Galaxy Gaming Inc. (OTC:GLXZ) Stock Takes a Hit: Here is Why

As another trading week chugs along, investors are still going to be on the lookout for stocks that may have been in the news cycle for one reason or another. A company that could well be worth tracking at this point in time is Galaxy Gaming Inc. (OTC:GLXZ), best known for its work on the distribution and development of casino table games and advanced systems for both iGaming and land-based casinos.

On November 6, the company entered the news cycle following a significant new announcement. Galaxy Gaming announced at the time that its Board of Directors had appointed a new Chief Executive Officer and President in the form of Matt Reback. It was further revealed that Reback would join the company on November 13, 2023. The Chairman of the Galaxy Gaming Board of Directors, Mark Lipparelli, spoke about the latest development. He noted that everyone at the company was excited at the prospect of welcoming Reback as the new president and CEO of Galaxy Gaming.

He noted that the board had been careful when it started considering the change in leadership and looked into a number of possible candidates before making the decision. In the end, the board reached an agreement that there was a need for new perspectives at Galaxy Gaming as it went through its new phase of growth. It was further noted that Reback boasted two decades of leadership experience in the gaming space for both technology and operator companies.

Lipparelli also stated that the company had made the move without making any major changes to the basis of the company and added that Galaxy Gaming was positioned well going into 2024. Reback spoke about his appointment as well. He stated that he was looking forward to joining hands with the team at the company and working on the continuation of the success story scripted by the company in the gaming space. He noted that there was a team of personnel at Galaxy Gaming that could compete with companies in the industry that may have more resources.

The company had announced on September 26 that it would deliver the Galaxy Operating System (GOS), which would power the table games system in more than 50 ships around the world with Carnival Corporation & PLC. Carnival Corporation is the biggest leisure travel company in the world. At the time, it was noted that the GOS had already gone live on more than 20 ships and would help in powering the jackpot progressive system for ships owned by Carnival Corporation.

Those shops would also include Princess Cruises, Carnival Cruise Line, and Holland America Line. GOS had actually been launched in 2023 for the purpose of providing an advanced game management system. Some of the features offered by the system include striking LED sensors, advanced jackpot options, and digital tracking, the first feature of its nature. The President and Chief Executive Officer of the company, Todd Cravens, noted that everyone at the company was thrilled at the deployment of the GOS system.

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