The online gaming powerhouse based in Canada, Amaya, has formally transitioned to The Stars Group after receiving the green light from shareholders. This strategic shift, encompassing a revamped corporate image and online presence, was first unveiled earlier in the year. The firm also shifted its main offices from Montreal to Toronto.
Widely recognized for its PokerStars and BetStars platforms, Amaya’s name modification seeks to embody a new phase of strong expansion. Although online poker earnings dipped to $218.1 million in the initial quarter of 2017, the corporation reported an almost 10% total growth figure in the preceding year.
Yet, some theorize the rebranding is a maneuver to separate the company from its contentious former chief executive, David Baazov. Baazov occupied several executive positions within the organization for a number of years. He is presently the subject of an inquiry concerning insider trading accusations tied to the $4.9 billion purchase of The Rational Group in 2014.
In February of 2017, Baazov indicated an interest in taking Amaya private via an acquisition. However, these intentions were swiftly abandoned after it surfaced that Quebec’s financial regulatory body, the Autorité des marchés financiers, was conducting an investigation into his activities.
The transition to The Stars Group and the physical relocation align with fresh investments from abroad. Hong Kong entrepreneur Tang Hao is boosting his holdings in the enterprise, with the objective of possessing more than 15% ownership.
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