Amaya mastermind David Baazov had the task that is difficult of investors this week to lessen their expectations for 2015 revenues, utilizing the CEO blaming the US dollar for the weakening.
Amaya Inc. is cutting its 2015 full-year projections that are financial revenues and net profits, a modification that may naturally also lower expectations for per share profits.
The parent company to PokerStars and Full Tilt Poker is reducing its year-end revenue projections by 13 percent from statements made at the midpoint of 2015.
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 because the culprit.
‘ The strengthening that is general of US buck relative to certain foreign currencies, primarily the Euro, has led to an approximate 19 percent decline within the purchasing power of our customer base,’ Amaya CEO David Baazov stated in a press release.
Baazov says that ‘purchasing power’ has created a ‘significant negative impact’ on revenues, ‘higher than we previously anticipated.’
Economists say whenever the fed raises interest rates, the US dollar typically follows and strengthens. That is bad news for companies that do business abroad as it makes everything more expensive.
Amaya is of course one of these companies that are international runs throughout the world, its poker platforms providing to demographics in six associated with the seven continents.
Though Baazov and Amaya are slashing their estimates by 13 %, Wall Street is doubling that reduction as shareholders dispose of their interests in the company.
In 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.
Although not all hope is lost, as there are reasons to remain worked up about the company for capitalists.
Amaya met analyst objectives for its third quarter. Revenues for the three months ending September 30th totaled $324.7 million, a $25 million enhance through the period that is same 2014.
‘Since Amaya’s acquisition of its B2C business (PokerStars and tilt that is full, we have consistently delivered shareholder value,’ Baazov said. ‘Despite multiple recent global challenges to our core company, we believe we are well placed to boost our cashflow and continue to cultivate our client base in 2016… ‘
‘Buy low, offer high’ could be the adage that is old of success in the stock market. Following this week’s news, Amaya is for sale lower than it was previously valued.
Does it get back up to a valuation above its 52-week price that is high of31.43? That is the challenge for potential 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 daily fantasy sports platform StarsDraft in most but four states in America due to the fact legality debate continues to wage.
Along with PokerStars entering New Jersey, should the sports book get fully up and running in European countries and DFS find favorability among regulators in the US over the long term, Amaya could be posed for a rebound.
Station Casinos’ IPO Faces Union Challenge Over Deutsche Bank Libor-fixing Scandal
Members regarding the Culinary Union protest in downtown Las Vegas. The union would like to know why Station Casinos didn’t declare Deutsche Bank’s economic 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) possesses longstanding beef with the casino company, which is anti-union, and is wanting to derail its application for the initial public offering by drawing the financial 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 its involvement with the Libor rate-rigging scandal.
The German bank was forced to pay for a $2.5 billion fine following investigations by authorities into the UK and US whom judged that the employees of its subsidiaries were guilty of manipulating Libor rates.
Libor measures the price of inter-bank lending, setting out the rate that is average pay to borrow in one another.
If the cost of borrowing for the banks go up, the quantity they charge customers for loans and mortgages does too, and its manipulation is a serious criminal offenses.
Then, last week, it emerged that the financial institution had been struck with a $258 million penalty by US regulators for its transactions with entities subject to US sanctions in Iran and Syria.
The problem, claims Local 266, is despite Deutsche Bank’s 25 percent ownership of Station Casinos, none with 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 was ‘particularly disturbing.’
‘We think the S.E.C. takes a degree freeslotsnodownload-ca.com that is high of so that public investors can judge for by themselves the dangers associated with buying shares in an I.P.O. like Station Casinos,’ she penned.
‘Parent Company of a Felon’
Deutsche Bank acquired its share in Station Casinos last year when the bank agreed to carry around $1 billion of its debt included in a bankruptcy reorganization that is two-year.
Since appearing 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 as well as other casino staff, also desires to know so how a lot of Station Casinos’ revenue is going into spending off Deutsche Bank’s fines and contains previously complained towards the Nevada Gaming Commission about the known reality that the bank does not hold a Nevada gaming permit.
