Earnings+More - VICI passes on $5.1bn Bellagio
VICI passes on $5.1bn BellagioBellagio stake sale, PointsBet in the week ahead, Flutter and Better Collective analyst takes, startup focus – Novig +MoreGood morning. On today’s agenda:
I can't go for that, no, no, no can do. Bellagio saleRealty Income takes on Blackstone’s 22% stake in the Bellagio. I came, I saw, I passed: Gaming REIT VICI has passed on the opportunity to grab a share of MGM Resorts’ Las Vegas flagship Bellagio while Realty Income has bought a 22% stake that values the property at $5.1bn.
VICI poured cold water on the potential for it to get involved in a part-ownership of the Bellagio at the time of its Q2 earnings call at the end of July. CEO Ed Pitoniak suggested VICI was less interested in joint ventures compared to owning outright.
If the cap fits: Analysts at CBRE noted the Bellagio deal highlighted the “desirability and long-term underlying value of casino real estate assets”. They said the implied cap rate – the measure of the risk-reward in commercial real estate – from the deal is 5.3% compared to 5.8% when the original deal was done in 2019.
** SPONSOR’S MESSAGE ** Underdog: the most innovative company in sports gaming. At Underdog we use our own tech stack to create the industry’s most popular games, designing products specifically for the American sports fan. Join us as we build the future of sports gaming. Visit https://underdogfantasy.com/careers The week aheadPointsBet has already given the market a sighter of what life after the US will look like when it reported its preliminary year-end numbers at the backend of July. The company said full-year net win for its continuing operations rose 7% to A$230m.
Also reporting this week from Australia is games supplier Ainsworth, while on the same day Toronto-listed esports-led operator Rivalry updates. Calendar
Earnings in briefJumbo Interactive: The Australian-listed lottery platform provider noted that jackpot volatility had affected the business significantly with a record Q2 for ticket sales sandwiched between sluggish numbers in Q1 and Q3.
Analyst takesFlutter: Looking at the UK-listed firm’s plans to seek a dual listing in the US by Q1 next year at the latest, the analysts at CBRE said it will likely improve the US profile for Flutter and FanDuel, enhance recruitment and retention of US talent and provide access to deeper capital markets and new investors. The team noted that a possible primary listing would “pave the way for improved valuation”. Better Collective: The team at Redeye said the superaffiliate’s earnings last week were “clearly above forecasts” with revenue of €78m some 12% up and EBITDA of €29.2m some 50% ahead of where Redeye had its own numbers.
Startup focus – NovigWho, what, where and when: Founded by recent Harvard grads Jacob Fortinsky, CEO, and Kelechi Ukah, CTO, Novig says it is the first “high-frequency, commission-free” sports-betting exchange. It is set to make its debut in Colorado in October via a market access agreement with Full House. Funding backgrounder: Novig has just this month raised $6.4m in seed funding led by Lux Capital and Y Combinator. Participation also came from Paul Graham, Joe Montana, Soma Capital, Innospark Ventures, Rebel Fund, Bayhouse Capital and others. Haunted house: Fortinsky says everyone betting against the house is “just a pawn” in the game of the sportsbooks. He says that given the amounts being bet in the US, there exists a “huge opportunity to provide a fairer, more efficient platform for casual bettors, sharps and institutional traders”.
Show me the money: Novig’s revenue will come from charging institutional traders, data monetization and internal market making, says Fortinsky. “By shifting away from the exploitative business model that dominates the industry, we seek to build a platform where winners are welcome and all players have a realistic chance of making money,” he adds.
A long-term play: Fortinsky believes that over time there will be trillions of dollars wagered on “fair, efficient, technology-enabled exchanges” as opposed to on standard sportsbooks. “We want to position ourselves to capture the lion’s share of that liquidity,” he adds. Growth company newsGeoComply has announced initial details for its Challenger Series event taking place ahead of G2E in Las Vegas on October 8. Following on from a successful event in New York in May, the event will once again provide a unique networking opportunity to learn from US iGaming founders and entrepreneurs. Former ESPN fantasy analyst Matthew Berry has raised $2m in seed round fundraising for a media company called Fantasy Life focused on fantasy sports and sports betting.
