Earnings+More - Flutter means to stay ahead
Flutter means to stay aheadFlutter’s market leadership, Caesars suggests digital losses are history, VICI’s positive outlook, Kambi’s convertible repayment +MoreGood morning. On the agenda today:
I'm everlastin’, I can go on for days and days. Flutter out aheadFlutter said it is seeing market share gains across the business. Catch us if you can: Flutter’s strength in the US and in other core markets was extolled by CEO Peter Jackson who suggested the company was benefiting from the continued focus on product improvements. “I wouldn’t want to be trying to catch up with us as we continue to race ahead,” he said as the company reported 46% growth in revenues in constant currency to £2.41bn.
Atlantic crossing: Last week, Flutter received overwhelming support from shareholders for the dual listing in the US. Without commenting any further, Jackson reiterated the move would take place by the end of this year. Responsible leadership: In the UK and Ireland, where revenues rose 17% to £608m, Jackson made mention of last week’s White Paper and said Flutter had “already taken leadership in responsible gambling.” “Our customer base is now far more recreational,” he added.
Fuel: Internationally, the company said the 85% rise in revenues was driven by the Sisal business in Italy. In the increasingly competitive Australian market, where revenues were down 4% in constant currency terms, Jackson said some further headwinds would come from the upcoming credit card ban.
Analyst takes: The team at Jefferies said Flutter was delivering solid revenue growth ex-US, helped by a “benign White Paper”.
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The good life: Caesars achieved digital net revenues of $238m vs. negative revenues of $53m in Q122. CFO Bret Yunker noted the digital business is now “fully self-funded”. Reeg admitted it would be a “coin flip” whether Q3 would be positive or negative.
Target the best: In Vegas, Reeg said the business was benefitting from a “virtuous circle” of “extraordinary demand” and “high dollar” group business. He said the company felt “very good” about Q2 despite tough comps.
Under cover: Las Vegas revenues rose 24% to $1.13bn with adj. EBITDA up 33% to $533m while regional was up 2% to $1.39bn with adj. EBITDA down 2% to $448m. The regional business was impacted by bad weather in northern Nevada – “six feet of snow” – during the period. Reduction deduction: Total revenues rose 24% to $2.83bn while adj. EBITDA was up 236% to $958m. Net losses were hacked back to $136m from $680m this time last year. On the debt front, Yunker said the company would target a third consecutive year of $1bn in debt reduction. Reeg said he expected 2024 and 2025 to “look the same”. VICI call reviewWith “visibility low and uncertainty high”, VICI made the case for its stable outlook. My perfect Saturday: After extolling the delights of spending each Saturday morning reading the Financial Times weekend edition and drinking multiple espressos, CEO Ed Pitoniak said the paper’s esteemed commentators were attempting to “formulate a rational response” to the current state of the markets.
Soccerball: Citing Ted Lasso, COO John Payne said “the harder you work, the luckier you get”. “We are laying the groundwork for VICI's next phase of expansion domestically and globally across gaming and many other experiential sectors,” he added.
Kambi repays Kindred bondPaid in full: Kambi has repaid the €7.5m convertible bond that had been issued by Kindred when the betting solution provider was established as a spinoff of the Swedish bookmaker in 2014.
Analyst takesPenn Entertainment: Ahead of tomorrow’s earnings, the team at Roth MKM said Penn’s digital activities had been underwhelming as Barstool Sports’ OSB/iGaming Q1 share in key markets was nearly half of Q421.
MGM Resorts: Jefferies said the better-than-expected results “should be taken positively” with MGM demonstrating “strong execution against the growth opportunities in Las Vegas, Macau and in digital. The team noted the resulting cash flow generation was “driving outsized capital returns”. EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 200+ global Tier-1 operators and newer brands. The platform is modular, scalable, and compliant, allowing operators to choose the optimal solution depending on their needs. EveryMatrix empowers clients to unleash bold ideas and deliver outstanding player experiences in regulated markets. NewslinesClairvest and ECL Entertainment have acquired historical racing machines licensing in New Hampshire. ECL owns and operates multiple HHR facilities in Kentucky. Content provider Tallysight will supply its betting tips and picks to Sportradar, which the latter will distribute to its clients via its APIs and Insights platforms. Calendar
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