Earnings+More - Keep ’em guessing
We all been playing those mind games forever. Hard Rock Bet is all about fun and innovation. With a top ranked sportsbook & casino product, unique access to US states, and a globally recognized brand, join our team to help shape the online experiences that millions love. We’re currently seeking:
M&A mind gamesDefinitely maybe: CEO Keith Smith didn’t specifically comment on the potential for Boyd Gaming to be involved in a bid for Penn Entertainment. But neither did he dismiss the idea of growing via M&A. “We’ve always been willing, it’s not news,” he told the analysts on Boyd’s Q2 earnings call.
Just the facts, ma’am: But adding a note of caution, he went on to say it was “hard to speculate” on the financing of any deal. “It's wholly dependent on the specific facts and circumstances around the transaction,” he added.
Just rumors: Recall, in late June Boyd was reported to have approached Penn about a potential bid while more recent speculation has suggested it might partner with Flutter in a deal that would see the B&M and online segments split up. Smorgasbord: Analysts at Deutsche Bank suggested Smith had offered “something for everyone” with his comments, with enough said to “keep the discussion ongoing” but with the issue of price being all important.
Boyd by the numbers: Boyd’s Q2 earnings showed revenues up 5% to $968m but adj. EBITDA fell by 2% to $344m. The damage was done by the Las Vegas Locals segment where revenue was down 2.5% and adj. EBITDA fell by 8% largely due to competition from Red Rock’s Durango and others.
👀 “We’re not in the business of making big investments and losing a lot of money to get market share,” he added. 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 +MoreBy the numbersOntario: Q1 data shows GGR climbed 34% YoY to C$726m, a 5% sequential rise, on handle that was up 3.5% to C$18.4bn. iCasino accounted for 73% of GGR and sports 25% with P2P poker chipping in 2%.
Read acrossThe release of the UK’s Gambling Survey for Great Britain was preceded by guidance from the UK Gambling Commission that its new “gold standard” statistics should not be used to calculate the rate of gambling harm. In Compliance+More. In The Token Word this week, ETF providers were celebrating after the SEC gave the go-ahead for products tracking the price of Ether. Director of Accounting & Finance – São Paulo. Head of Quantitative Analytics – Malta/France. Belgium Country Manager – Remote in Belgium/Malta. Bally’s sells upKim’s deal: Bally’s has reached an agreement with major shareholder Standard General, which will see the investment vehicle run by Bally’s current chair Soo Kim buy the shares it doesn’t already own for $18.25 a share.
Cash out: Shareholders are being offered the option of rolling over all or some of their holdings or taking the cash. Standard General has secured $500m of committed financing to support the merger. Vote yes: Previous to the March approach, Standard General, then a 21% shareholder, offered $38 a share for the shares it didn’t own. However, that deal was rebuffed by a special committee at the time. This time the committee unanimously said yes to the offer.
Don’t stop me now: Standard General will merge Bally’s with its wholly-owned Queen Casino & Entertainment. It owns four properties including DraftKings at Casino Queen in East St. Louis, Illinois, the Queen Marquette in Marquette, Iowa, and the Queen Baton Rouge and the Belle of Baton Rouge in Baton Rouge, Louisiana.
DraftKings’ IL fortuneZone of impact: DraftKings has indicated to the analyst community that it has suffered a “substantial impact” from the new tax rates applied in Illinois in the last few weeks. Such is the disruption, the team at Jefferies trimmed its adj. EBITDA number for 2024 by $40m to $449m.
Kambi bumpLeaving present: Departing CEO Kristian Nylén signed off with an earnings day share price bump of over 14% on Wednesday after the company produced what he said was a “very strong” performance for the quarter with revenues up 6% to €42.9m and EBITDA up 25% to €16.1m.
Border crossings: Over the period, Kambi launched its platform with Svenska Spel and in multiple countries with LiveScoreBet as well as signing a new partnership deal with the Choctaw Nation of Oklahoma. Noting the Choctaw’s official partnership with the Texas Rangers, he said it gave Kambi a potential entry into Texas should it regulate OSB.