Mooir Gaming has signed up with Gig to provide the gaming backend to its upcoming W6 online casino brand launch that is due in early 2024. NASCAR has reached a multi-year partnership with nVenue, a Dallas-based startup that will develop in-race micro betting markets and predictive content. ** SPONSOR’S MESSAGE ** BettingJobs is the global leading recruitment solutions provider to the iGaming, Sports Betting and Lotteries sectors. Boasting a 20-year track record supporting the iGaming industry, and with a team of experts and world class knowledge, it’s no surprise BettingJobs is experiencing rapid growth with outstanding results. Does your company have plans to expand teams to cope with strong growth and demand? Contact BettingJobs.com today where their dedicated team members will help you find exactly what you are looking for. Career pathsAllwyn Entertainment has promoted Martin Novák as data director of Allwyn UK for the National Lottery. Novák previously served as senior manager. The Alcohol and Gaming Commission of Ontario appointed Karin Schnarr as its CEO and registrar. Schnarr will replace Tom Mungham, who is retiring September 18 Yggdrasil has announced that Bjorn Krantz is to step down as its CEO. He will be replaced by James Curwen. Churchill Downs has promoted Betsy Janes to senior VP of government relations and Justin Paul to senior VP of operations. NewslinesThe Nevada Gaming Commission approved Fertitta Entertainment’s acquisition of Hard Rock Lake Tahoe Casino Resort. The Pennsylvania Gaming Control Board approved Fanatics’ acquisition of PointsBet Pennsylvania, clearing the way for Fanatics Sportsbook to launch. Exchange wagering platform Sporttrade has received its Colorado sports-betting operator license. ** SPONSOR’S MESSAGE ** Are you an iGaming founder or senior executive launching a business in the US?
An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
Older messages
Betr’s Levy: ESPN Bet ‘feels worse’ for Penn
Friday, August 25, 2023
Levy's two cents, Reputation Matters 2023, Tabcorp survives a storm, Catena's share price woes +More
Billion dollar bash
Thursday, August 24, 2023
US online, Las Vegas, Macau, Europe and suppliers' quarters reviewed +More
‘Stellar’ BC prepares for crucial quarters
Wednesday, August 23, 2023
Buoyant Better Collective, sinking Catena Media, Kentucky seven, Entain gets the STS nod, Novig raises seed cash +More
‘Desperate’ ESPN chose ‘weak partner’, say analysts
Monday, August 21, 2023
ESPN Bet's poor prognosis, affiliates leaders to report, Galaxy's mass improvement, startup focus – Sidelines +More
Barstool ‘barred’ from competing as an affiliate, says Gambling.com CEO
Friday, August 18, 2023
Barstool's non-compete, Super groups African mission, Kambi's BetMGM boost, sector watch – Paysafe +More
You Might Also Like
Holiday 2024: In-Store Sales Drop, eCommerce Stays Strong [Crew Review]
Friday, September 20, 2024
Email is one of the easiest ways to grow your off-Amazon sales and support your on-Amazon sales. With Omnisend, setting up your campaigns couldn't be easier. Make email marketing easy. Hey Reader,
53,000 visitors a month for THIS?! 🚀
Friday, September 20, 2024
You're overthinking it!
Updated features for LinkedIn pages
Friday, September 20, 2024
Today's Guide to the Marketing Jungle from Social Media Examiner... Presented by social-media-marketing-world-logo It's Library Card Sign Up Month, Reader! It's the best card you'll
Influence Weekly #355 - TikTok's E-commerce Expansion: 12 Industry Experts Weigh In On Opportunities And Strategies
Friday, September 20, 2024
Beast Games Contestants Sue MrBeast, Amazon Over Alleged Sexual Harassment, Mistreatment
Weekly Dose of Optimism #112
Friday, September 20, 2024
Three Mile Island, Obesity Goop, Metformin, Antigravity, The Prize, Porphyrion ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
New hope dawns for VC
Friday, September 20, 2024
The 10 most active data center investors; TPG boosts sustainable jet-fuel specialist; Schroders launches UK VC fund Don't want to receive these emails? Manage your subscription. Log in The Daily
Hawaii, gambling, and the potential future of TV rights valuations
Friday, September 20, 2024
There's a lot of money out there in that late-night TV window. Can Hawaii, or others, claim it?
🚀 I'll prove global hiring is the future
Friday, September 20, 2024
The pros, cons and pros of building out a global team. 🌐
🔔Opening Bell Daily: September, September
Friday, September 20, 2024
Investors can thank Jerome Powell as the stock market looks on pace to break a historic losing streak.
DOJ vs. Google: Can the digital media industry learn from the last 15 years?
Friday, September 20, 2024
Can the industry save itself from short-term thinking, even if Google is dealt a blackened eye, or bloodied nose during a raft of government tussles? September 20, 2024 DOJ vs. Google: Can the digital