Canada online poker and casino giant Amaya is now The Stars Group.
What’s in a name? According to many industry experts, the name means everything. A badly chosen name can make or break a new business. And sometimes, even a well established company can increase recognition with a polished rebranding.
Such is the case this week as Canada online poker and casino giant, Amaya, Inc., announces a change to its company name. From August 1, 2017 onward, Amaya is officially known as The Stars Group Inc.
The rebranding efforts are clearly indicative of the firm’s desire to capture the fame and universal recognition of its flagship product, PokerStars. Amaya went through great effort and expense ($4.9 billion) to acquire the world’s largest online poker site in 2014. It would be foolish not to take advantage of such reputable branding.
New Name, New Head Office
The news came in a brief press release Tuesday morning, but came as no surprise to those who keep up with the on-goings of the Canada online poker and casino firm. Back in May, Amaya made clear its intention to rebrand itself in the coming months.
With the transition to The Stars Group title, the firm also completes a previously announced move from Montreal, Quebec to a new head office in Toronto, Ontario.
Stock Market Ticker TSG/TSGI
Investors will now find former “AYA” shares in the company listed under a new ticker symbol. Common shares for The Stars Group are now available under “TSG” on the Nasdaq, and “TSGI” on the Toronto Stock Exchange.
“Outstanding stock certificates will not be affected by the name change and will not need to be exchanged. All securities trading, filings and market-related information will be reported under the new corporate name and trading symbols,” the company assured its current investors
The Stars Group On the Web
Unsurprisingly, a trip to the new domain immediately exhibits a full-screen video ad that starts with the PokerStars brand. The company’s sportsbook, BetStars, and its recently launched product, Spin & Bet, make an appearance, along with a few clips from the PokerStars Casino app.
New Horizon for Canada Online Poker Giant
Last year, Amaya’s CEO David Baazov stepped down due to a legal investigation by Quebec’s securities exchange. The current CEO, Rafi Ashkenazi (left), took the bull by the horns, and is making a lot of positive changes to the company.
Ashkenazi spent his first months as the new Chief Executive beefing up the management staff and paying down sizable debts. He initiated the action to rebrand the company, and relocate to Toronto as an Ontario corporation.
Back in May, when speaking of the upcoming changes on a conference call, Ashkenazi said:
“As we undergo this transformation, we look to embrace the future of our business while also recognizing the incredible consumer goodwill and loyalty associated with our primary brand.”
Under his leadership, the Canada online poker and casino corporation has already experienced significant growth. Q1-17 revenue is up 10% over the previous year to $317.32 million.