Baazov suggested he’s had his eye on that prize all along. In a 2012 profile in Global Gaming Business Magazine, Mr. Garcea said it wouldn’t be surprising if we started to see the PokerStars brand on more real-world gambling equipment and tournaments. With stakes in both physical casinos and online gambling, Mr. But the history of Amaya’s acquisitions under his leadership suggest he has been thinking big for a long time.Īmaya made four major acquisitions during an 18-month period starting in 2011, including gambling machine manufacturer Cadillac Jack, which put Amaya on its path to becoming a major Canadian technology player. Baazov said he was unable to fit an interview into his schedule Friday. The Scheinbergs are famously private and a spokeswoman for Mr. It starts getting much more interesting from a market size perspective.”īoth the Scheinbergs and Mr. “You add New York, Pennsylvania, California, you’ve got a couple of Canada there. The online gambling market is relatively mature in most parts of the world, but with American states starting to legalize it, the growth potential is huge, he said. Garcea said there are more lucrative opportunities ahead if the company stays on the right track. Baazov, who holds 26% of Amaya’s shares, is positioned for a handsome personal gain. Amaya’s shares closed almost 42% higher to $19.95 on the TSX. The company’s stock soared Friday after the deal was announced late Thursday evening. Deutsche Bank, Barclays Bank, Macquarie Capital USA and GSO Capital Partners LP underwrote the deal. for Rational’s brands,” he said.Īmaya is financing the acquisition with a large amount of debt – US$2.9-billion of bank loans, plus about US$1.6-billion of equity and convertible securities. “We anticipate Amaya’s track record in the United States has the potential to facilitate a speedier entry into the U.S. online gambling industry should help with the re-introduction of PokerStars. Baazov said the fact Amaya is already operating in the U.S. In a conference call with investors Friday, Mr. This advertisement has not loaded yet, but your article continues below. “It provides a great exit for the founding family and it should solve the issue of re-entering the U.S. “The issues were with the founders and they’re stepping aside,” Mr. Garcea said that shouldn’t pose a problem for PokerStars re-entering the U.S. The Scheinbergs may be gone, but Amaya said it plans to retain PokerStars’ executive management team. Mark and Isai Scheinberg currently reside in the Isle of Man, where PokerStars is based, but both have Canadian citizenship and used to live in the Toronto area. Mark Scheinberg’s father, Isai Scheinberg, who remains under indictment in the U.S., contests the charges and denies wrongdoing. In 2012, PokerStars agreed to a US$731-million settlement over money-laundering charges in the U.S. Scheinberg poised to step down, and the company under new ownership, Amaya hopes to solve PokerStars’ main problem: exclusion from states where it ran afoul of online gambling laws that have since made the industry legal. It’s just one by one, each transaction transforming the company a bit and giving it more strength,” said Ralph Garcea, an analyst with Global Maxfin Capital Inc. “David Baazov has done an unbelievable job. Investigation by Canadian Securities Regulators Relating to the PokerStars Acquisition. Capital Structure Prior to PokerStars Acquisition. Private Placement Equity and other Transactions/2010-2013. Initial Public Offering (IPO) and Secondary Offering. ![]() Strategic Acquisitions and US/European Markets. Internal Product Development and Emerging Markets. Current Status of PokerStars and FullTilt Accounts and Reimbursements. Amaya Assumes Terms of PokerStars’ Resorts Agreement After Acquisition. ![]() Resorts Agreement to Offer PokerStars Brand. Suspension of PokerStars CSIE Application. PokerStars’ Attempt to Purchase an Atlantic City Casino. FullTilt Settlement of Civil Action with USDOJ. PokerStars Settlement of Civil Action with USDOJ. Regulatory Action by Gaming Authorities in the Isle of Man. Revocation of FullTilt License in Alderney. Regulatory Action by Gaming Authorities in Alderney. Federal Civil Forfeiture Complaint in the Southern District of New York. Federal Criminal Indictment in the Southern District of New York. Prosecution of PokerStars and FullTilt by the United States Department of Justice. PokerStars’ Legal Argument For Its Post-UIGEA Conduct. Federal Law - The Unlawful Internet Gaming Enforcement Act of 2006.
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