Baazov snaps up £1.1m of Amaya shares
Amaya Gaming CEO David Baazov buys 110,000 common shares after the firm's share price tanked last week
Amaya Gaming chief exec David Baazov and a number of senior executives have purchased additional shares in the operator after its share price tanked almost 30% when the firm downgraded its full year outlook last week.
Baazov purchased 110,000 common shares on the open market worth CA$2.3m (£1.1m), while VP of corporate development and general counsel Marlon Goldstein and Rational Group CEO Rafi Ashkenazi purchased 47,460 shares worth around $1m (£500,000) between them.
The purchases took place between 12-18 November, just days after Amaya reduced its full-year outlook leading to its share price falling from $31.23 to $21.10 – the lowest since it acquired PokerStars and Full Tilt last year.
While the operator reported an 8% year-on-year increase in Q3 revenues to $325m (£162m), it was hit by new VAT charges in some EU jurisdictions and FX headwinds.
As such Amaya revised its full-year guidance, cutting expected revenues from up to $1.6bn (£800m) down to $1.3bn (£650m) and adjusted EBITDA from $650m (£324m) to $572m (£285m).