $ | 2,383,968 | Â | 37 | % | 51 | % |
| USD | $ | 13,577,335 | $ | 1.00 | $ | 13,577,335 | Â | $ | 13,577,335 | $ | 1.00 | $ | 13,577,335 | Â | $ | 12,772,055 | Â | 6 | % | 6 | % |
| Â | Â | Â | $ | 23,442,307 | Â | Â | Â | $ | 24,631,615 | Â | $ | 19,984,378 | Â | 17 | % | 23 | % | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | GG Core | ||||||||||||||||||||
| Â | Full Year 2022 | Â | Full Year 2022 Pro Forma | Â | Full Year 2021 | Â | Change | ||||||||||||||
| Â | Â | Realized | Actual | Â | Â | Realized | Pro Forma | Â | Actual | Â | Full Year 2022 | Full Year 2022 | |||||||||
| Â | Revenue in | Exchange | Reporting | Â | Revenue in | Exchange | Reporting | Â | Reporting | Â | Actual vs. | Pro Forma vs. | |||||||||
| Â | Local | Rate | Currency | Â | Local | Rate | Currency | Â | Currency | Â | Full Year 2021 | Full Year 2021 | |||||||||
| Â | Currency | Full Year 2022 | Revenue | Â | Currency | Full Year 2021 | Revenue | Â | Revenue | Â | Actual | Actual | |||||||||
| EUR | ⏠| 208,821 | $ | 1.04 | $ | 217,927 |  | ⏠| 208,821 | $ | 1.18 | $ | 247,149 |  | $ | 106,012 |  | 106 | % | 133 | % |
| GBP | ÂŁ | 2,017,035 | $ | 1.24 | $ | 2,498,050 | Â | ÂŁ | 2,017,035 | $ | 1.37 | $ | 2,755,204 | Â | $ | 1,641,463 | Â | 52 | % | 68 | % |
| USD | $ | 12,683,081 | $ | 1.00 | $ | 12,683,081 | Â | $ | 12,683,081 | $ | 1.00 | $ | 12,683,081 | Â | $ | 11,808,961 | Â | 7 | % | 7 | % |
| Â | Â | Â | $ | 15,399,060 | Â | Â | Â | $ | 15,685,435 | Â | $ | 13,556,436 | Â | 14 | % | 16 | % | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Â | GG Digital | ||||||||||||||||||||
| Â | Full Year 2022 | Â | Full Year 2022 Pro Forma | Â | Full Year 2021 | Â | Change | ||||||||||||||
| Â | Â | Realized | Actual | Â | Â | Realized | Pro Forma | Â | Actual | Â | Full Year 2022 | Full Year 2022 | |||||||||
| Â | Revenue in | Exchange | Reporting | Â | Revenue in | Exchange | Reporting | Â | Reporting | Â | Actual vs. | Pro Forma vs. | |||||||||
| Â | Local | Rate | Currency | Â | Local | Rate | Currency | Â | Currency | Â | Full Year 2021 | Full Year 2021 | |||||||||
| Â | Currency | Full Year 2022 | Revenue | Â | Currency | Full Year 2021 | Revenue | Â | Revenue | Â | Actual | Actual | |||||||||
| EUR | ⏠| 5,997,345 | $ | 1.06 | $ | 6,374,044 |  | ⏠| 5,997,345 | $ | 1.20 | $ | 7,199,924 |  | $ | 4,722,343 |  | 35 | % | 52 | % |
| GBP | ÂŁ | 616,815 | $ | 1.26 | $ | 774,950 | Â | ÂŁ | 616,815 | $ | 1.38 | $ | 852,002 | Â | $ | 742,505 | Â | 4 | % | 15 | % |
| USD | $ | 894,254 | $ | 1.00 | $ | 894,254 | Â | $ | 894,254 | $ | 1.00 | $ | 894,254 | Â | $ | 963,095 | Â | -7 | % | -7 | % |
| Â | Â | Â | $ | 8,043,248 | Â | Â | Â | $ | 8,946,180 | Â | $ | 6,427,943 | Â | 25 | % | 39 | % | ||||
| Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | Â | |||||||||
| Note: Some numbers may not foot due to rounding. | |||||||||||||||||||||
Â
| Reconciliation of Reported to Pro Forma Revenue and EBITDA | ||||||||
| Â | Â | Â | Â | Â | ||||
| Â | Â | Â | Â | Â | ||||
| Â | Â | Q4 | Â | Full Year | ||||
| Â | Â | Â | 2022 | Â | Â | Â | 2022 | Â |
| Reported Revenue | Â | $ | 5,940,525 | Â | Â | $ | 23,442,307 | Â |
| Currency Adjustment | Â | Â | 512,151 | Â | Â | Â | 1,189,308 | Â |
| Pro Forma Revenue | Â | $ | 6,452,676 | Â | Â | $ | 24,631,615 | Â |
| Â | Â | Â | Â | Â | ||||
| Reported EBITDA | Â | $ | 3,153,000 | Â | Â | $ | 10,534,484 | Â |
| plus: Currency Adjustment | Â | Â | 512,151 | Â | Â | Â | 1,189,308 | Â |
| minus: ERTC Credit | Â | Â | (574,979 | ) | Â | Â | (574,979 | ) |
| Pro Forma EBITDA | Â | $ | 3,090,172 | Â | Â | $ | 11,148,813 | Â |
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LAS VEGAS, Nov. 12, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc.ÂŽ (âGalaxy Gamingâ or the âCompanyâ) (OTC: GLXZ), the worldâs largest independent developer and distributor of casino table games and technology announced today that, at a special meeting of its stockholders held on November 12, 2024 (the âSpecial Meetingâ), Galaxy Gaming stockholders voted to approve the Companyâs acquisition by Evolution Malta Holding Limited (âEvolutionâ), Evolution AB (publ)âs wholly owned subsidiary (the âMergerâ).
