Earnings+More - Hornbuckle tips his hat to tuck-ins
Hornbuckle tips his hat to tuck-insMGM numbers, RSI sale rumors, Bally’s mixed bag, earnings in brief - VICI, Raketech +More
Break up to make up, that's all we do. MGM keeps quiet on tuck-insYou say bolt-on, I say tuck-in, let’s call the whole thing off: Asked by analysts about MGM Resorts’ thinking on tuck-in acquisitions for the company’s online operation and the lack of commentary earlier on during the Q1 earnings call, CEO Bill Hornbuckle said he didn’t make any comment “on purpose.” Thinking cap: “There are some contemplated tuck-ins coming down the road,” Hornbuckle added, before repeating previous comments that the company was “anxious to solidify something in sports” while also looking at content and live-dealer casino.
By the numbers: Hornbuckle was speaking after MGM produced well-received numbers, helped by a 78% increase in EBITDA at MGM China and continued strength in Las Vegas. Group revenues rose 13% YoY to $4.38bn while adj. EBITDA rose 11% to $1.23bn.
To-do list: CFO Johnathan Halkyard said MGM would soon be generating cash flows of $1bn domestically, which would “fund future growth” and he noted the “enviable” pipeline of projects including New York, Japan and the United Arab Emirates. Excess cash “beyond paying for these projects” would be returned to shareholders via buybacks, he noted.
Lion sleeps tonight: MGM’s share of operating losses at BetMGM more than halved YoY to $32.6m. LeoVegas numbers weren’t broken out in the company’s 10-Q but Hornbuckle said revenues were “on the rebound” after encountering regulatory headwinds in Sweden.
Making up is better than breaking up: Hornbuckle was at pains to suggest the relationship with BetMGM JV partner Entain was on the mend and said interim CEO Stella David was a “breath of fresh air.” “She’s been extremely transparent,” he added.
I am a wallet: Hornbuckle also refined his message about not having to put more cash into BetMGM, suggesting that might change should one of the big states such as California, Texas or even Georgia pop up in the regulatory wheel.
At Partis we are more than advisors we're gaming experts, driving tangible results, not just recommendations. We’re the gaming industry’s go-to implementation partner and leading specialist advisor to the gambling industry globally, delivering a broad range of consulting, M&A and managed services solutions to 400+ clients since 2013. We provide:
To learn more about Partis or to meet one of the team during the SBC North America conference, please contact us athttps://partissolutions.com/contactus +MoreFlutter Entertainment has received approval from its shareholders for moving its primary listing from London to New York after an AGM vote yesterday. The move will be completed by the end of this month. Kambi has extended its partnership with Mohegan to include on-property sports betting at two locations in Pennsylvania. The Token WordThe debut edition of the newsletter covering key aspects of the crypto world, including the rise of token ETFs, the crypto exchanges, the emerging regulatory structures, fan tokens and crypto-based betting and gaming was sent yesterday. Sign up here. Rush Street earnings recapBunt: Rush Street Interactive CEO Richard Schwartz failed to deny rumors, first raised in Bloomberg, that the company is exploring a sale, with DraftKings a possible buyer. While refusing to respond directly to the speculation, Schwartz did say the management team are substantial shareholders themselves and “fully aligned with the [other] shareholders.”
By the numbers: A strong quarter helped CFO Kyle Sauers to raise adj. EBITDA guidance up 38% to $50m-$60m, with revenue guidance increased 4% to $810m-$860m. Q1 revenue was up 34% to $217m, while adj. EBITDA was $17.1m compared to a loss of $8.7m in the prior-year period.
Something wild: In Latin America, revenue was up 84% in Q1, with a summer launch in Peru imminent. It’s “growing wildly”, said Sauers. The company’s June launch in Mexico has grown at twice the rate that RSI grew in Colombia following its launch and reached profitability during the quarter.
Bally’s mixed bagPart of the Union: The UK was the standout for Bally’s international operations, growing 7% in constant currency terms and helping to prop up an otherwise weak quarter for the international online business where revenues fell by 4%.
Bounce: In North American online Bally’s has enjoyed success with its iCasino operation, with Reeves saying it has gained incremental market share in New Jersey and Pennsylvania and via the recent launch in Rhode Island.
In Las Vegas, following the demolition of the Tropicana to make way for the A’s MLB stadium, Reeves said Bally’s was “actively assessing” its options with the adjacent “highly valuable” parcel of land. Regionally, president George Papanier said Bally’s “navigated a few challenges”
By the numbers: Revenues rose 3% to $619m, with casinos and resorts up 4.1% to $343m and international interactive down 4% at $235m. North American interactive was up 70% to $41.5m. Adj. EBITDA was up 4% to $148m. Kambi Group is the leading provider of premium sports betting technology and services, empowering operators with all the tools required to deliver world-class sports betting and entertainment experiences. The Group’s services not only include its award-winning turnkey sportsbook but also an increasingly open platform and a range of standalone sports betting services from frontend specialists Shape Games, esports data and odds provider Abios, and AI-powered trading division Tzeract. Together, we are limitless. For more info, go to www.kambi.com Earnings in brief – VICIThe gaming REIT has announced up to $700m of new financing for the Apollo-owned Venetian Resorts, including $400m that can be drawn down this year and a further $300m should it be needed before November 2026.
By the numbers: The news came with the gaming REIT’s Q1 earnings, which showed revenues rising over 8% YoY to $952m. AFFO increased 10% YoY to $583m. The company ended the quarter with cash and cash equivalents of $514.9m and $683m of estimated forward sale equity proceeds.
Raketech profit warningDon’t Google it: The gaming affiliate said the latest change to the Google algorithm, which was finalized in April, has caused a “negative impact” to its Casumba operation and meant that FY24 EBITDA would now come in at ~€20m vs. previous estimates of €24m-€26m.
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