Amaya Gaming Group Has Announced That It Will Be Refinancing Cadillac Jack Credit Facilities

Amaya Gaming Group is possibly the most well-known of all Canadian online gambling companies. A developer of unique online casino software and games, that is used by hundreds of online casinos sites around the world. The thing with Amaya though, is you can never really tell what’s going on. Less than two years ago, Amaya cut a swathe through the international online gambling market, coming out of nowhere and aggressively buying up many other online casino software developer’s. Some times with great controversy surrounding the mergers. Many times we tipped Amaya as being a company to watch in the next 12 months. And then nothing, everything went quiet, Amaya seemed to slowly disappear.

Industry pundits were quick to state their opinions that Amaya had overstretched itself, and was underfunded. It was predicted that Amaya had been nothing more than a flash in the pan, and that it would ultimately fail. And then we started to hear a few bits of news recently, mostly quite negative looking in the form of less than healthy looking financial statements, although much of the bad looking figures could be said to be caused by the massive volume of spending that Amaya had actioned whilst buying up other online gambling companies.

Now we have heard that Amaya is going to refinance the credit facilities of one of the companies it recently procured, namely Cadillac Jack. Basically, Cadillac Jack has been operating under a debt that it accrued in 2012, and it looks very much like the company was failing to meet the required revenue to pay this loan back. So now, Amaya has refinanced this online gambling subsidiary, and secured operating capital on a five year term. Again, this is something that many people would see as less than healthy financially.

So it is still really not clear what is going to happen with Amaya. One the one hand, they have some excellent trading partnerships with some pretty major league online casino operators, and seem to be making inroads into securing plenty more. But on the other hand, from a financial viewpoint, thins seem to be less than stable, and this refinancing of the credit facilities of Cadillac Jack would seem to support his hypothesis. So it looks to be quite clear that Amaya still sees itself as being in the running, but is obviously trying to reconsolidate its financial position.

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