Despite declines in revenue and income related to the COVID-19 pandemic, Galaxy Gaming President Todd Cravens found a silver lining in the gaming equipment supplier’s 2021 1st quarter report.
“I am happy to see progress in Q1 and am looking forward to getting all our customers up and going, as well as bringing new clients into the Galaxy,” Cravens said May 17 in a statement.
First-quarter revenues for Las Vegas-based company were $4.3 million, a 4.7% decrease from the same period in 2020. Net income was $89,000, a drop of 24% from $117,000 in 2020.
“Despite the continued effects of COVID, we managed to make modest headway in Q1,” said Galaxy Gaming CFO Harry Hagerty in a statement.
Cravens noted that brick-and-mortar casinos in the United Kingdom, Galaxy Gaming’s largest market, were shuttered during the first quarter. Capacity limitations in other markets also diminished Galaxy Gaming’s revenue
“However, as was the case in Q4 2020, our iGaming business made up most of the difference,” Cravens said. “Igaming went live in Michigan in February, and volumes were very strong.”
Galaxy Gaming’s content includes Bonus Craps, Cajun Stud, and Fightback Baccarat.
On May 10 the company announced a content license partnership with Spin Games, a provider of remote gaming technology and interactive content. Galaxy is distributing table games through Spin Game’s remote gaming server platform to customers in North America, and Spin Games is integrating Galaxy’s premium table games titles for play-for-money deployment in North American igaming markets.
