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 percent in general profits for the last three months of 2012 to $37.19 million (Canadian).
The gaming firm announced that its adjusted earnings before interest, tax, depreciation and amortization for the fourth quarter of final year reached $16.74 million, showing a year-on-year increase of around 391 per cent. However, the net earnings of Amaya Gaming fell from a profit of $2.88 million for the exact same period in 2012 to $711.309 in the red.
Profit and Loss
Amaya reported a general enhance of almost 316 per cent in revenues year-on-year to $76.43 million, and revealed total earnings of $23.11 million before interest, income tax, depreciation and amortization, but regardless posted an overall business loss of $7.11 million for 2012, increasing the deficit of $1.92 million of 2011.
‘ The past year has been transformational for Amaya,’ explained president and chief executive officer for Amaya Gaming, David Baazov. ‘We expanded dramatically in Europe by increasing the licensee base of our subsidiaries Chartwell and Cryptologic. Cryptologic went from a loss that is net 1st half of 2012 to a significant contributor of earnings for Amaya Gaming by the conclusion of 2012.’
He went to explain that Amaya Gaming also acquired gaming machine supplier Cadillac Jack, along with business-to-business poker system provider Ongame, which has given the firm a stronger existence in the U.S. market.
‘ We now have the technology to address the growing trend toward convergence in our industry, with operators increasingly trying to provide physical, digital and mobile video gaming items and experiences to their clients,’ continued Baazov.
Baazov also stated that the firm happens to be securely focused on strengthening their foothold through strategic partnerships throughout the U.S. due to the fact evolution of online video gaming continues to gather pace.
‘Additionally, we be prepared to recognize synergies from our purchases of Ongame and Cadillac Jack as we did with Cryptologic, including growing their respective consumer bases in several jurisdictions.’
All in all, despite the disappointing revenues acquired over 2012, Amaya Gaming is now feeling better positioned than ever, and it is willing to take on 2013 and all associated with the new challenges and opportunities it’ll bring to the gaming globe.
Vegas Strip and Macau Push MGM Resorts in to the Black
Things are searching green over at MGM Resorts Overseas: after some P that is dicey& statements for the past several years, the first quarter of 2013 place the casino conglomerate in the black colored. They are able to applaud performances by their Las Vegas Strip CityCenter development,which pulled in an earnings that are all-time, 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 when compared with a first-quarter loss in $203.3 million on revenues of $2.47 billion for similar period of time year that is last. an impressive turnaround indeed.
MGM Resorts Chairman and CEO Jim Murren was understandably full of puffery about the turnaround in earnings profile (no doubt calculating their own raise for next year); Murren’s issued statement on the achievement noted that ‘our first quarter 2013 results are the best we now have reported since the start of the downturn [read ‘financial avalanche and freefall’] five years ago, led by improved outcomes at our Las Vegas Strip resorts.’
CityCenter Pulling Its Weight
Ends up CityCenter is worth its weight in gold for MGM; it brought in $93 million for the quarter, which is triple the $32 million it did for same period of time year that is last. Causing the upturn were the center’s numerous upscale components, including its kingpin casino Aria, Vdara (its non-gaming yet hotel/spa that is chic), the luxury retail and dining enclave known as Crystals, and its particular second non-gaming entrant in the la-de-dah hotel entries, the uber-posh Mandarin Oriental. Web revenues for that combined number of entities was up 32 percent from 2012, to $315.1 million. Showing that the economy continues its slow climb upwards away from the black hole, occupancy rates at both Aria and Vdara improved; Aria up 2+ percentage points, to 89 %, and Vdara up 4+ portion points to 85.7 %.
In a victory meeting after the report’s release, Murren noted ‘Las Vegas is well recovering,’ and stated that future contributing factors to Vegas’ improved numbers could be a MGM that is new Grand, Hakkasan, and several 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 dates in the works. We comprehend Beyonce, but is not Bieber a little young for the high-roller demographic? Guess that is why we didn’t have as good a quarter that is first MGM Resorts; we’re not clever enough to understand these things.
Macau Continues to Dazzle
MGM China, always one to shake its moneymaker at MGM, kept on keeping on in Macau, the world’s most gambling that is lucrative anyway. It obtained net revenues of $748 million, up 6 percent from first quarter 2012, and both table games and slots hit the jackpot with jumps in profits casinopokies777.com that equalled 26 and 19 %, correspondingly.
It is Good to Be Green
By having a $100 million New York City-style park being designed as being a Monte Carlo brand New York New York entr’acte, and a 20,000-seat arena mgm is building for 2016 completion, not to say brand new resorts being planned for Massachusetts, Maryland, Toronto, and Macau’s chi-chi Cotai Strip, we’d say MGM’s green future is searching pretty emerald in shade.
