Amaya chooses new corporate name as Q1 revenues climb 10%
‘The Stars Group Inc’ floated as new moniker to “better reflect the modern nature of the company”
Amaya has announced plans to change its corporate name to “The Stars Group Inc” this morning, as part of a Q1 earnings report which saw revenues climb 10%.
Group revenues for the three months to March 31 reached $317m, with poker revenues up 0.3% to $219m
Poker accounted for 69% of total revenues compared to 75% last year, while online casino and sportsbook accounted for almost all of the group’s growth, making up 27% of revenues compared to 21% last year.
Group EBITDA climbed 22% to $150m, reflection improved efficiencies across the business.
“We continued our momentum in the first quarter as we execute on our strategy and reinforce the foundation for sustainable and diversified revenue growth, including through the strengthening of our core management team and operations,” said Amaya CEO Rafi Ashkenazi.
“Our company also continues to evolve through corporate initiatives to deliver the greatest value for our shareholders.”
Those initiatives included the renaming of the firm to The Stars Group Inc, and relocating headquarters from Montreal to Toronto.
The decisions, which must still be approved by shareholders, are part of a rebrand to “better reflect the modern nature of the company”, although analysts suggest it is also a way for the firm to disassociate itself from David Baazov.
Elsewhere, Amaya confirmed the appointment of former William Hill exec Robin Chhabra to the newly created position of chief corporate development officer, tasked with developing M&A opportunities.
The group is also in the final stages of hiring a new CFO to replace the retiring Daniel Sebag.