Earnings+More - Wheels up! Penn’s private jet use
Wheels up! Penn’s private jet usePenn’s private jet flights, Rank’s machine bump, Sportradar reaction, startup focus – Sharp Alpha +More
Got this 737 rocking like a G6. Penn’s air milesLifestyles of the rich and famous: Penn Entertainment is likely to face questions from shareholders over the “excessive” use of private jets, as Earnings+More reveals tracking data showing its two owned aircraft made 621 flights in the past two-and-a-half years. I am serious... and don't call me Shirley: Data from JetSpy, which tracks the usage of private jets owned by corporate entities, shows the regional casino operator owns two jets: a Learjet 45 and Bombardier Challenger 600.
Air miles: Penn has a dispersed empire with 43 casinos in 20 states. However, the top three airports for both planes between 2022 and year-to-date in 2024 are Reading airfield in Pennsylvania, the closest airfield to Penn’s Wyomissing base, Logan Airport in Boston and Teterboro in New Jersey, which is close to Manhattan.
Derby daze: The data shows that one of Penn’s jets flew between Reading and Louisville in Kentucky over the weekend of the Derby and also made a return journey to Las Vegas in February over Super Bowl weekend. Life in the fast lane: In its 2024 proxy statement, Penn said Snowden is entitled to use company aircraft “ensuring efficient travel to our gaming facilities that are located across a wide geographic area without regular commercial flight alternatives.”
As the crow flies: The proxy statement added in a footnote that Snowden’s ‘all other compensation’ of $424k in 2023 included $63,558 “representing aggregate incremental cost for use of the company’s aircraft, which is based on variable costs of operating the aircraft including fuel costs, landing costs and repairs and maintenance.”
Is there anyone on board who knows how to fly a plane? The news of the flights comes at an awkward time for Penn given it is the subject of public agitation by activist investors. One investment source spoken to about the number of flights said it “appeared to be excessive.”
Eight miles high: Sources suggested the activists are unhappy with the levels of management compensation at Penn. In particular, there are questions around Snowden receiving a payout under the company’s short-term incentive plan of $4.37m on top of his $1.8m salary.
Coming in too low: Penn said in its recent Q1 earnings that ESPN Bet continued to underperform, with the company saying average spend per user came in below forecast. A recent note from the analysts at Bank of America suggested ESPN Bet’s revenues were coming in too low for a cost structure that was too high. Read across: Recall, it was newspaper revelations of the use of private jets that were deemed a contributory factor in Jette Nygaard-Andersen leaving her post as CEO at Entain in December.
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. +MoreClairvest and ECL Entertainment have teamed up to buy Wyoming Downs, a licensed live horseracing and off-track betting operator for an undisclosed sum. ECL is an owner-operator of multiple historical horseracing gaming assets in Kentucky. By the numbersNew York OSB GGR hit a record in the second week of May at $70.9m, helped by a rise in handle (3rd highest since launch) and margin that came in at 13.3% vs. the 8.7% long-term average. The team at Jefferies said the performance was likely helped along by substantial recycling of winnings from the previous week when margin was exceptionally low at 4.8%.
The North Carolina State Lottery Commission said handle since launch in mid-March to the end of April hit $1.31bn including promos, while GGR for the period came in at $172m. In Pennsylvania, brick & mortar GGR was down 4.5% YoY to $284m while iCasino GGR rose 26% to $173m. Mobile-sports-betting GGR increased 17% to $57.6m. In Illinois, sports-betting GGR was up 2% to $99.4m on handle that rose 18% to $1.27bn. What we’re readingA feud good men: The Fertittas and the Santinis might soon be fighting over the same territory in the Nevada taverns business. Career pathsThe big move: Joel Simkins has announced the formation of a new advisory firm called XST Capital, which will focus on serving rapidly growing companies across the digital gaming industry, offering M&A advice, capital raising solutions and strategy.
