Galaxy Gaming, a prominent player in the gaming industry, has made a strategic leadership move by appointing Matt Reback as its President and Chief Executive Officer. The announcement comes as Galaxy positions itself for the next phase of growth and innovation. Reback, with an extensive background in the gaming industry, is set to join Galaxy on November 13.
Leadership Transition and Expertise:
Leadership Background of Matt Reback:
Matt Reback, the founder and former president of Bravery Gaming, brings over 20 years of leadership experience in the gaming industry. His diverse roles in product management, sales, marketing, and operations with notable companies like AGS, Konami Gaming, Red Rock Casinos, and Caesars Entertainment, position him as a valuable addition to Galaxy’s leadership.
Board Chairman’s Perspective:
Mark Lipparelli, Chairman of Galaxy’s Board of Directors, expressed enthusiasm about Reback’s appointment, highlighting the board’s careful consideration and belief in bringing a new perspective for the company’s growth phase. Lipparelli emphasized that the transition is happening with a solid foundation intact, making Galaxy well-positioned for the fiscal year 2024.
Matt Reback’s Vision:
Matt Reback, the incoming President and CEO, shared his excitement about joining Galaxy. He emphasized his commitment to maintaining the company’s ongoing goals for 2023 and outlined plans to take a fresh look at opportunities. Reback acknowledged the talented team at Galaxy and expressed a goal to build on existing successes, leveraging industry partnerships and exploring new avenues.
Strategic Partnerships and Licensing Agreement:
Collaboration with Konquer:
Galaxy Gaming has recently signed a licensing agreement with game developer Konquer to distribute popular titles in the North American market. This partnership adds games like Daredevil Poker, Emperor’s Challenge Exposed, High Card Flush, and High Hand Blackjack to Galaxy’s diverse gaming portfolio.
Financial Performance Highlights:
Q2 2023 Financial Results:
Galaxy Gaming reported robust financial results for Q2 2023, with revenue reaching $7.5 million, signifying a remarkable 33% increase compared to the same period in 2022. Adjusted EBITDA witnessed a substantial growth of 36%, and the company reported a net income of $467,463, a significant turnaround from the net loss in Q2 2022.
H1 2023 Financial Overview:
The first six months of 2023 showcased continued growth, with revenue totaling $14.9 million, marking a 29% increase year-over-year. Adjusted EBITDA for H1 2023 reached $6.3 million, indicating a commendable 25% growth compared to the first half of 2022.
As Galaxy Gaming undergoes a leadership transition, the appointment of Matt Reback signals a strategic move towards sustained growth and innovation. The company’s financial performance in Q2 and H1 2023 underscores its resilience and adaptability in the dynamic gaming landscape. With a focus on partnerships, fresh perspectives, and ongoing success, Galaxy Gaming is poised for an exciting journey under the leadership of Matt Reback.