Jun 23: 888 raises debt to fund WHI deal
Jun 23: 888 raises debt to fund WHI deal888 trading update, Jefferies conference day 2, Fanatics owner sell NBA and NHL stakes to focus on OSBGood morning. On today’s agenda:
I need a dollar. Sign up now 888 trading statement
In debt: 888 will be part-funding its William Hill acquisition through a dollar-denominated term loan and euro-denominated senior secured fixed rate notes with a combined value of £1.02bn. The company will also enter another two euro and sterling denominated term loan facilities worth a combined £759m and will take out a £150m revolving credit facility.
Drawing to a close: The William Hill transaction will conclude on July 1. In line: The company said current trading for 888 was “broadly in line” with expectations with growth in certain European markets offset by the impact of additional safer gambling measures and the continued absence of 888 in the Netherlands.
Capex: The company said capex for 2022 will be “slightly higher” for both 888 and William Hill. Jefferies conference day 2On guard: Jefferies said management outlook remained positive overall about industry prospects, but with investors “guarded against an expected recession, the dichotomy in views of companies vs. investors is likely unsettled in the near term”.
Reserve build: MGM, Caesars and Penn National Gaming all said Strip and locals business remained very strong, with hotel bookings, convention and entertainment calendar “remaining favorable” for 2023.
Bally Corporation said it has been actively reducing costs across its land-based and digital units. Its flagship $1.7bn downtown Chicago project should open in Jun23 and will be funded with $400m of cash, a $1bn construction loan, $200m in ground-sale leaseback and the rest with cash flow from its planned temporary facility.
Supply side: IGT, Light & Wonder and Everi said near-term prospects were stable. For IGT, this is because it generates ~75% of its earnings from the lottery business, while LNW and Everi rely on balance sheet strength at <4X and <3X leverage respectively and are “building product momentum that should outperform baseline economic trends”. FanaticsBaller no more: Michael Rubin is selling his 10% in Harris Blitzer Sports & Entertainment, the parent company of the Philadelphia 76ers and New Jersey Devils, in order to avoid conflicts of interest over NFTs and the upcoming BetFanatics. Conflict resolution: In a statement, Rubin said that as the Fanatics business had grown, “so too have the obstacles I have to navigate to ensure our new business don’t conflict with my responsibilities as part-owner of the Sixers”.
Macau Covid-19 updateMacau will close most of its leisure facilities, but not casinos, from 5pm local time today (Thursday), GGR Asia reports. The jurisdiction has confirmed 110 cases of Covid-19.
NewslinesODDSworks has signed a multi-year, multi-state partnership with WynnBET which will see it launch casino games New Jersey and Michigan. Bet365 has signed a three-year agreement to be the official non-US betting partner of the PGA Tour. Dare to dream: Sports-betting and igaming provider FSB has extended its partnership with Fitzdares, a UK-based sports-betting brand. X marks the spot: Geolocation specialist XPoint is now live in Canada with Ontario-licensed operator SkillOnNet. Total football: Kindred has signed a sports-betting partnership for the Netherlands market with Ajax. On socialSeriously. We vote for these people? Aaron Rupar @atrupar Jim Jordan's questions for Roger Goodell "Why do you ban Dave Portnoy from NFL games?" "Do you agree with the Washington Redskins decision to fine Jack Del Rio 100,000?" (it's not the "Redskins" any longer) https://t.co/jyRG1ITih6Calendar
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