Online Gambling CEO Baazov Bets On Amaya

Published Friday, November 20, 2015 - Online-Casinos.com
Online Gambling CEO Baazov Bets On Amaya

Amaya Gaming, the Canadian online gambling giant is once again finding it is hard to manage a big fast and furious investment with the share value falling after quarter three financial results were published. Amaya has been dealing with the major issues such as the share price plunging to a new 52-week low of CAN$19.59 from which it has rebounded somewhat following the recent earnings revelation having been at CAN$31.23 the previous day.

Just as the company seems to be hitting its stride the perceived fall from financial grace has damaged the confidence level investors had except for the CEO and chairperson David Baazov, who acquired 60,000 common shares in his own company last week. Baazov said the $1.2 million purchase of additional Amaya shares will be used for investment purposes.

Buy low and sell high is the rule of thumb for stock brokers and business savvy investors and it looks like David Baazov has that lesson right. The almost 29 percent fall in the price of his company meant the CEO was able to acquire the shares at a bargain basement price and increasing his stake in the company to 18.42 percent.

The company has been saddled with the reality if the fluxuateing money world forcing Amaya to lower its yearly financial expectations, mainly because the relative strength of the US dollar has weakened the buying power of its customer base and eroded revenues, a statement from Amaya Gaming explained.

The revenue forecast for 2015 was reduced to approximately $1.289 billion to $1.339 billion, representing a 13 percent decline on mid-year expectations.

Baazov explained, “The general strengthening of the U.S. dollar relative to certain foreign currencies, primarily the euro, has resulted in an approximate 19 per cent decline in the purchasing power of our customer base and has had a significant negative impact on our revenues, higher than we previously anticipated,”

 

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