Updating the market, Toronto TSX-listed The Stars Group (formerly Amaya Inc) has announced that it has raised its full-year 2017 corporate guidance.
Based on its current year-to-date performance, The Stars Group governance has detailed to investors that it will now target group corporate revenues of $1.28-1.31 billion, upping its prior forecast of $1.20-1.26 billion.
The revised guidance will now see Stars Group governance target an adjusted 2017 corporate EBITDA $590-610 million as compared to the prior range of $560-580 million. Moving forward, the TSX firm will now target group adjusted net-earnings $445-469 million, as compared to the prior range of $413-437 million.
Stars Group governance states that it is confident of achieving its 2017 guidance, having recorded online poker revenues combined with the successful roll-out and uptake of its new Stars Rewards program.
“It’s been a great three months since joining The Stars Group and the team is energized,” said Brian Kyle, The Stars Group Chief Financial Officer.
“As I am now fully familiar with our forecasting and given our solid trends across all business lines, which reinforce our conviction and commitment to our strategy, it is now appropriate to update our financial guidance. In addition, given our progress to date, we are also able to make another meaningful prepayment of our debt”
Further to its updated guidance, The Stars Group has further announced that it has made an additional $75 million second lien debt repayment.