Amaya Gaming Releases Third Quarter Results
Amaya Gaming, the Canadian gambling group which operates in regulated markets, has released its financial report for the third quarter of 2012, showing strong growth across the board.
The group reported revenues of $18.32 million for Q3 2012, compared to the same time period in 2011. This was a whopping 360% growth from 2011's $3.97 million - or an increase of $14.35 million.
Amaya said that this revenue growth was primarily due to its consolidation of a full period of software licensing revenue of Chartwell Technology which the group acquired in July 2011. This was in addition to the consolidation of Cryptologic's software licensing revenue, hosted casino revenue and the licensing of Amaya's proprietary interactive gaming platform technology.
Gross profit grew to $18.26 million in the third quarter of 2012 (99% of revenues), compared to $3.80 million in the third quarter of 2011.
2012 Highlights for Amaya Gaming
Amaya Gaming also highlighted some if its other achievements in the three months and nine months leading to September 2012.
Firstly, Connecticut based Mohegan Sun, one of the largest entertainment and gambling locations in the United States, chose Amaya's subsidiary, Ongame Network to power its new online poker offering. Mohegan Sun will expand into to online gambling market early this year through a play for fun poker platform for PC's, Macs and mobile devices, and puts Mohegan Sun - and Amaya - at the fore of the industry when real money gambling becomes available to US players.
This month, Amaya also completed the purchase of Cadillac Jack, supplier of products and technologies for the global gaming market.
CEO Comments on Amaya Results
The Chief Executive Officer of Amaya, David Baazov said that the group was very pleased with the organic growth of its revenues in the third quarter over the second quarter, which was mainly due to the growth of its licensee bases in Europe of Cryptologic and Chartwell subsidiaries.
"We're also extremely excited about our recent acquisitions of Cadillac Jack and Ongame," said Baazov about Amaya Gaming third quarter results. "Cadillac Jack provides Amaya with an important presence in the United States and the ability to offer physical, virtual and mobile gaming solutions to our customer base, which addresses a growing trend towards convergence in our industry."
"Additionally," he said, "we expect to leverage Amaya's existing customer base in Europe as well as our sales and support staff to place Cadillac Jack's top quality gaming machines in that region."
