Amaya Achieves Record-Breaking Financial Performance in 2016
Amaya experienced a remarkable year in 2016, establishing unprecedented financial benchmarks.
The Canadian gaming powerhouse witnessed substantial expansion due to a surge in clientele and a reduction in expenditures. This triumph was apparent in their annual earnings statement, which emphasized a robust final quarter.
Speculation of a record-shattering year had been circulating since the start of the year when Amaya, the proprietor of online poker behemoths PokerStars and Full Tilt, unveiled preliminary data.
Gross revenue hit $1.15 billion, an 8% climb compared to $1.07 billion in the preceding year.
Modified EBITDA ascended by 14% to $524.1 million, while net income from continuing operations skyrocketed by an astounding 777% to $1.356 billion compared to a $2 million deficit the year before. Adjusted net income also observed a healthy uptick, expanding by 26% to $366.7 million.
The corporation’s net income from continuing operations was roughly $4.5 million, a considerable enhancement from the $1.52 million loss declared during the corresponding period the prior year.
In the last quarter of 2016, Amaya’s revenue escalated by nearly 6%, reaching $310.4 million.
Amaya’s Chief Executive Officer, Rafi Ashkenazi, ascribed the accomplishments to numerous elements: “Favorable adjustments to our poker environment and customer acquisition initiatives continued to counteract certain unfavorable patterns, and we commenced observing inherent growth within the enterprise. Our casino product surpassed projections as we implemented limited promotional campaigns and concentrated on our cross-selling endeavors, and we persisted in constructing and refining our sportsbook.”
The firm exhibited strong performance, skillfully diminishing hazards linked to currency variations, curtailing expenditures, and expediting the settlement of existing debts. These accomplishments empower us to maintain our concentration on our quartet of strategic objectives. We anticipate capitalizing on the successes of 2016 and persisting in the implementation of our plan throughout 2017.
In light of these favorable outcomes, Amaya forecasts revenue for 2017 to range from $1.2 billion to $1.26 billion, with anticipated adjusted EBITDA projected to fall between $560 million and $580 million.