Amaya Gaming Records Massive Growth in Q3
During a time of year that is not known for being particularly strong in the gambling industry, Amaya Gaming has posted record Q3 results.
Since the Montreal-based company acquired Rational Group and its PokerStars and Full Tilt assets for $4.9 billion earlier this year, taking on a huge debt, a record quarter is what Amaya shareholders needed to see.
As reported by The Canadian Press, Amaya Gaming's adjusted profit increased to 10 times what they recorded for the same quarter last year. The period ending September 30 recorded $6.8 million on the books last year, compared to almost $70 million this Q3.
The difference in revenues was a growth to $239 million from $38.6 million last year. Its adjusted pre-tax operating earnings (EBITDA) climbed from $18.24 million to $103.4 million. And the company expects that results will be even stronger in the fourth quarter, which is always a busier time of year in the industry.
In September, Amaya was added to the S&P/TSX Composite Index, which places them among Canada's largest corporations on the index of 250 companies. Amaya also has plans to add a listing to either the London or New York stock exchanges.
This comes at a time when there are rumours circulating that Amaya may be looking to acquire yet another large gaming operator — bwin.party — which would give them a near-monopoly on the online poker market.
Other changes within Amaya include an interest in selling Cadillac Jack Inc., its video slot machine subsidiary. And Amaya recently announced the sale of Ongame Poker to NYX Gaming Group Ltd.