Montreal-based Amaya Gaming Group Incorporated, an entertainment solutions provider for the gaming industry, has released financial results showing an increase of simply below 292 % in overall profits for the last three months of 2012 to $37.19 million (Canadian).
The gaming firm announced that its adjusted earnings before interest, income tax, depreciation and amortization for the fourth quarter of last 12 months reached $16.74 million, showing a year-on-year enhance of around 391 per cent. However, the net profits of Amaya Gaming fell from the revenue of $2.88 million for the period that is same 2012 to $711.309 in the red.
Profit and Loss
Amaya reported an overall increase of almost 316 per cent in profits year-on-year to $76.43 million, and revealed total earnings of $23.11 million before interest, taxation, depreciation and amortization, but regardless posted an overall company loss of $7.11 million for 2012, increasing the deficit of $1.92 million of 2011.
‘ The year that is past been transformational for Amaya,’ explained president and chief executive officer for Amaya Gaming, David Baazov. ‘We expanded significantly in Europe by increasing the licensee base of our subsidiaries Chartwell and Cryptologic. Cryptologic went from a loss that is net initial half of 2012 to a significant contributor of income for Amaya Gaming by the end of 2012.’
He went along to explain that Amaya Gaming also acquired gaming machine supplier Cadillac Jack, in addition to business-to-business poker network provider Ongame, which has given the firm a stronger presence in the U.S. market.
‘ We now have actually the technology to address the growing trend toward convergence in our industry, with operators increasingly trying to provide physical, digital and mobile gaming products and experiences to their clients,’ continued Baazov.
Baazov also stated that the company is now firmly dedicated to strengthening their foothold through strategic partnerships throughout the U.S. since the evolution of online video gaming continues to collect pace.
‘Additionally, we expect you’ll recognize synergies from our acquisitions of Ongame and Cadillac Jack as we did with Cryptologic, including growing their respective client bases in various jurisdictions.’
All in all, despite the disappointing revenues acquired over 2012, Amaya Gaming is now feeling better positioned than ever, and it is prepared to take on 2013 and all of this brand new challenges and opportunities it’ll bring to the gaming world.
Vegas Strip and Macau Push MGM Resorts in to the Black
Things searching for green over at MGM Resorts Overseas: after some P that is dicey& statements for the past few years, the first quarter of 2013 put the casino conglomerate in the black. They can applaud performances by their nevada Strip CityCenter development,which pulled in an all-time earnings record, and its Macau cash cow, which similarly outperformed any previous first quarters in January through March of this year.
MGM reported net first-quarter earnings of $22.6 million on revenues of $2.54 billion compared to a first-quarter loss of $203.3 million on revenues of $2.47 billion for similar time period last year. an impressive turnaround indeed.
MGM Resorts Chairman and CEO Jim Murren had been understandably full of puffery about the turnaround in earnings profile (no doubt determining their own raise for next year); Murren’s issued declaration on the achievement noted that ‘our first quarter 2013 outcomes are the best we now have reported since the start of the downturn [read ‘financial avalanche and freefall’] five years ago, led by improved results at our Las Vegas Strip resorts.’
CityCenter Pulling Its Fat
Ends up CityCenter may be worth its weight in gold for MGM; it brought in $93 million for the quarter, that is triple the $32 million it did for same period of time year that is last. Contributing to the upturn had been the center’s many upscale elements, including its kingpin casino Aria, Vdara (its non-gaming yet chic hotel/spa entry), the luxury retail and dining enclave known as Crystals, as well as its second non-gaming entrant in the la-de-dah hotel entries, the uber-posh Mandarin Oriental. Net revenues for that combined group of entities was up 32 percent from 2012, to $315.1 million. Showing that the economy continues its slow climb upwards out of the hole that is black occupancy rates at both Aria and Vdara enhanced; Aria up 2+ percentage points, to 89 percent, and Vdara up 4+ portion points to 85.7 percent.
In a triumph meeting after the report’s release, Murren noted ‘Las Vegas is nicely recovering,’ and pointed out that future contributing factors to Vegas’ improved numbers could be a MGM that is new Grand, Hakkasan, and lots of major special events, including a Floyd Mayweather-Ruben Guerrero boxing match, and a Rolling Stones concert at the MGM Grand. Beyonce and Justin Bieber also have concert times in the works. We realize Beyonce, but is not Bieber a little young for the high-roller demographic? Guess this is exactly why we didn’t have of the same quality a very first quarter as MGM Resorts; we’re not clever enough to understand these exact things.
Macau Continues to Dazzle
MGM China, constantly one to shake its moneymaker at MGM, kept on keeping on in Macau, the world’s most lucrative gambling destination anyhow. It obtained net revenues of $748 million, up 6 percent from very first quarter 2012, and both table games and slots hit the jackpot with jumps in profits that equalled 26 and 19 percent, respectively.
It is Good to Be Green
With a $100 million New York City-style park being designed being a Monte Carlo brand New York brand New York entr’acte, and a 20,000-seat arena mgm is building for 2016 completion, maybe not to mention brand new resorts being prepared for Massachusetts, Maryland, Toronto, and Macau’s chi-chi Cotai Strip, we’d state MGM’s green future is looking pretty emerald in shade.
