Amaya Gaming miss Q3 targets

The expectations for the company were supposed to be at USD 361M on profits of USD 154M.

CEO David Baazov said in his report: “Since Amaya’s acquisition of its B2C business, we have consistently delivered shareholder value. And, despite multiple recent global challenges to our core business, we believe we are well positioned to increase our cash flow and continue to grow our customer base in 2016 through a number of initiatives,” he said. 

With the news Amaya Gaming have revised their full year earnings to $1.28-billion and $1.33-billion in revenues, originally the expected target was $1.44 billion to $1.56 billion.

Profits for the full year are now expected at $345 million with a top line of $365 million, not the $367 million to $415-million it had previously expected.

“The general strengthening of the U.S. dollar relative to certain foreign currencies, primarily the euro, has resulted in an approximate 19-per-cent decline in the purchasing power of our customer base and has had a significant negative impact on our revenues, higher than we previously anticipated. Other factors negatively impacting our previously anticipated revenues included a recent strategic decision to delay the rollout of significant aspects of our new on-line sportsbook offering across geographies while we enhance the consumer product experience and complete the product offering, as well as the temporary cessation of our operations in Portugal and Greece. Due to this anticipated decline in revenues, we are also projecting less adjusted EBITDA and pro forma adjusted net earnings than our previous guidance,” said Baazov.