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Amaya Reports Higher Earnings in Q2 & H1 2017
The Toronto based Amaya Gaming Company posted earnings of $136 million in H1 of 2017, according to a recently released financial statement. The move comes following a significant reorientation of its brand away from its trademark poker namesake and more towards offering online casino games and sportsbook options.
In fact, one of the largest decreases came from its poker room, as year-on-year revenues tumbled considerably, by nearly 6%:
Growth Comes From Online Casino & Sports Book
Although the PokerStars brand was synonymous with poker, the past year has seen it increasingly move away from the game in favor of online casino and sports book offerings.
Total Q2 revenues had a 6.8% year-over-year increase after accounting for adjustments due to currency fluctuations. This was driven by casino and sportsbook profits, which reached $89.6 million representing an increase of 50% year-over-year.
All of this was welcomed as good news by executive management, who saw Q2 as a strong success overall:
“Our evolution and transformation into The Stars Group continued as we completed our name change and head office move, while our second quarter saw the strengthening of our core senior management team and continued solid revenue growth led by our real money online casino offering,” said Rafi Ashkenazi, Chief Executive Officer.
$2.5 Billion Debt Still Outstanding
One interesting figure to come out of the report is the fact that Amaya is still carrying $2.5 billion in debt stemming from its purchase of PokerStars. This is a huge number that leaves industry analysts perpetually concerned about the company’s ability to pay it down in a timely manner.
For now, everything seems to be going according to plan. The company is happy with its orientation away from poker, and expects online casino and sportsbook offerings to continue driving its growth with success in the future:
“We plan to use this momentum to continue improving and strengthening our business and pursuing our strategic objectives,” said Ashkenazi.