Aug 4: Hornbuckle: ‘We’re rockin' and rollin'
Aug 4: Hornbuckle: ‘We’re rockin' and rollin'MGM Resorts and Everi Q2s, Caesars Entertainment analyst update, OSB analyst update +MoreGood morning. On today’s agenda:
Note: E+M will send an Earnings Extra email later today to cover Bally Corporation and Penn National. She started shaking to that fine, fine music. MGM Resorts Q2
Hellzapoppin’: CEO Bill Hornbuckle said the results for the quarter were “nothing short of spectacular” and while the company was “mindful” of talk of recession, he insisted the business wasn’t seeing it as yet.
Co-starring: Added to the MGM mix for this quarter was the Cosmopolitan where Hornbuckle said that in the six weeks of ownership in Q2 it produced just under $60m of EBITDAR.
Onwards: Deutsche Bank said management was ”clearly confident” in the continued strength in Las Vegas. Tailwinds include the rebound in international visitation, solid forward bookings and a strong event calendar including Formula 1 next year and the Super Bowl in 2024.
DigitalPinpoint: On digital, Hornbuckle reiterated the thinking behind the LeoVegas acquisition, due to complete in Q3, and while admitting it wasn’t “needle-moving,” he said it was a “great place to start”.
On point: On BetMGM, Hornbuckle added little to previous commentary, saying it was “hitting its marks” before adding that in common with commentary from Caesars and elsewhere, BetMGM had pulled back on marketing.
AsiaFly/ointment: The only negative in the quarter remains Macau but Halkyard noted that alongside BetMGM it was now effectively one of two “embedded growth vehicles”. “Those do not require much more capital, at least as compared to the company's financial resources.”
**Sponsor’s message**: Venture capital firm Yolo Investments manages €550m in capital across 80 of the most exciting companies in fintech, gaming & blockchain. Their Gaming Fund, regulated by Guernsey Financial Services Commission, a dedicated 29-company, €183m AUM portfolio has invested in fast-growth assets including Dabble, Kalamba, SimWin & ThriveFantasy. Everi Q2
Every day I write the book: CEO Randy Taylor noted that the last three quarters on the machines sales side had been the company’s best ever quarters as the company reaffirmed its target of 15% ship share.
Hunger games: On the fintech side, having acquired the Australian-based eCash for $23m in February Taylor said had the appetite for more fintech M&A but it was noted the company is also planning to spend more on R&D in this area.
Caesars analyst reactionWe’ve only just begun: The biggest story from Caesars is the “improved profitability profile” and outlook for limited future losses, said the team at CBRE, who noted the difference between the $69m adj. EBITDA loss in Q2 vs. $554m in Q1.
The beginning is the end is the beginning: CBRE are equally enthusiastic about the prospects for Las Vegas, suggesting that despite fears of a leisure consumer slowdown it continues to flourish. They expect a Q3 slowdown before a convention-led ramp in Q422/Q123.
IGT analyst reactionMeet the Flintstones: The team at Macquarie suggest IGT’s characteristics of consistent results, a clear capital allocation and upcoming catalysts including the influx of $700m from the Poste Pay sale in Italy make it a “bedrock” name.
OSB analyst updateDigging your scene: Aggregate US sports betting and igaming in June is estimated to have been $725m, according to the analysts at Wells Fargo. They add that this represents a 17% rise YoY but a 5% sequential decline due to lower levels of both handle and hold in sports betting.
Leaders: Wells Fargo estimate FanDuel ahead of the pack at 27% (down 6% MoM) followed by BetMGM (22%), DraftKings (18%), Caesars (8%), RSI (8%) and Penn/Barstool (4%). Earnings in briefSJM: Revenues fell 20% to HK$4.13bn with NGR down 24.9% to HK$3.81bn.Adj. EBITDA fell heavily to a loss of K$1.18bn, more than double last year’s loss. The company noted that the Grand Lisboa property reopened its doors on July 31. The company also announced it was raising US$637m to strengthen liquidity ahead of the licensing renewal process. NewslinesThe big reveal: Gaming Innovation Group revealed that the previously undisclosed name of the operator that its Sportnco subsidiary is supplying in Columbia is Betsson. The initial contract is for two years with options to extend. Alt-rocks: Alternative sports data provider ALT Sports Data has officially partnered with Thrill One Sports & Entertainment to unlock new markets around sports betting on events such as Nitro Rallycross and Street League Skateboarding. Trib-ulations: Better Collective has announced that its Action Network subsidiary will supply sports-betting content to The Chicago Tribune. Yesterday, it was announced that rival Catena Media was taking over from Better Collective as the provider of betting-related content to NJ.com. The Juan and only: Affiliate Playmaker has acquired sports media publisher JuanFootball for $2.8m. the coma y said JuanFootball’s social media properties generate a monthly reach in excess of 50 million. Jam today: OddsJam has announced it has acquired odds comparison platform OddsBoom for an undisclosed sum. As part of the acquisition, OddsBoom founder Mark Knight joins OddsJam’s executive team. What we’re reading🧵Danny Stone at VIXIO Gambling Compliance on consumer betting trends in Spain. On socialCalendar
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Aug 4: Earnings extra: Penn takes an entertaining turn
Friday, August 5, 2022
Penn Entertainment and Bally Corporation publish their respective Q2s
Aug 5: Weekend Edition #58
Friday, August 5, 2022
FuboTV's betting strategic review, RSI and Golden Entertainment Q2s, Penn and Bally analyst updates, sector watch - crypto +More
Jul 18: MGM’s Genting Singapore approach rebuffed
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Snai talks rumors, UK White Paper delay, Rush Street analyst update, regionals Q2 preview, sector watch - esports +More
Jul 13: Exclusive: Leaked UK White Paper details
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Affordability limits, 'smart' stake limits on slots, free bets ban all feature.
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