The Stars Group is among the global leaders in online gaming and sports betting offerings, but this Toronto-based company has even greater plans for the foreseeable future. This week saw the official issuing of financial information covering the second quarter of the 2019 fiscal year. It ended on June 30 and was a period dedicated to reducing debt and working towards a significant revenue growth when compared year-on-year.
The end of every quarter of the fiscal year is a milestone point coming with essential information regarding the financial performance of the company. Such details are important for the shareholders, as well as for the people directly interested in the company’s development down the road. In addition to that, the regular reports issued at the end of every quarter are the perfect time for an evaluation and goals setting for the upcoming three months of operation.
The Stars Group Showcases Performance
The Stars Group also prepared in advance for the quarterly issuing of information and this Monday brought the good news. Furthermore, the special meeting brought the spotlight of attention to the new guidance ranges that cover the entire fiscal year. Rafi Ashkenazi, The Stars Group’s Chief Executive Officer, pointed out that Sky Betting & Gaming propelled the performance.
The total revenue over these past three months reached US$637,618, marking a 54.9-percent surge in comparison to the year-on-year performance. The second quarter of 2018 fiscal year managed to reach a total revenue of US$411,512. Meanwhile, another tangent of comparison could be made over the first six months of operation in 2019. The Stars Group saw H1 total revenue of US$1,218,002.
Once again, this is a 51.4-percent surge from the US$804,403 during H1 2018. This jump could be reasoned with the July 2018 acquisition of Sky Betting & Gaming. Ever since then, the company has introduced a positive surge in the sports wagering, online casino, and online poker sectors of operation. The second quarter also saw The Stars Group prepay some US$250 million on its first-lien term loan.
Brighter Days Ahead
As a result of that, the debt remaining amounts to US$5.1 billion. The special meeting announced the appointment of John Schappert as a new independent director and member of the Board’s Compensation and Technology Committees. This decision is effective immediately. His name is known for his extensive experience across leading gaming companies. In the past, he has been the Chairman and Chief Executive Officer of Shiver Entertainment.
On a global scale, The Stars Group managed to see an 11.7-percent surge in its poker revenue reaching US$191,496 over the same period of time last year. When it comes to the plans for the upcoming months, FOX Bet is about to launch operation just in time for the official start of the NFL season on September 5. This is the milestone collaboration between FOX Sports and the gaming giant.
In addition to that, the Toronto-based company is about to launch licensed sports betting operation in New York thanks to the collaboration with Akwesasne Mohawk Casino Resort, which is finishing its sports betting lounge at the moment. Penn National Gaming has also inked a partnership with The Stars Group that would result in access to up to 20 states’ online betting and gambling fields.