The Stars Group Records Rise in Q3
Canadian gaming and online gambling company, the Stars Group Inc has released the results for the third quarter of this year, revealing a year-on-year profit increase.
The Toronto-based company announced its bottom line went up to $119.6 million, or $0.58 per share. These numbers represent a solid increase when compared to the corresponding period of last year, which was ended with a bottom line of $84.98 million, or $0.42 per share.
Numbers Are Up
The initial analysis put together Thomson Reuters estimated the company would earn $0.52 per share, although these estimates don’t include special items.
According to the company, revenue for the three-month period ending on September 30 reached $329.44 million. When compared to the third quarter of 2016, it’s an increase of around $60 million, or 21.7%.
Commenting on the announcement, Rafi Ashkenazi, Chief Executive Officer stated that the strong growth had been aided by the launch of Stars Reward loyalty program.
Ashkenazi added the casino continues to grow with a significant active player base, while the sportsbook continued to see a growth in turnover.
Exploring Future Growth Opportunities
He said the company planned to focus on reinvesting in its core products and increasing the investment in marketing for the remainder of 2017 while continuing to explore further growth opportunities.
The Stars Group declared a group adjusted EBITDA of $155 million, while corporate net earnings were at $75 million. Since the beginning of the year, the company delivered a corporate EBITDA of $453 million, with net earnings of $212 million.
The company was especially proud of its customer activity, which reached 2.1 million marks, with a rate of return of $150 per player.
When it comes to the corporate financing, long-term debt during this quarter reached $2.45 billion, while the company managed to secure an additional loan agreement worth $75 million.