SBC News David Baazov - Q2 2014 was a transformative period for Amaya

David Baazov – Q2 2014 was a transformative period for Amaya

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David Baazov – CEO Amaya Gaming Group

Amaya Gaming Group has announced its financial results for the three and six month periods ended June 30th, revealing a rise of £4.4m in revenue.

The entertainment solutions provider recently acquired the Oldford Group Limited, parent company of the Rational Group, one of the world’s largest online gaming companies and owner and operator of the PokerStars and Full Tilt brands, giving it a major hand in live poker events.

“In addition to operating two of the largest online poker sites where it has dealt more than 100 billion poker hands and held over 800 million online tournaments, the group is the largest producer of live poker events around the world. Oldford Group recorded consolidated revenues of approximately USD$1.133 billion (2012 – USD$976 million) and net income of USD$422 million (2012 – USD$314 million) in the fiscal year ended December 31, 2013. Oldford Group recorded consolidated revenues of approximately USD$487 million (2013 – USD$464 million) and net income of USD$193 million (2013 – USD$167 million) in the five months ended May 31, 2014,” the financial report reads.

“The second quarter was a transformative period for Amaya as we announced and completed well ahead of schedule our acquisition of PokerStars and Full Tilt Poker, which collectively hold a healthy majority of the market share in online poker,” said CEO David Baazov.

“Led by its highly experienced management team, Rational Group provides Amaya with a strong platform for growth in revenues and profitability and will be significantly accretive to our earnings.

“The company has a loyal and recurring customer base which has been driven by its dedication to player protection and game integrity as well as innovative tournaments, game formats and software technology.  We are strongly committed to Rational maintaining this focus in order for the game experience to remain as enjoyable and exciting as ever for online poker players.”

The company has also updated its full year financial targets, originally identified May 15, 2014. Revenue is expected to reach somewhere in the region of $669 to $715 million (£368-393m), compared to a target range of $193 to $203 million (£106-112m). Adjusted EBITDA could touch $265 to $285 million (£146-157m), compared to a previous target of $77 to $86 million (£42-47m).

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