Earnings+More - Pod #19 + Las Vegas Sands Q3
Pod #19 + Las Vegas Sands Q3Las Vegas Sands and Monarch Q3 while on pod #19 Fubo’s US exit, this week’s Deal Talk and 888 are all discussedGood morning. On the pod this week, after the news from FuboTV on the shuttering of its sports-betting operation, Scott & Jake discuss the prospects of more exits to come in the US. As was clear from this month’s Deal Talk, the current NFL season might be the last for a number of the smaller players in the market. Meanwhile, 888’s third-quarter trading statement made it plain that the heavy weather for UK and European operators is far from over, although a positive share price reaction would suggest investors believe that for 888, at least, things can only get better. But first, we have Las Vegas Sands’ Q3 earnings where Singapore continues to shine while Macau remains “subdued”, and Monarch Casino and Resorts where the ramp-up in Black Hawk helped to to smash its previous EBITDA record. When are you going to come down, when are you going to land? Macau hobbles LVSSingapore provides succor as revenues rise 17% YoY to $1.01bn and adj. EBITDA is up over 300% to $191m. Hobbled: The Marina Bay Sands property saw revenue rise by over 200% in Q3 to $756m but Macau revenues fell by 58.9% to $250m while property level EBITDA fell into loss-making territory once more at -$150m vs. a profit in Q321.
Jack-in-a-box: The team at Macquarie noted that the performance in Singapore was achieved with only 56% air capacity at present, suggesting evidence of “strong pent-up demand”. The team added that Macau is like a “coiled spring”.
**Sponsor’s message** Venture capital firm Yolo Investments manages €550m in capital across 80 of the most exciting companies in fintech, gaming & blockchain. The Gaming Fund, regulated by the Guernsey Financial Services Commission, a dedicated 29-company, €183m AUM portfolio has invested in fast-growth assets including Dabble, Kalamba, SimWin & ThriveFantasy. Yolo Investments has just opened its fund to new investors as it looks to scale new cutting-edge concepts, including its exclusive high-roller land and live casino brand, Bombay Club, global banking network & OTC desk Aims Group. Monarch breaks recordsThe Reno, Nevada and Black Hawk, Colorado, operator saw revenues rise 19.8% YoY while adj. EBITDA was up 28.3% to a new all-time record. Get the message: Analysts at Truist suggested Monarch had failed to “get the recession memo” after producing record-breaking operating profits which in part the company ascribed to continued gains in market share in Black Hawk. Adj. EBITDA margins also again hit record levels at 38.7%.
Pod - further readingEverything must go: This week, FuboTV said it was shuttering its sports-betting operations, news which chimed with our latest edition of Deal Talk that discussed the potential for further market exits in the US. Eightball: 888 issued a Q3 trading statement and updated the market on its debt situation where the headline was that interest on its £1.81bn of debt will rise to ~£170m in 2023 given the likely direction of rate rises. In tomorrow’s weekend edition:
What we’re readingNot today, colonizers: the failure to understand the power of the tribes in California. Rhetorical question: Does Times Square have space for a casino? The pod on Spotify and PodbeanListen or download the E+M pod on Spotify and Podbean.
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Deal Talk
Tuesday, October 18, 2022
US exit strategies, Q3 transactions, chatter from G2E +More
888 grim tidings; Fubo quits
Tuesday, October 18, 2022
888 revenues decline in Q3, Fubo says it is shutting its sportsbook +More
Flutter wins FanDuel NY court case
Monday, October 17, 2022
Flutter's FanDuel court victory, Acroud's 'mystery buy' revealed, the shares week – DraftKings' dive, Startup Focus – Fortuna Edge Media +More
Sands' Macau jeopardy Weekend Edition #68
Friday, October 14, 2022
Sands China under pressure, G2E supplier wrap, Entain and Flutter updates +More
Entain calls the shots
Thursday, October 13, 2022
Barstool makes youth advance, Rivalry also mines younger demo seam, shark news +More
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