Kindred’s Euros boostGolden boots: The boost to business provided by the recent Euros was highlighted by Kindred, which said it saw a 16% increase in revenue in comparison with the World Cup in 2022, the last major soccer tournament. The company noted that the sports-betting margin before free bets was “very high” at almost 20%, which it attributed to the success of its Bet Builder products.
Voulez-vous? Revenue for the quarter rose 7% YoY to €328m while underlying EBITDA was up 32% to €73.6m. Excluding North America – which it exited during the period – revenue was up 9%. Andén noted the increased footprint in French sports betting also contributed to the margin improvement due to the country’s high inherent margin.
Still talking: On the acquisition by FDJ, Andén noted the discussions between FDJ and the French competition authorities are continuing. “That is something that FDJ drives, and they seem very comfortable with the timelines that have been communicated,” he said. Join hundreds of operators using OpticOdds for trading, risk management and Same Game Parlay analysis. Real-time data and trading tools for sports betting + fantasy operators. Built by those who have done it before. Looking to join the fastest growing data provider in the sports betting industry? Join the team now. LVS earnings reactionSomewhere over the rainbow: CEO Robert Goldstein noted that “sometime in the near future” LVS will be generating its highest-ever adj. EBITDA in the company’s history “without Las Vegas.” The Q2 numbers were below consensus, albeit with revenue up nearly 9% at $2.76bn while overall adj. property EBITDA rose 10% to $1.07bn.
Not buying it: Still, there is no disguising the unwillingness of investors to buy into this story with the shares down over 21% YTD and off by nearly 30% on a 12-month view. The analysts at Deutsche Bank said neither the numbers nor the call commentary would be “well-received” by investors.
Branching out: Dumont said LVS was “very ready” for new developments whether that was in New York, Texas or Thailand, but Goldstein was keen to point out that these investments wouldn’t be in the “near future.” Race for the prizeOne morning in May: The 150th Kentucky Derby enjoyed an all-time all-sources record revenue for Churchill Downs helped by the debut of the newly redeveloped paddock project which “provides a foundation for further innovation and monetization opportunities into the future,” said CEO Bill Carstanjen.
Home straight: Total revenue came in up 16% YOY to $891m while adj. EBITDA rose 23% to $445m helped by thriving HRM operations, which Cartsanjen noted would soon include new venues in Kentucky, Virginia and New Hampshire.
Feeling Haute, Haute, Haute: In gaming, meanwhile, the company recently unveiled its new Terre Haute Casino property in Indiana in April “on time and on budget,” noted Carstanjen. He added that part of the strategy for the property was to attract custom from Indianapolis which is 70 miles away Earnings in briefKilling it: Revenues at Red Rock Resorts came in up 17% to $486m while adj. EBITDA rose 15% to $202m as the company saw its investment in building the Durango property pay off in some style.
Gaming & Leisure Properties: Revenue rose 7% to $381m while AFFO was up 2¢ to $0.94 helped by both a growing portfolio of assets and rent escalations. Recall, GLP recently completed a $1.59bn deal with Bally’s which included $900m of funding for Bally’s permanent facility in Chicago. Monarch Casino & Resort: revenue rose 4% to $128m while adj. EBITDA was up 5% to $44m with the company saying its Black Hawk property continued to attract mid- to upper-tier players from the Denver region. Sportsbook platforms don’t go live every day, and certainly not ones as sophisticated as this… Purpose-built technology, without compromise A competitive advantage All without the compliance or operational overheads of ownership, nor the inflexibility and service limitations of alternative providers. Sounds interesting? Find out more here: www.metricgaming.com Metric Gaming – Your in-house sportsbook, outsourced. Calendar
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Older messages
Proof of the pricing pudding
Tuesday, July 23, 2024
Competition on price is becoming keener in US OSB ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Preparing to fail
Monday, July 22, 2024
Penn making 'same mistake' with ESPN as it did with Barstool, claim departing employees ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Definition of madness
Friday, July 19, 2024
Evoke tries to reinvigorate UK biz with marketing blitz. Fails. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Situation vacant
Tuesday, July 16, 2024
The lack of a new CEO at Entain reflects the size of the task ahead ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
💰The billion-dollar mortgage
Monday, July 15, 2024
GLP stumps up nearly $1bn to fund Bally's Chicago casino build ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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