The Stars Group records record revenue in Q1 2020

[The Buzz]

The Stars Group says it saw record revenue in its first quarter as COVID-19 led to an increase in online poker and casino games starting in March.

From The Canadian Press:

In an update to its expectations for the three-month period ended March 31, the company says it expects revenue of approximately US$735 million, up from US$580 million in the first quarter of 2019.

The company, which keeps its books in U.S. dollars, also expects a net loss between US$69 million and US$79 million or between 23 and 27 cents per diluted share, compared with net income of US$28 million a year ago.

On an adjusted basis, the Stars Group expects a profit between US$185 million and US$192 million for the quarter or between 63 and 65 cents per share, up from an adjusted profit of US$106 million in the first quarter of 2019.

The Stars Group has signed a deal to be acquired by Flutter Entertainment in a combination that will create one of the world’s largest online betting and gambling companies. A meeting of the Stars Group shareholders to vote on the deal is set for April 24 using a virtual only format.

Read more here: https://www.thestar.com/business/202...-per-cent.html