UltimatePoker.com Off to Good begin with Online Poker in Nevada
Even though theoretically you have to maintain Nevada to play the first online that is legal ever into the U.S., who hasn’t stopped people in almost every state in America, and from 20 other countries abroad, from signing up to participate history. Yep, appears like Stations Casinos-owned UltimatePoker.com, the first-ever regulated legal U.S. online poker site, might just be a winner. Whom woulda thunk it.
Down and Running
Just launched, the new site that is legal no time at all to get gangbusters; in its very first 72 hours, it had registered thousands of players (and might have had much more were it perhaps not for an odd Verizon mobile phone glitch that prevented users from being correctly verified, making them none too happy, either). In its day that is first in, it had already dealt its 100,000th hand and by its very first evening, had 50 cash games going with completely packed action.
‘I would personally say we were the biggest poker room in hawaii at that hour,’ Ultimate Gaming’s CEO Tobin Prior declared the very next day; an extensive claim that could only be made as World Series of Poker at the Rio doesn’t kick down for a few more weeks yet, at which time it’s hard to top the bucks game action there, at the Venetian, Caesars, or any one of a myriad of other poker-crazy casinos throughout the month leading as much as the Main Event of WSOP.
The overriding point is, it absolutely was a success.
State Revenues Will Benefit
While Ultimate Poker chairman Tom Breitling wouldn’t spill the beans on how bucks that are many collected inside their first few days of operation, Nevada’s Gaming Control Board certainly is privy to that information in the newly regulated, overseen world of on-line poker, American-style. It is not interest that is just random either; the Silver State will undoubtedly be gathering 6.75 percent of the rake, the vig that the house swoops out of each cash pot, because well as a portion of tournament fees collected.
Because any player anywhere can play on the website once they enter Nevada’s borders (you got that GPS chip implanted in your head now, right?), thousands (thus far) have been registering from far way, in anticipation of their arrival for WSOP. Clever planning, unleashing the site a few weeks before WSOP fever hits; sort of like how movies plan their releases for xmas Day, when mom and dad are stuck aware of the children, and just wish to bring them somewhere they could shut them up for a few hours.
Also clever, is the land-based to online tie-in between mostly locals-oriented channels Casinos in Nevada, and the new UltimatePoker site. Users can make deposits and withdrawals both online and at any of the Stations Casinos’ cages, in what’s commonly referred to as brilliant cross-branding strategy. Booyah.
Moreover, Stations plans to mix its players that are existing rewards program with its online web site’s, to create a sort of Pavlovian dog insta-drool factor that never been seen in poker till now. It all results in a really 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 section of that trip.’
Gambling Execs Residing Large as Highest-Paid CEOs for Public Companies
Wanna make the big bucks? Maybe your mom told one to get into legislation or medicine, but the money that is real in gambling. Perhaps Not as a high-roller; as a casino executive. 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; of the top five spots, four are held by well-known gaming moguls if you don’t believe.
Wynn Leads the Pack
Based on the Securities and Exchange Commission (SEC) formula for calculating salaries and net worth, Las Vegas visionary (despite being virtually blind now from degenerative eye disease) Steve Wynn appears at #1 at $17.7 million. At that yearly income, we need to say we think he should have been able to find a better chicago plastic surgeon and more realistic hair dye.
By doing a calculation that is slightly different namely, including in stock options, 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 options, and $10.7 million in real pay. We would walk like a Venetian for that type 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 video gaming conglomerate’s ‘director of community participation,’ whatever that entails. But then for supposedly assisting to stabilize the organization (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 inside and see just what she can perform making use of their spread sheets if she’s that kind of skill.
Loveman Felt the Love
Caesars Entertainment’s CEO Gary Loveman was not hurting much year that is last with a take home pay of $12,800,000, he came in at #3. Just FYI, at this degree in the career food chain, actual salary generally only accounts for about a 4th (or less) of the exec’s total pay package; we’re guessing besides stock options and securities, there’s lots of personal jet travel, some pretty nice dishes and a swank hotel suite right here and here, wherever they could be in the world.
The number 4 spot ended up being the only one that went to a executive that is non-gaming. Rajesh Shrotriya, CEO of Spectrum Pharmaceuticals, a company that produces cancer treatment drugs, was in the spot that is top 12 months, but fell to fourth mainly due to a 60 percent pay cut triggered by lower stock and choice bonuses. We’re confident he is able to nevertheless afford a mortgage that is nice though, with an annual cash salary of $10, 108,000.