May 3: MGM: LeoVegas ‘puts us on the map’
May 3: MGM: LeoVegas ‘puts us on the map’MGM Resorts international Q1, MGM/LeoVegas analyst reaction, Q1 gaming supplier analyst preview +MoreGood morning. Another busy agenda:
‘Lion’. Click below. MGM Resorts International Q1
Mane event: Talking about the LeoVegas acquisition, Bill Hornbuckle, CEO, said that MGM’s success with BetMGM “gives us more conviction than ever” in digital gaming. He said the $607m offer was a “compelling opportunity”.
Map reference: Hornbuckle said MGM would inject brands such as MGM, the Bellagio and others into the online mix.
Something to chew on: Hornbuckle said LeoVegas’ tech proposition was a key element of why they have made their offer. He noted the company had “about 850 technologists”.
Friends with benefits: On Entain, Hornbuckle said he wanted to stress that the relationship has “never been better”.
Back on the Strip: CFO Jonathan Halkyard said “it’s almost impossible to overstate how strong our business was in March” in Las Vegas. Jefferies said the “fundamental rebound” in Las Vegas continues to accelerate.
Macro watch: Corey Sanders, COO, said the company was not seeing any effect from the macro pressures affecting the consumer right now. “We're not seeing any change in customer behavior.”
Shopping spree: Talking of its prudent attitude to its excess liquidity of ~$6.3bn, Halkyard noted recent share repurchases.
** Sponsor’s message: Venture capital firm Yolo Investments is home to €551m of equity in more than 70 of the most exciting companies across fintech, gaming and blockchain. It continues to build one of gaming’s most dynamic portfolios as it eyes up seed and A-stage opportunities across the sector. Its dedicated 29-company, €183m AUM gaming fund already houses holdings in fast-growing suppliers and operators, including Kalamba Games, SimWin and ThriveFantasy. Yolo Investments is also on the lookout for LPs as it looks to scale new concepts, including its high roller live casino brand, Bombay Club. MGM/LeoVegas analyst reactionRoar deal: MGM’s $607m offer for LeoVegas was welcomed by analysts who suggested the deal for the Stockholm-listed operator will kickstart MGM’s digital ambitions.
Sweet sixteen: Macquarie noted LeoVegas has a portfolio of 16 brands including the sports-betting brand Expekt. Welcome to the jungle: Truist noted LeoVegas’ exposure to eight jurisdictions in the Nordics and the rest of Europe and said while it adds geographic and regional complexity for MGM, it also helps them “address some of the shortcomings” from the relationship with Entain.
DatalinesUS: According to Fantini, FanDuel led the OSB market in March with 37.9% share, followed by DraftKings at 19.7% and BetMGM on 19.3%. Fantini said combined sports-betting and icasino revenue rose 51.9% YoY to $885.8m. Sports-betting jumped 66.8% to $465.6m and icasino rose 38.2% to $420.1m. Ontario app data: According to SensorTower data, theScore continued to lead with a 31% share in April but on a daily basis its share fell to 17% with BetMGM in the lead as of April 30 with 29%. Q1 gaming supplier analyst previewHello gorgeous: Liking the current dynamics in the gaming and tech supply space across both land-based and online, the team at Macquarie suggest high recurring revenues in the case of the first and high-growth exposure in the latter example will make suppliers attractive.
NJ casinos analyst updateSmoking gun: Looking at the bill in New Jersey that would outlaw smoking in casinos, the team at CBRE suggest this will have more impact than the arrival of competition in downstate New York.
Datapoint: CBRE suggest an outright ban will make a 20%-25% negative impact. PointsBet analyst updateShipping share: Analysts at Bernstein cut their target on the Australian-listed firm saying it faces a worse outlook in terms of the competitive promotional and marketing backdrop. The analysts noted PointsBet could get outgunned in such circumstances, pointing to a slight fall in FY22 Q3 market share.
NewslinesMI fantasy: Fantasy sports licensing applications are now available from the Michigan Gaming Control Board. The initial fee is $10,000 with an annual renewal fee of $5,000. Vote: 888’s shareholders will vote on the acquisition of the William Hill international business on May 16. Closed off: FanDuel, DraftKings and BetMGM have included a $100m licensing fee, that applicants be licensed in 10 states or have operations in five states and manage 12 casinos in the sports betting initiative that they are working to get on California ballot in November. If successful, the measures would make it too expensive for many smaller operators to apply for licensure in the state. What we’re readingYou can run, but you can’t hide: betting and gaming stocks take a hammering. Mo’ money: DAZN gets a further $140m from Len Blavatnik’s Access Industries. On socialHeartfelt. Meanwhile, in SW6: Calendar
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May 2: MGM makes online move with LeoVegas offer
Monday, May 2, 2022
MGM resorts offers $607m for LeoVegas, betting and gaming's earnings week, Gaming and Leisure Partners Q1, MGM Resorts analyst upgrade, startup focus - OneComply +More
Apr 29: Weekend Edition #44
Friday, April 29, 2022
Pointsbet Q3, Las Vegas Sands analyst reaction Churchill Downs analyst call, GAN debt raise, sector watch - streaming +More
Earnings +More podcast #6
Thursday, April 28, 2022
Watch now (26 min) | Kambi, Boyd Gaming, DAZN and the streaming marketplace
Apr 28: Evolution: ‘We should take a bigger cut’
Thursday, April 28, 2022
Evolution Q1, Kindred Q1, Betsson Q1, Las Vegas Sands Q1, Churchill Downs Q1, Rivalry Q4, March US sports-betting estimates +More
Apr 27: Kambi: clients up, profit down
Wednesday, April 27, 2022
Kambi Q1, Boyd Q1, Morgan Stanley SB Q1 preview, Ontario app update, BlueBet US launch +More
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