Galaxy Gaming brings in Reback as new CEO
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Reback takes on the CEO role at Galaxy Gaming having served as president of Bravery Gaming since February 2022.
Previously, Reback held senior management positions with AGS, Konami Gaming, Red Rock Casinos – formerly Station Casinos – and Caesars Entertainment. These included key roles across product management, sales, marketing and operations.
Reback replaces Todd Cravens, who has served as president and CEO at the games developer since mid-2017. Galaxy Gaming says that it will work through a brief transition with Cravens, with chief financial officer Harry Hagerty to step in on an interim basis should this be required.
“I am looking forward to joining the Galaxy team and continuing what has been a great story in the gaming industry,” Reback says. “I intend to quickly get up to speed and make sure our 2023 year-end goals and 2024 plans remain on-track, while also taking a fresh look at our opportunities.
“There is a team of talented people at Galaxy who have demonstrated their ability to compete effectively against companies with more resources as well as their success forming strong industry partnerships. I expect that one of my goals with the board will be to build on those successes.”
Rebuck brings new perspective for Galaxy Gaming
Galaxy Gaming chairman Mark Lipparelli also welcomes the appointment. He says: “The board carefully considered this change, examined multiple candidates and ultimately believed it was the right decision to bring a new perspective into the company as we embark on our next phase of growth.
“Matt brings to Galaxy a combination of 20 years of leadership skills acquired in the gaming industry from both operator and technology companies. On a positive note, we are making this change with a solid foundation intact and we are well-positioned going into the 2024 fiscal year.”
Lipparelli also paid tribute to the outgoing Cravens. He said: “We are appreciative of Todd Cravens’ material contributions to the development of Galaxy over the past six years, including navigating successfully the difficult pandemic period. We wish him well in his next endeavour.”
Galaxy Gaming expects $6.1m in revenue for Q3
The appointment comes ahead of Galaxy Gaming reporting its Q3 results. For the three months to 30 September, the business expects to post revenue of $6.1m (£5.0m/€5.7m) and adjusted EBITDA of $1.5m
Galaxy Gaming says revenue from perpetual licence sales were approximately $1.0m lower than in Q1 and Q2.
It also increased allowance for doubtful accounts, primarily due to financial difficulties at a single customer. In addition, it continued to incur significant legal expenses related to intellectual property registrations worldwide.
Looking to Q4, Galaxy Gaming says revenue will be between $7.0m and $7.5m and adjusted EBITDA $2.8m to $3.2m.
Galaxy Gaming intends to release its Q3 results on 13 November.
