Industry Reports

The Stars Group Gives Nod to Milestone Board of Directors Changes

The Stars Group is working towards achieving its future goals and preparing the ground for the next steps is crucial at the moment. During the recent annual meeting of shareholders, the gaming giant aimed to give green light to as many previously proposed resolutions as possible. This meant that director positions were reaffirmed and proposed individuals took their leading seats. The meeting also issued information about the financial performance of the gaming company.

This week was a special one for many reasons but especially so because the Toronto-based company saw its annual meeting of shareholders eager to learn more about the company’s future and have a say in it. Everyone interested had the chance to do so either in person or with the help of representative voting on their behalf. The first issue that had to be reviewed at the special meeting were nominations for board of directors positions.

Productive Annual Shareholders Meeting

The names of the individuals both elected and re-elected on their leading positions are Divyesh Gadhia, Rafael Ashkenazi, Harlan Goodson, Alfred F. Hurley, Jr., David Lazzarato, Eugene Roman, and Mary Turner. They are going to remain on their positions until the next annual shareholders’ congregation in the spring of 2020.

Within the months leading up to it, they will have the chance to have a say in the gaming company’s future. In addition to this subject, the meeting also had the objective of addressing the future audit situation. Deloitte LLP received a green light to continue serving as the independent external auditor of the company for the upcoming 12 months of operation.

The London-based company would continue its collaboration with The Stars Group. Furthermore, the meeting was dedicated to the financial performance of the gaming company with operation around the globe. The Stars Group issued its revenue details for the first quarter of the fiscal 2019 and the results were eagerly anticipated by everyone involved in the field.

The Future Appears to Be Bright

Over the three months that ended on March 31, 2019, the company managed to amass some US$580,384 in total revenue. This performance meant that the company has been able to achieve a significant surge when compared to its performance over the same first quarter of fiscal 2018. Back then The Stars Group witnessed a total revenue of US$392,891. The main drivers of this surge were Sky Betting & Gaming, as well as BetEasy.

As for the gross profit, the company was able to see some US$417,748 over the span of the first quarter of the fiscal year. When compared to the performance over Q1 2018, it equated to a jump from the US$312,627 generated then. Another strong point in the operation of The Stars Group was sports wagering in the US field that saw a surge equating to 20 percent year-on-year.

According to the information issued in the report, some US$20,049 was amassed over the first quarter of this year, a significant improvement when compared to US$16,686 marked over Q1 2018. The recently announced collaboration with FOX Sports on a joint project called FOX Bet is expected to propel this upward trend in the upcoming 25 years of operation.