Galaxy Gaming raises $600,000 in private placement

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.