‘The Gaming Commission has always maintained a high standard when it comes to licensing gambling enterprises,’ said Geoconda Arguello-Kline, Secretary-Treasurer for 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.’
Of course, Deutsche Bank is definitely an investor, not an operator, therefore it doesn’t need a gaming license.
It is also one of many planet’s biggest institutions that are financial which in 2014 declared assets of $1.9 trillion, which means that it is unlikely to be paying its fines out of Station Casinos’ employees wage packets.
Joe McKeehen Takes Down WSOP principal Event Final Table in Dominant Fashion, Wins $7.6 Million as New Poker Champ
WSOP 2015 Main Event champ Joe McKeehen watches due to the fact card that is final the felt. The Philly pro ran the game through the entire November Nine three-day event. (Image: ESPN)
Joe McKeehen could be the last man standing. 6,420 players ponied up $10,000 in cash return in July to enter the 2015 WSOP Main Event. After 10 days of competition, McKeehen had every chip that is last play and is now officially the 2015 World Series of Poker Main Event champion.
The 24-year poker that is old finished things off on Tuesday evening by reducing his last two opponents Neil Blumenfield and Josh Beckley, in that order.
The 46th annual World Series of Poker season came to an end with the conclusion of the Main Event. It was a year that is memorable. The first-ever online poker bracelet event took place and also the inaugural Colossus attracted the largest field in live poker tournament history.
But, like every single other year, the Main Event matters the absolute most, particularly to watchers, and its champion will forever be recalled.
Joe McKeehen could now win another poker never tournament yet still be within an elite group that includes legends such as Phil Hellmuth, Johnny Chan, Doyle Brunson, and Chris Ferguson. Wait, scratch that last name.
Never A contest
McKeehen started the table that is final more than 63,100,000 chips, better than 33,000,000 significantly more than second spot player and Israeli Ofer Zvi Stern. McKeehen was a 7/5 favorite.
By the end of the first day of play at the final table, the person from Philadelphia was an even bigger favorite. He sent the first three players towards the rail on Sunday, then another on Monday, while the final two on Tuesday.
McKeehen had an uncanny knack for flopping top pair or better. He also managed to play a ‘small ball’ poker strategy that his opponents were unable to defeat.
time again, McKeehen would raise pre-flop with a hand that is weak fail to link regarding the flop and still win the pot.
He regularly put in a min-raise before the flop and approximately a half bet that is pot-sized the flop, irrespective of his hand energy, and rarely faced a raise during the last three sessions.
One other November Niners were at a chip disadvantage through the entire final table and had been unable to find the appropriate spots to play right back at McKeehen’s aggressive play.
He put together one of many most dominating WSOP Main Event final table performances ever. Not perhaps 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 most likely would).
Blumenfield, Beckley Go Busto
Tuesday’s very first reduction ended up being 61-year old Neil Blumenfield, an amateur that is charismatic Northern Ca. Blumenfield don’t have chips that are many when he was dealt pocket deuces. That hand seemed like a monster up to a player with merely 12 big blinds.
Of course, deuces weren’t almost sufficient to contend with McKeehen’s pocket queens. Blumenfield was delivered straight back to California with an absolutely nothing but a measly $3,398,298 for his efforts.
The final player to face the wrath of Joe McKeehen’s insane card-catching abilities was Josh Beckley. With an eight- to-one chip disadvantage, Beckley had been forced to shove with their 4♦4♣ and found himself in a coin flip situation against A♥10♦.
Joe McKeehen loses events about as Michael Phelps. This 1 was no different. Beckley can not feel too upset about the end. He’s taking home $4,470,896, which is peanuts compared to the $7,683,346 the champion won, but nevertheless quite a good day at any office.
McKeehen also gets a $250,000 diamond-and-jewel-encrusted bracelet, and a place in the poker history books.