But it finally appears that the publicly traded company is taking a turn for the better after reporting record earnings.
According to Yahoo Finance, Amaya’s total revenue was $1.15 billion, up 8% from 2015’s revenue total of $1.07b.
Their adjusted EPITDA increased by 14.1% to $524.1 million. And net earnings from continuing operations jumped 777% from a loss of $20m in 2015, to positive $135.6m last year.
Another positive figure is that adjusted net earnings increased 26% to $366.7m. Finally, the net income from continuing operations was $45m in 2016, compared to negative $15.2m in 2015.
Amaya CEO Rafi Ashkenazi was extremely happy about the increases across the board, noting that changes to the PokerStars VIP program and the new casino were crucial. Here’s a look at his statement:
“Our proactive changes to the poker ecosystem and customer acquisition initiatives continue to reverse certain negative trends and we are starting to see organic growth in that business, our casino offering exceeded expectations as we introduced limited marketing campaigns and focused on our cross-sell efforts, and we continued to build and develop our sportsbook.
“The strong performance of our business has helped us to reduce our currency risk, lower our interest expense and accelerate the payment of the remaining amounts owed on our deferred payment obligation, all of which will allow us to continue pursuing our four strategic priorities. We expect to continue our 2016 momentum and execute on our strategy in 2017.”
Given how well they performed in 2016, Amaya has set the bar even higher in 2017, aiming for between $1.2b and $1.26 in total revenue. Not bad for a company that, just one year prior, was relying on a declining online poker market to fuel their growth.