Table games supplier Galaxy Gaming saw revenue collapse 87.8% year-on-year to just $664,000 in the second quarter of 2020 as it warned it may struggle to meet some of its covenants.
Todd Cravens, Galaxy's president and chief executive, said Galaxy’s revenue from the quarter came almost entirely from igaming as closure of land-based casinos because of the novel coronavirus (Covid-19) meant it brought in almost no revenue from these clients.
“The second quarter of 2020 was painful for everyone in the global casino industry,” Cravens said. “We earned virtually no revenue from our land-based clients, almost all of whom were shut for the entire quarter. We used the time to develop new games and technologies that we hope to introduce later this year.
The closure of land-based casinos throughout the US meant that Europe, Middle East and Africa (EMEA) became Galaxy's largest geographic source of revenue, bringing in $504,887, down 66.1%.