Amaya mastermind David Baazov had the difficult task of telling investors this week to lower their expectations for 2015 revenues, because of the CEO blaming the United States buck for the weakening.
Amaya Inc. is cutting its 2015 full-year financial projections for revenues and net earnings, an adjustment which will naturally additionally lower expectations for per share earnings.
The parent company to PokerStars and Full Tilt Poker is reducing its year-end revenue projections by 13 % from statements made at the midpoint of 2015.
Right Back in might, Amaya announced it expected to come up with between CAD$1.446 and $1.564 billion ($1.09-1.18 billion) in revenue ahead of the ball drops in Times Square on New Year’s, but is shareholders that are now warning expect that quantity to come in around CAD$1.289 to $1.339 billion ($970 million-$1 billion).
The Almighty Dollar
Amaya is blaming the stronger US dollar while the culprit.
‘ The general strengthening of the US buck relative to certain foreign exchange, mainly the Euro, has triggered an approximate 19 percent decrease into the buying power of our customer base,’ Amaya CEO David Baazov stated in a press release.
Baazov says that ‘purchasing power’ has generated a ‘significant negative impact’ on profits, ‘higher than we previously anticipated.’
Economists say whenever the fed raises interest rates, the dollar that is US follows and strengthens. That is bad news for organizations that do business abroad as it makes everything more high priced.
Amaya is needless to say one of these international organizations that operates throughout the world, its poker platforms providing to demographics in six for the seven continents.
Though Baazov and Amaya are slashing their estimates by 13 per cent, Wall Street is doubling that reduction as shareholders dispose of their interests in the company.
In very early trading on Tuesday, Amaya (NASDAQ: AYA) fell more than 27 percent to around $17, a drop of $6.50 per share. If there’s one thing Wall Street fears most, it’s doubt, and that is exactly what Amaya’s recent filing represents.
Not all hope is lost, as there are reasons to remain worked royal las vegas casino online up about the company for capitalists.
Amaya met analyst expectations for the third quarter. Revenues for the three months ending September 30th totaled $324.7 million, a $25 million increase through the period that is same 2014.
‘Since Amaya’s acquisition of its B2C business (PokerStars and Full Tilt), we have consistently delivered shareholder value,’ Baazov said. ‘Despite numerous recent challenges that are global our core company, we think we’re well positioned to boost our income and continue to grow our customer base in 2016… ‘
‘Buy low, sell high’ is the adage that is old of success into the stock market. Following this week’s news, Amaya is for sale lower than it is often formerly valued.
Will it get back up to a valuation above its 52-week high cost of $31.43? That may be the challenge for possible investors.
Amaya is also crediting its delayed rollout of its new online sportsbook as another contributing factor to lower incomes. Additionally, Amaya ceased operations of its day-to-day fantasy sports platform StarsDraft in most but four states in America as the legality debate continues to wage.
Along side PokerStars entering New Jersey, should the sports book get up and running in European countries and DFS find favorability among regulators in the united states throughout the term that is long Amaya could be posed for the rebound.
Station Casinos’ IPO Faces Union Challenge Over Deutsche Bank Libor-fixing Scandal
People of this Culinary Union protest in downtown Las Vegas. The union would like to understand why Station Casinos didn’t declare Deutsche Bank’s financial missteps in last month’s IPO filing. (Image: Bill Hughes/LVR-J)
Station Casinos’ stock market ambitions were facing a challenge from Las Vegas’ most powerful union this week.
The Culinary Workers Union (Local 266) includes a longstanding beef with the casino business, that will be anti-union, and is trying to derail its application for the initial general public offering by drawing the economic regulator’s attention to the recent missteps of its major shareholder, Deutsche Bank.
The union has already launched a radio campaign in Nevada denouncing Deutsche Bank over the Libor rate-rigging scandal to its involvement.
The German bank was forced to pay for a $2.5 billion fine following investigations by authorities into the UK and US who judged that the employees of its subsidiaries were guilty of manipulating Libor rates.
Libor steps the cost of inter-bank financing, setting out the typical rate banks pay to borrow from one another.
If the cost of borrowing for the banks go up, the amount they charge customers for loans and mortgages does too, and its manipulation is just a serious offense.
Then, last week, it emerged that the financial institution had been hit with a $258 million penalty by US regulators for entities subject to US sanctions to its dealings in Iran and Syria.
The problem, claims Local 266, is despite Deutsche Bank’s 25 percent ownership of Station Casinos, none of this is mentioned in the IPO filing.
In a letter to Securities and Exchange Commission, seen by the New York Times this week, Maya Holmes, the union’s research director stated this point ended up being ‘particularly disturbing.’
