Amaya Gaming is expanding but ends the year with a loss
Montreal-based Amaya Gaming Group Incorporated, a provider of entertainment solutions to the gaming industry, reported financial results showing total revenue increased nearly 292% to $37.19 million (Canada) in the final three months of 2012.
The gaming company said its adjusted earnings before interest, taxes, depreciation and amortization reached $16.74 million in the fourth quarter of last year, a year-on-year increase of approximately 391%. However, Amaya Gaming's net profit fell to negative $711.309 million from a profit of $2.88 million in the same period in 2012.
Win or Lose
Amaya reported total revenue increased nearly 316% year-over-year to $76.43 million in 2012, with total earnings before interest, taxes, depreciation, and amortization of $23.11 million, but total operating losses in 2012 ranged from $7 to $11 million. The deficit in 2011 was $1.92 million.
"The past year has been a transformative year for Amaya," said David Baazov, President and CEO of Amaya Gaming. "We have achieved significant growth in Europe by increasing our licensee base through our subsidiaries Chartwell and Cryptologic." Cryptologic went from a net loss in the first half of 2012 to becoming a significant source of revenue for Amaya Gaming by the end of 2012. "
He explained that Amaya Gaming also acquired slot machine provider Cadillac Jack and B2B poker network provider Ongame, strengthening the company's presence in the U.S. market.
Baazov continued: “As operators increasingly strive to deliver physical, virtual and mobile gaming products and experiences to their customers, we now have the technology to meet the industry’s growing convergence trends.”
Baazov also said that as the growth of online gaming continues to accelerate, the company is now firmly committed to strengthening its position through strategic partnerships across the United States.
"In addition, we expect to realize synergies through the acquisition of Ongame and Cadillac Jack, just as we did with Cryptologic, including expanding their respective customer bases in various jurisdictions."
Overall, despite disappointing sales results in 2012, Amaya Gaming now feels better positioned than ever and is ready to face 2013 and all the new challenges and opportunities it will bring to the gaming world .
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Source: www.casino.org