Fanatics’ SVP of trading, Andy Wright, has left the company after two years. Anthony Marnell will step down from the board at Golden Entertainment with immediate effect to pursue other opportunities. Patrick Miller has been appointed president and CEO of the Rio Hotel & Casino in Las Vegas. Rank’s UK machine bonusEvery little helps: The casino to bingo operator enjoyed a share price bump of nearly 4% on Friday after the UK government finally announced the plans for casinos to be permitted more gaming machines.
Cold cases: The team at Peel Hunt suggested that after some reinvestment in reconfiguring its sites, Rank can hope to deliver ~$25m of incremental operating profit and “materially more” should it revive some “cold” licenses on bigger sites. Sportradar analyst takesGetting into the swing: Noting this was the third consecutive quarter in which the data and sports-betting services provider has raised its guidance, the team at JMP said Sportradar is benefitting from recent investments toward “value-enhancing technology”, allowing the company to expand deeper with its team and league partnerships.
More takesGaming & Leisure Properties: GLP’s $110m sale-and-leaseback deal with Strategic Gaming Management for three properties in Nevada and South Dakota is “modestly accretive”, said the team at Deutsche Bank, but comes with some “additional perks.”
The week aheadAce face: On Tuesday, Better Collective will publish its Q1 earnings, with the call with analysts scheduled for the following day. Following the news of the €42m AceOdds acquisition late last week, the leading betting and gaming affiliate has already upped its guidance for 2024.
The team at Jefferies said BC will look to apply AceOdds’ betting tools and odds calculators across its global network and leverage the zero and first-party data within its in-house adtech platform. On X: ”Hat tip to the guys who built a site that was nothing more than a bet calculator, got it to rank no. 1 organically on Google and sold it for €42m.”. Gambling.com takesA mere flesh wound: Looking at what the company said about the effect of Google content policy changes on the company’s media partnerships, the team at Macquarie noted management was hopeful the changes won’t affect its wholly owned properties. which may also ultimately see more traffic.. Run that by me again? On the same theme, B Riley’s analysts suggested Gambling.com could benefit from the opportunity to “capture revenue lost by competitors, many of which have more advertising partnerships” than Gambling.com.
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 at https://partissolutions.com/contactus Startup roundupPrediction markets fundraisePoly tunnel: Crypto-based prediction market provider Polymarket has raised $45m in a Series B round led by Peter Thiel’s Founders Fund. The company has now raised $70m in total. See last week’s The Token Word for more on recent prediction markets’ moves, including Socios’ partnership with on-chain prediction markets liquidity provider Azuro. Startup focus – Sharp Alpha raiseLook sharp: One of the more significant pieces of news for the betting and gaming growth company sector came last week with the announcement from sector-endemic fund Sharp Alpha, which said it has closed an oversubscribed $25m venture fund.
The Sharp Alpha Fund II already has existing investments in C15 Studio, which recently emerged out of stealth mode as the operator of F1’s new streaming channel. Sharp Alpha Fund I invested in a range of companies in and around the betting space, including Almost Friday Media, Jackpot.com and Betcha, which was snapped up by Vivid Seats for $25m in late 2021.
Co-driver: Fund II will target investments in the range of $1m-$2m. Sharp Alpha also operates a co-investment vehicle that provides limited partners with the ability to invest additional capital in select deals alongside the fund.
Helping hands: Among Sharp Alpha’s advisors are Keith Horn, the founder of Loring Capital Advisors; Emanuel Pearlman, former chair at Empire Resorts; Daniel Bernard, founder and chair at Redwood International Sports; and Don Kornstein, vice-chair at Caesars. Growth company newsAlt Sports Data has announced a partnership with the NHRA drag racing series to become the sole distributor of sports-betting data. Calendar
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 An +More Media publication. For sponsorship inquiries email scott@andmore.media. |
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Rakin’ Bacon maker fetches $1.1bn
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Super Group buys an Apricot
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