Galaxy Gaming will file a Form 8-K with the U.S. Securities and Exchange Commission reporting the final voting results of the Special Meeting.
The transaction is expected to close mid-2025 and is subject to customary closing conditions, including the receipt of regulatory approvals. Upon completion of the transaction, Galaxy Gaming will become a privately held company and shares of Galaxy Gaming common stock will no longer be listed on any public market.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the worldâs leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About Evolution
Evolution AB (publ) (âEvolutionâ) develops, produces, markets and licenses fully-integrated B2B Live Casino solutions to gaming operators. Since its inception in 2006, Evolution has developed into a leading B2B provider with 800+ operators among its customers. The group currently employs 20,500+ people in studios across Europe and in North America. The parent company is based in Sweden and listed on Nasdaq Stockholm with the ticker EVO. Visit www.evolution.com for more information.
Evolution is licensed and regulated by the Malta Gaming Authority under license MGA/B2B/187/2010. Evolution is also licensed and regulated in many other jurisdictions, including the United Kingdom, Belgium, Canada, Romania, South Africa.
SAFE HARBOR
Some of the information contained in this document includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as âmay,â âwill,â âshould,â âcould,â âmight,â âexpect,â âintend,â “target,” âplan,â âanticipate,â âbelieve,â âestimate,â âpredict,â âpotential,â âcontinue,â or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements speak only as of the date of this document and are subject to a number of risks and uncertainties. These risks and uncertainties include, but are not limited to, the ability to complete the Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary gaming regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Companyâs current plans and operations or diverts the attention of the Companyâs management or employees from ongoing business operations; the risk of potential difficulties with the Companyâs ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Companyâs business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the transaction or any further announcements or the consummation of the transaction on the market price of the Companyâs common stock; the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Additional information concerning these and other risk factors can be found in the Companyâs filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Companyâs good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
Other OTC:GLXZ
Carnival Corporation & PLCÂŽ Fleet Go âAll-Inâ With Galaxy Gamingâs Galaxy Table Games Progressives
LAS VEGAS, Oct. 29, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc.ÂŽ (OTC: GLXZ), the worldâs largest independent developer and distributor of casino table games and technology announced today that the Galaxy Operating SystemÂŽ (GOS) is now live on over 50 ships worldwide with Carnival Corporation & PLC (NYSE/LSE: CCL;Â NYSE:Â CUK), the world’s largest leisure travel company. Since the installation, tables powered by GOS have awarded over $5 million in jackpot payouts to players.
GOS is the jackpot progressive system for all Carnival Corporation ships, including Carnival Cruise LineÂŽ, Holland America LineÂŽ, and Princess CruisesÂŽ. Launched in 2024, GOS is the next-generation game management system developed by the industryâs leading table game experts. Featuring innovative progressive jackpot options, eye-catching Nebula sensors, and groundbreaking digital tracking capabilities, GOS shines in casinos across the Carnival Corporation fleet.
