The Stars Group, operator of the world’s biggest online poker site PokerStars, has reported a 21.7% increase in revenue for 3Q17, led by a 12.5% increase in poker revenue to US$224.1 million.
Real-money online casino and sportsbook combined revenues for the quarter were US$95.2 million, an increase of approximately 48.3% year-over-year, while debt was down to US$2.45 billion with the company having prepaid without penalty an additional US$75 million under its second lien term loan using cash on its balance sheet and cash flow from operations. The principal balance of the second lien term loan stands at US$95 million.
“Our operations and management continued to perform in the third quarter, delivering strong year-over-year growth bolstered by the launch of Stars Rewards,” said Rafi Ashkenazi, Chief Executive Officer. “Not only did we see improvement in our poker business, but our casino continues to grow with a significant active player base and our online sportsbook continues to see meaningful growth in turnover. To build upon these achievements, we plan to focus on reinvesting in our core products and increasing our investment in marketing for the remainder of 2017 and into 2018 while continuing to explore further growth opportunities.”
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