‘We believe the S.E.C. takes a degree that is high of so that public investors can judge for on their own the dangers associated with purchasing shares in an I.P.O. like Station Casinos,’ she penned.
‘Parent Company of the Felon’
Deutsche Bank acquired its share in Station Casinos in 2011 when the bank agreed to hold around $1 billion of its debt as an element of a two-year bankruptcy reorganization.
Since coming out of bankruptcy, Station Casinos has reported 17 consecutive quarters of cash flow development.
Local 266, which represents around 6,000 cooks, cleaners, bartenders, cocktail waitresses, porters and other casino staff, also really wants to know precisely how a lot of Station Casinos’ revenue is going into spending off Deutsche Bank’s fines and has now previously complained towards the Nevada Gaming Commission about the known reality that the lender does not hold a Nevada video gaming license.
‘The Gaming Commission has always maintained a high standard when it comes to licensing casinos,’ said Geoconda Arguello-Kline, Secretary-Treasurer regarding the union. ‘It is unthinkable that Deutsche Bank, the parent company of a felon, is allowed to make money from its ownership in Station Casinos without being licensed.’
Needless to say, Deutsche Bank can be an investor, not an operator, so that it doesn’t need a gaming license.
Additionally it is among the world’s biggest institutions that are financial which in 2014 declared assets of $1.9 trillion, this means it’s unlikely to be paying its fines out of Station Casinos’ workers wage packets.
Joe McKeehen Takes Down WSOP Main Event Final Table in Dominant Fashion, Wins $7.6 Million as New Poker Champ
WSOP 2015 Main Event champ Joe McKeehen watches because the card that is final the believed. The Philly pro ran the game through the November Nine event that is three-day. (Image: ESPN)
Joe McKeehen is the man that is last. 6,420 players ponied up $10,000 in cash return in July to enter the 2015 WSOP Main Event. After 10 times of competition, McKeehen had every chip that is last play and is now officially the 2015 World number of Poker Main Event champion.
The 24-year old poker pro finished things off on Tuesday evening through the elimination of their last two opponents Neil Blumenfield and Josh Beckley, in that order.
Utilizing the summary associated with Main Event, the 46th annual World Series of Poker season came to an end. It was a year that is memorable. The first-ever online poker bracelet event took place while the inaugural Colossus attracted the largest field in live poker tournament history.
But, like almost every other year, the Main Event matters the absolute most, particularly to viewers, and its own champ will forever be recalled.
Joe McKeehen could now win another poker never competition and yet be within an elite group that features legends such as Phil Hellmuth, Johnny Chan, Doyle Brunson, and Chris Ferguson. Wait, scratch that last name.
Never ever A contest
McKeehen started the last table with more than 63,100,000 chips, better than 33,000,000 significantly more than second destination player and Israeli Ofer Zvi Stern. McKeehen was a 7/5 favorite.
The man from Philadelphia was an even bigger favorite by the end of the first day of play at the final table. He sent the first three players to your rail on Sunday, then another on Monday, as well as the final two on Tuesday.
McKeehen had a knack that is uncanny flopping top pair or better. He additionally had been able to play a ‘small ball’ poker strategy that his opponents were unable to defeat.
time again, McKeehen would raise pre-flop by having a weak hand or fail to link on the flop and still win the pot.
He regularly place in a min-raise before the flop and around a half pot-sized bet on the flop, regardless of his hand power, and seldom faced a raise during the final three sessions.
One other November Niners had been at a chip disadvantage through the entire table that is final had been unable to find the correct spots to play right back at McKeehen’s aggressive play.
He put together one of many most dominating WSOP Main Event table that is final ever. Not even the great Phil Hellmuth, a champ that is two-time can say he dominated this event during the level poker fans saw from McKeehen this week (although he probably would).
Blumenfield, Beckley Go Busto
Tuesday’s very first removal had been 61-year old Neil Blumenfield, an amateur that is charismatic Northern California. Blumenfield did not have chips that are many when he was dealt pocket deuces. That hand seemed like a monster up to a player with just 12 big blinds.
Of course, deuces weren’t almost enough to contend with McKeehen’s pocket queens. Blumenfield was delivered right back to California with a nothing but a measly $3,398,298 for his efforts.
The player that is final face the wrath of Joe McKeehen’s insane card-catching abilities was Josh Beckley. By having an eight- chip that is to-one, Beckley had been forced to shove with their 4♦4♣ and found himself in a coin flip situation against A♥10♦.
Joe McKeehen loses races about as Michael Phelps. This one was no different. Beckley can’t feel too upset about the conclusion. He is taking home $4,470,896, that is peanuts when compared with the $7,683,346 the champion won, but still a pretty good day at any office.
McKeehen also gets a $250,000 diamond-and-jewel-encrusted bracelet, and a place in the poker history books.