Caesars gaining traction in iCasino, losing ground in OSB
Caesars gaining traction in iCasino, losing ground in OSBCaesars’s analyst downgrade, Star problems, Entain’s likely negatives, startup focus – EQL Games +More
I can't swim the ocean like this forever. Caesars’ analyst downgradeYou win some, you lose some: Caesars’ online performance in the first quarter has likely been derailed by a poor hold performance in sports-betting and despite “solid traction” in iCasino, according to the analysts at Deutsche Bank.
One step beyond: The DB analysts suggested hold will be below the company’s target of 7.5%, “hindered” by a “less-than-stellar” Super Bowl outcome and more recently by hold-related issues during March Madness. They added that UConn’s National Title win “likely” got the seasonally slower Q2 off to a “challenging start” for the sector. Didn’t happen in Vegas: Meanwhile, the team said they did not feel the need to “overly emphasize” the headwinds Caesars has faced in Las Vegas in Q1, including lower-than-normal table hold, high-end weakness in March due in part to Adele’s canceled shows and a “continued malaise” at the lower end.
Market share updateOn the march: With about half the states having reported for March, the team at JMP pointed out that by GGR Caesars improved to 7% share vs. 4% in Q1 as a whole, helped by a 100 bps improvement in hold in March vs. the rest of the quarter.
Create a Winning iGaming Brand. Stand out in a crowded market. InclineBet's creative and branding services craft unique identities that resonate with players. We develop high-impact visuals, messaging and digital experiences. Acquire high-value customers, build brand loyalty and drive engagement. Get a free creative consultation. Visit our website. incline.bet +MoreBally Bet plans to launch online sports betting in Massachusetts by the end of June. Affiliate provider Raketech has signed a three-year media partnership deal with Danske Spil. What we’re readingSwitchblade: EKG said the success of sweepstakes is a double-edged sword, bringing both the potential for M&A as operators look to diversify into adjacent sectors – but also the threat of further regulatory scrutiny. AMHell: That article from 404media.com. Career pathsSportingtech has appointed Claire Bailiss as chief people officer. Bailiss previously worked at GAN and Ask.com. The Curling Group, a curling investment venture, has appointed ex-PointsBet Canada chief commercial officer Nic Sulsky as CEO. Andrew Gradwell has moved up to be FanDuel’s senior VP of product. Meanwhile, Flutter UK & Ireland has appointed Cheryl Bosi as its new chief people officer. She joins from HSBC. Star earnings updateCatch a falling Star: The troubled operator of the Star Sydney, Star Gold Coast and Treasury Brisbane said revenues for Q323 were down 4.6% to A$440m ($285.5m) while normalized EBITDA fell by 11.5% to A$42.9m, with high-end play substantially down across its three properties.
For whom the bell tolls: The second Bell inquiry’s public hearings began today, Monday, with the Sydney Star’s regulator-appointed manager, Nicholas Weeks, saying internal messages suggested management was willing to “go to war” with the authorities.
🌠Star fall: Star shares down nearly 10% in last five days Crown London Aspinalls worriesCrown’s slip: The London high-end casino property has warned there is a “material uncertainty” over its ability to continue trading should its Australian parent company, Crown Resorts, lose its license in Australia.
The week aheadEntainThe still leaderless Entain will report its Q1 numbers on Wednesday, with analysts at Jefferies forecasting a mid-single-digit YoY decline in the online business in line with the Q4 performance. Notably, looking at app data, the team suggested Entain has continued to lose ground in the UK and Ireland, noting monthly active users across key brands was down 8% in Q124.
The catalyst: The analysts argued that a CEO appointment could provide a boost. “With a heavy activist presence on the shareholder register, we anticipate a credible candidate with an online execution track record,” the team added.
Las Vegas SandsExpansions: The latest news from LVS is that the company will be spending ~$3.3bn on expanding the Marina Bay Sands property, with a new hotel tower due to be completed in 2029. Analysts from Morgan Stanley said last week LVS was “well-positioned for growth” from the recent $750m refit at the property. Also this week: The conditions for UK casino and bingo will be the focus as Grosvenor and Mecca operator Rank reports on Thursday. EveryMatrix delivers iGaming software, solutions, content and services for casino, sports betting, payments, and affiliate/agent management to 300+ 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. Analyst takes – Bally’sCoin flip: The credit team at CBRE suggested they saw a less-than 50% chance of Standard General succeeding in its efforts to snap up the nearly three-quarters of the business the fund doesn’t already own, adding it would be hard for the board to justify accepting the“substantially lower” equity valuation.
Not even first base: Another uncertainty comes from the tribulations that surround the now-closed Tropicana and the plan for the MLB stadium and new casino complex. Bearing in mind the casino build likely won’t come until the stadium is complete, CBRE suggested a “credit-friendly” option would be a sale of the land to “bolster liquidity or fund other investment.”
More takesVICI: The gaming REIT story “remains intact” despite the rise of base rates, suggested the team at CBRE, who said VICI is insulated by its moderate net leverage, financial sound tenants and a healthy growth pipeline.
Startup focus – EQL GamesWho, what, where and when: Founded in Louisville, Kentucky in 2010 by Brad Cummings (co-founder of horse racing news site Paulick Report), EQL Games has evolved into a full-service content and licensing supplier to US and international lotteries.
Funding backgrounder: Parlay Capital led the most recent equity financing round in September 2023. EQL has also enjoyed a strong relationship with the local investor community in Louisville.
The pitch: “Our lottery-only aggregator, a first of its kind product, has exceeded our expectations in lottery acceptance and results,” says Cummings, who adds that lotteries are looking for digital content that is different from the content currently dominating the market.
Growth company newsKiX in the craw: A football trading website with remarkable similarities to the failed Football Index, launched by a former employee of the company and apparently backed by the ex-Football Index CEO Adam Cole has hit the headlines.
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