âCarnival Corporation is a global leader in delivering exceptional experiences for its guests, and our ongoing collaboration reflects our shared commitment to excellence,â said Matt Reback, President and CEO of Galaxy Gaming. âWe are thrilled that the deployment of our GOS system, along with our joint efforts to create engaging player experiences, has brought a best-in-class table games experience to their casino players across the entire fleet.â
âOur collaboration with Galaxy Gaming is a testament to our commitment to enhancing the onboard experience for our guests. The innovative GOS technology not only elevates the quality of our gaming offerings but also ensures that our customers enjoy a seamless and engaging experience throughout their voyage,â stated Dave Thomas, Vice President for North American Gaming Operations for Carnival Corporation.Â
Those interested in learning more about GOS are encouraged to visit www.galaxygaming.com.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the worldâs leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About Carnival Corporation & plc
Carnival Corporation & plc is the largest global cruise company, and among the largest leisure travel companies, with a portfolio of world-class cruise lines â AIDA Cruises, Carnival Cruise Line, Costa Cruises, Cunard, Holland America Line, P&O Cruises (Australia), P&O Cruises (UK), Princess Cruises, and Seabourn.
This press release contains, and oral statements made from time to time by our representatives may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as âmay,â âwill,â âshould,â âexpects,â âintends,â âplans,â âanticipates,â âbelieves,â âestimates,â âpredicts,â or âpotentialâ or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, Inc. (the âCompanyâ) and are subject to various risks and uncertainties that cannot be predicted or qualified and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the control of the Company that may cause actual results in the Companyâs performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to:
- the ability to complete the proposed merger transaction with Evolution AB (publ) on the proposed terms or on the anticipated timeline, or at all, including securing the necessary stockholder and regulatory approvals and satisfaction of other closing conditions; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; risks that the proposed merger transaction disrupts the Companyâs current plans and operations or diverts the attention of the Companyâs management or employees from ongoing business operations; the risk of potential difficulties with the Companyâs ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed merger transaction; the risk that the proposed merger transaction may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Companyâs business may suffer as a result of uncertainty surrounding the proposed merger transaction; the risk of stockholder litigation; effects relating to the announcement or the consummation of the proposed merger transaction on the market price of the Companyâs common stock; and
- the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business; garner new market share; secure licenses in new jurisdictions or maintain existing licenses; successfully develop or acquire and sell proprietary products; comply with regulations, changes in gaming related and non-gaming related statutes and regulations and/or self-imposed restrictions imposed on and by our customers that affect their revenues in land-based casino and online casino markets; have its games approved by relevant jurisdictions; and adapt to changes resulting from the COVID-19 or other pandemics including without limitation, government imposed shut downs, travel restrictions and supply chain interruptions; and other factors.
Additional information concerning these and other risk factors can be found in the Companyâs filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Companyâs good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:Â
Phylicia Middleton (702) 938-1753Â
Investors:Â Â Â Â Â Â Â Â Â
Steve Kopjo (702) 727-8886
LAS VEGAS, Oct. 01, 2024 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ), the worldâs largest independent developer and distributor of casino table games and technology, will showcase its innovative new table game operating system, brand-new table games, and extensive online content portfolio at this yearâs Global Gaming Expo (G2E), taking place from October 7-10 at booth #4016.
Matt Reback, President and CEO of Galaxy Gaming, shared his excitement, stating, âWe are thrilled to showcase our category-leading collection of table game brands that resonate with players. By combining these with our cutting-edge technology, we deliver enhanced table gaming experiencesâboth in the casino or card room and online. This powerful combination not only enhances player engagement but also drives exceptional results for operators.â
This year’s booth will feature their standout table games collection alongside the latest in gaming technology. Highlights include:
Galaxy Operating System⢠Sapphire – The Jewel of the Casino Floor
Upgrade your table with Galaxy Operating System (GOS) Sapphire, the next-generation game management system developed by the industryâs leading table game experts. Featuring innovative progressive jackpot options, eye-catching Nebula sensors, and groundbreaking digital tracking capabilities, GOS Sapphire is at the forefront of table game technology.
