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Best of Howard Stutz

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Howard Stutz
 

Galaxy Gaming raises $600,000 through private placement

9 November 2009

LAS VEGAS, Nevada -- Las Vegas-based table game vendor Galaxy Gaming, which is traded on the over-the-counter bulletin board, hoped to raise $400,000 through a private placement.

The company told Wall Street this week it raised $600,000.

"As evidenced by the over-subscription of our recent offering, our investors seemed to be pleased with the progress our company is making," Galaxy Gaming Chief Executive Officer Robert Saucier said in a statement. "While our third quarter was yet another record breaker, our team's focus remains to continually build Galaxy Gaming into a major innovator in the gaming industry."

In the quarter that ended Sept. 30, Galaxy Gaming reported revenues of $782,493, a 47 percent increase compared with $533,375 in the same quarter a year ago.

The company's gross profit was $691,335, a 35 percent increase, and cash flow was $15,327, Galaxy's first positive cash flow figure since going public earlier this year.

Galaxy Gaming provides casinos with side wagers for blackjack and pai gow poker and two proprietary nontraditional table games.

Galaxy Gaming raises $600,000 through private placement is republished from CasinoVendors.com.