Galaxy Gaming closes Progressive Games acquisition
The Las Vegas-based table games provider has acquired Progressive Games Partners for $12.4 million.
US.- Galaxy Gaming has wrapped up its $12.4m acquisition of Progressive Games Partners after first announcing the deal back in March.
PGP, an igaming operator and table games developer, owns the exclusive worldwide online rights to various proprietary casino table games.
The acquisition means Galaxy Gaming will obtain all PGP equity interests, paying $10.425m in cash and the rest through newly issued shares of Galaxy’s common stock, which have been valued at $1.91 each.
Galaxy’s president and CEO, Tom Cravens, commented: “The world has changed dramatically since we signed the purchase agreement for this deal back in February.
“Our casino clients in the physical world have been very hard-hit by the COVID-19 crisis and are generally struggling to get back to business levels they enjoyed before the lockdowns. By contrast, the iGaming business was a significant beneficiary of the shutdown, with US revenues in the second quarter of 2020 increasing 250% over the prior year.
“We believe that more US states will consider legalising iGaming as a way to prevent the tax revenue losses that occur when brick-and-mortar casinos are closed. We look forward to working more closely with our iGaming operators as we bring our existing library and our pipeline of new products online.”
Another igaming provider, GAN, has meanwhile revealed second quarter results showing that revenue doubled year-on-year.
