Major improvements in income and revenues posted
Amaya Gaming's $4.9 billion acquisition of the Rational Group, parent of Pokerstars and Full Tilt, is clearly having a major impact on the Montreal-based company's performance, judging by its latest third quarter results posted this week.
Highlights of the performance included:
* Revenue soared from C$39 million in Q3-2013 to C$239 million – a six fold rise;
* Adjusted net income similarly rose to C$70 million from C$7 in the third quarter of 2013 – an order of magnitude greater;
* Adjusted EBITDA came in at C$108 million – another massive increase on last year's C$18 million;
* Cash flow from operations rocketed from C$3 million in Q3-2013 to C$139 million this year.
Amaya CEO David Baazov commented:
"The acquisition of PokerStars has transformed Amaya and delivered immediate value to our shareholders while setting the stage for additional future growth..
"In these early days I could not be happier with the initial performance of the business and the professionalism and expertise of the PokerStars management team.
"They are implementing strategic plans that leverage exciting, innovative poker variants, new gaming verticals and the mobile platform to increase engagement and new consumer acquisition."
Baazov predicts that Amaya's full year results will likely be at the top end of the 2014 forecast range of between C$669 million and C$715 million, with adjusted EBITDA of between C265 million and C$285 million.
The company's statement additionally revealed that agreement has been reached on the sale of the Ongame poker subsidiary to close Amaya associate NYX Gaming for an undisclosed sum. Amaya is also to make a C$10 million investment in NYX to boost its expansion plans.
Online Casino News Courtesy of Infopowa