David Baazov, CEO of Amaya discussed investigations, the acquisition of Pokerstars, regulation and sales in the U.S in an interview with Canada’s Business News Network.
Regulators in Quebec are investigating the company over the huge rise in the company’s stock price in such a short time. Shares fell on news of the investigation by Canadian securities regulators, but the price has stabilized. “We have no evidence to believe there’s any wrong doing by any officer, director or employees, and we’re cooperating with the investigation.”
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While the Poker Stars acquisition was complicated and contained “a lot of moving parts, ” Baazov repeatedly used the word “optimistic” in reference to the deal.
Regulation in the U.S. market is good for Amaya; “we continuously lobby for more regulation, not just in the U.S, but in other jurisdictions as well.” The increase in gambling regulations is a sign of hope for the company, that already has 60 licenses in the U.S. and 100 overseas. However, Baazov added that sales aren’t growing by large amounts in the U.S., but he is confident the company can grow without aggressive expansion in the U.S; “Currently, we are not generating real money gaming revenue from the U.S … I would say we are growing without it today.”
Amaya currently is burdened with debt, but Baazov said the company is still able to buy back shares despite the balance sheet.
