May 5: Bally board nixes Standard General bid
May 5: Bally board nixes Standard General bidEarnings extra: Bally Corp, Penn National Gaming Q1, DraftKings completes GNOG acquisitionWelcome to today’s earnings extra. On the agenda:
No deal. Sign up below Bally Corporation Q1
No deal: The Bally board’s special committee set up to assess Standard General’s $2bn offer for the group has rejected the bid and announced that it would initiate a share buyback scheme of $300m-$500m subject to obtaining necessary financing and final approval by Bally's board.
Cost-of-living crisis: CEO Lee Fenton said the drop in the group’s international digital activities was due to the inflationary and cost-of-living pressures being experienced by UK consumers.
What’s in your wallet? Fenton said the group’s online gaming sites had seen steady engagement levels and number of actives. But since January there had been a “weakening ARPU, off by 7-9%, but we still got the activity levels, which is why we think it’s contraction of wallet space due to rising energy costs”.
Arizona raising: The Bally Bet mobile app went live in Arizona yesterday and is set to launch in New York in Q2. Fenton said the launch was a major “milestone” as the group will be able to sync its acquisition campaigns with the Sinclair RSN in the state and its partnership with the Arizona Diamondbacks MLB franchise.
Breaking newsBally’s proposed $1.75bn casino at the Tribune Publishing Center in downtown Chicago. Sweet home Chicago: Bally has just announced that it had won the bid to build a casino in downtown Chicago, Mayor Lori Lightfoot yesterday denied the group had already been awarded the tender. On the Q1 call, Fenton said the group has “a substantial landbank that we can tap for strategic opportunities”.
The group has set a three-year timeline for completion and 15% return on the $1.75bn project. **Sponsor's message: Spotlight Sports Group (owned by Exponent Private Equity) is a leading technology, content and media business specialising in sports betting. Its industry-leading Superfeed is used by the biggest betting brands in the world including bet365, Flutter and Entain. The content engine powers on-site engagement by delivering impartial expert betting insight for 20 sports in 70 languages. For more information visit: spotlightsportsgroup.com Penn National Gaming Q1
No discount: On digital, CEO Jay Snowden was keen to impress about the differentiated approach when it came to margin and made a plea for more states to split out NGR (i.e. after promotional spend) from GGR.
Shoot! The launch of theScore in Ontario exceeded expectations, he said, suggesting that theScore’s success as demonstrated in the publicly available app download data was being reflected in the initial player sign-ups and first-time depositors.
Happy/sad: In the wider online sphere, Snowden said Penn was still not satisfied with its achievement in icasino.
The beat goes on: Above expectations land-based gaming revenue and particularly strong margins meant Penn National started off the year with record numbers. Todd George, vice-president of operations, said Penn continued to benefit from an influx of younger demographics. “The growth in those younger segments is super-robust,” he said Macro pick your poison: Asked about commentary from Red Rock Resorts earlier this week around lower end customers being affected by macroeconomic factors, COO Todd Geroge suggested they had yet to see any impact from higher gas prices.
DraftKings completes GNOG buyoutGestation period: Nine months after first announcing the deal, DraftKings has finally completed its acquisition of Golden Nugget Online Gaming. DraftKings pointedly said it would be adding “unique capabilities” of its offering including live dealer.
Rebel alliance: Fertitta said today the merger of the two companies would be an “alliance unlike any other in the digital sports, entertainment and online gaming industry”. On socialtheScore Bet highlights (via $PENN earnings call)
- 79% of Ontario bettors use theScore media app
- 50% of Ontario sports bettors have also used iCasino
- 84% of bettors have wagered on an Ontario team; 51% on Blue Jays
- Sports betting lounge to open at Blue Jays' Rogers Centre Calendar
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