Amaya Gaming Group Shows Revenue Decrease
Amaya Gaming Group, which is based in Montreal, released its financial results for the first quarter of 2011.
The group's results weren't as good as was hoped, reflecting a 23% year on year decrease in revenues for the time period. In the first three months of this year, revenues were thus reported to be $1.14 million.
"Amaya posted revenues of $1.14 million for the first quarter of 2011, a 23% decrease compared to $1.48 million the first quarter of 2010," said the group. "The decrease reflects the Corporation's efforts to gain traction of its solutions aimed at the hospitality and government sectors."
Amaya Gaming Group made headlines recently, after it announced its intention to purchase the struggling Chartwell Technology Incorporated, parent group to Chartwell Games.
Amaya will pay $22.7 million for Chartwell and said that it had raised just under half this amount in a bid to finance the acquisition.
Q1 Highlights
Despite a drop in revenue, Amaya posted several highlights that took place in the first quarter of the year.
In January, the group obtained a second public lottery permit from the Government of Kenya, and in the same month, it added Mexico, Central America, the Caribbean and various South American countries as new territories covered under existing licensing agreements.
In February, Amaya secured a license to operate online gambling in the Dominican Republic, and in March it was selected by the Betting Control and Licensing Board of Kenya to operate online gaming.
"The successful launch of our SMS Lottery in Republic of Kenya demonstrates our capacity to execute on our strategic corporate initiatives by effectively penetrating and developing new markets," said the CEO of Amaya, David Baazov. "Amaya's government solution offering was further strengthened by the grant of a Nations Wide Lottery Permit in Kenya and a license to operate online gaming in the Dominican Republic."
"We believe the continued investment in expanding and implementing our solutions will enable the company to grow revenue and increase earnings in 2011," he said.