GOSâ flexible electronic bonusing platform powers the worldâs first Dynamic Progressive. Unlike any other progressive, Dynamic Progressive adds an electrifying twist to Galaxyâs most popular progressives and paytables, with random pays multiplied by up to 10x each round! GOS Sapphire also features enhanced TableVisions with a fully customizable screen and integrated min/max table limits.
The Smart Bet â The Worldâs Greatest Collection of Table Games
Boasting the most robust table games library in the industry, Galaxy Gaming fuses established classics with exciting novelties. Level up your casino floor with player favorites like 21+3ÂŽ, Perfect PairsÂŽ, and Lucky LadiesÂŽ, or amp up the excitement with fresh additions like Roulette UP⢠and Dynamic Progressiveâ˘, both powered by GOSâ˘.
Making its debut at G2E, EZ BaccaratÂŽ is now enhanced with Galaxy Gamingâs Golden Talons⢠and Divine 9⢠side betsâat no additional cost. For the first time in gaming history, these popular side bets are available as enhancements to EZ Baccarat, delivering an even more thrilling experience for players. These titles, along with the ever-popular Heads UpÂŽ Holdâem, Playerâs EdgeÂŽ 21, Deuces Wild Xtremeâ˘, High Card FlushÂŽ, and more, will be available to play at the booth.
Galaxy Gaming Digital â Over Three Billion Wagers & Counting
Galaxy Gaming is the premier licensor of exclusive casino table games for live dealer and RNG online gaming. Renowned titles like 21+3ÂŽ, Lucky LadiesÂŽ, Perfect Pairsâ˘, Caribbean Stud Pokerâ˘, Buster Blackjackâ˘, and numerous others are available on over 3,000 of the most popular iGaming sites worldwide. Galaxy’s online titles accounted for over 3.5 billion wagers in the last calendar year alone, a testament to their widespread popularity.
Operators are invited to explore the possibilities at booth #4016 and discover how Galaxy can elevate their gaming operations. To stay up-to-date or for complimentary registration visit www.galaxygaming.com/G2E
About Galaxy GamingÂ
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games that are proven to perform, developed by gaming experts, and backed by the highest level of customer support. Galaxy Gaming Digital is the worldâs leading licensor of proprietary table games to the online gaming industry. Connect with Galaxy Gaming on Facebook, YouTube, Instagram, and Twitter.Â
This press release contains, and oral statements made from time to time by our representatives may contain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as âmay,â âwill,â âshould,â âexpects,â âintends,â âplans,â âanticipates,â âbelieves,â âestimates,â âpredicts,â or âpotentialâ or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, Inc. (the âCompanyâ) and are subject to various risks and uncertainties that cannot be predicted or qualified and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the control of the Company that may cause actual results in the Companyâs performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to:
- the ability to complete the proposed merger transaction with Evolution AB (publ) on the proposed terms or on the anticipated timeline, or at all, including securing the necessary stockholder and regulatory approvals and satisfaction of other closing conditions; the occurrence of any event, change or other circumstance that could give rise to the termination of the merger agreement; risks that the proposed merger transaction disrupts the Companyâs current plans and operations or diverts the attention of the Companyâs management or employees from ongoing business operations; the risk of potential difficulties with the Companyâs ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed merger transaction; the risk that the proposed merger transaction may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Companyâs business may suffer as a result of uncertainty surrounding the proposed merger transaction; the risk of stockholder litigation; effects relating to the announcement or the consummation of the proposed merger transaction on the market price of the Companyâs common stock; and
- the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business; garner new market share; secure licenses in new jurisdictions or maintain existing licenses; successfully develop or acquire and sell proprietary products; comply with regulations, changes in gaming related and non-gaming related statutes and regulations and/or self-imposed restrictions imposed on and by our customers that affect their revenues in land-based casino and online casino markets; have its games approved by relevant jurisdictions; and adapt to changes resulting from the COVID-19 or other pandemics including without limitation, government imposed shut downs, travel restrictions and supply chain interruptions; and other factors.
Additional information concerning these and other risk factors can be found in the Companyâs filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Companyâs good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:Â
Media:Â
Phylicia Middleton (702) 938-1753Â
Investors:Â Â Â Â Â Â Â Â Â
Steve Kopjo (702) 727-8886
This press release was published by a CLEARÂŽ Verified individual.
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