UltimatePoker.com Off to Good begin with Online Poker in Nevada
Even though technically you have to be in Nevada to play the first online that is legal ever within the U.S., who hasn’t stopped people atlanta divorce attorneys state in America, and from 20 other countries abroad, from registering to participate history. Yep, appears like Stations UltimatePoker.com that is casinos-owned first-ever regulated legal U.S. Internet poker site, might just be a hit. Whom woulda thunk it.
Off and Running
Just launched, the brand new site that is legal no time at all to get gangbusters; in its first 72 hours, it had registered thousands of players (and might have had a lot more were it perhaps not for an odd Verizon mobile phone glitch that prevented users from being correctly confirmed, making them none too happy, either). In its day that is first in, it had already dealt its 100,000th hand and by its first evening, had 50 cash games going with fully packed action.
‘I would say we were the biggest poker space in the state at that hour,’ Ultimate Gaming’s CEO Tobin Prior declared the following day; a broad claim that could only be made as World Series of Poker at the Rio doesn’t kick down for a few more weeks yet, of which time it’s hard to top the money game action there, during the Venetian, Caesars, or any of an array of other poker-crazy casinos throughout the thirty days leading as much as the Main Event of WSOP.
The point is, it had been a success.
State Revenues Will Benefit
While Ultimate Poker president Tom Breitling wouldn’t spill the beans on how many bucks they collected in their first few days of operation, Nevada’s Gaming Control Board certainly is privy compared to that information in the newly regulated, overseen world of on-line poker, American-style. It’s not simply random interest, either; the Silver State would be collecting 6.75 percent of the rake, the vig that the house swoops out of each money pot, because well as a portion of tournament charges collected.
Because any player anywhere can play on your website once they enter Nevada’s borders (you got that GPS chip implanted in your mind now, right?), thousands (to date) have been registering from far way, in anticipation of their arrival for WSOP. Clever planning, unleashing the web site a few weeks before WSOP fever hits; kind of like how movies plan their releases for Christmas Day, when mom and dad are stuck aware of the kids, and just wish to bring them somewhere they could shut them up for a hours that are few.
Also clever, is the land-based to online tie-in between mostly locals-oriented Stations Casinos in Nevada, and the UltimatePoker that is new site. Users can make deposits and withdrawals both online and at any of the Stations Casinos’ cages, in what exactly is commonly referred to as brilliant cross-branding strategy. Booyah.
Moreover, Stations plans to mix its current Players Club rewards program with its online site’s, to produce a kind of Pavlovian dog insta-drool component that has never been noticed in poker till now. It all adds up to an extremely effective kickoff.
‘I believe’s a testament to Las Vegas,’ Breitling said. ‘ People are planning their trips and are saying this will be a right element of that trip.’
Gambling Execs Residing Large as Highest-Paid CEOs for Public Organizations
Wanna make the bucks that are big? Maybe your mom told one to go into legislation or medication, but the money that is real in gambling. Maybe Not as a high-roller; as being a casino executive. If you do not believe us, check out these staggering paychecks recently revealed in the Sweet 16 rankings of CEO pay for public companies that are HQ’d in Las Vegas, published by the Las Vegas Review-Journal; associated with top five spots, four are held by well-known video gaming moguls.
Wynn Leads the Pack
Based in the Securities casinopokies777.com and Exchange Commission (SEC) formula for calculating salaries and worth that is net Las Vegas visionary (despite being virtually blind now from degenerative eye illness) Steve Wynn stands at #1 at $17.7 million. At that yearly earnings, we must say we think he should have had the oppertunity to find a better plastic surgeon and more realistic hair dye.
By doing a somewhat different calculation, namely, including in stock choices, infamous curmudgeon and Las Vegas Sands CEO Sheldon Adelson happens #1 by a long-shot with a bundled $41.3 million; that’s $30.6 million in stock choices, and $10.7 million in real pay. We would walk like a Venetian for that type or form of dough.
In a good sleight of hand, Adelson’s wife, Dr. Miriam Adelson, brought in a modest $50K in 2012 for serving once the gaming conglomerate’s ‘director of community involvement,’ whatever that entails. But then for supposedly assisting to stabilize the business (maybe that means administering bipolar meds to her that is hubby) the Missus was deemed a lavish $3.8 billion. Yes, billion. Maybe the White House should call her in and see just what she may do making use of their spread sheets if she has that kind of talent.
Loveman Felt the Love
Caesars Entertainment’s CEO Gary Loveman wasn’t hurting much last 12 months: with a need home pay of $12,800,000, he came in at no. 3. Simply FYI, at this level in the career food chain, actual salary generally only accounts for about a fourth (or less) of the exec’s total pay package; we’re guessing besides investment and securities, there’s plenty of private jet travel, some pretty nice meals and a swank hotel suite right here and there, anywhere they may be in the world.
The #4 spot was the only person that went up to a non-gaming administrator. Rajesh Shrotriya, CEO of Spectrum Pharmaceuticals, a company that produces cancer treatment drugs, was in the spot that is top year, but dropped to 4th largely due to a 60 per cent pay cut brought on by lower stock and option bonuses. We’re pretty sure they can still afford a nice mortgage, though, with a yearly cash salary of $10, 108,000.