Earnings+More - Ain’t nothin’ goin’ on but the rent
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Carlino’s wayYou think you’re big time? Onlookers could be forgiven for thinking they detected a distinctly frosty tone to the comments from Peter Carlino, CEO at Gaming & Leisure Properties, during his company’s Q2 earnings call on Friday last week regarding the potential for Boyd Gaming to bid for Penn Entertainment. I love you, you pay my rent: Carlino, of course, has strong links with Penn having been the CEO of the company his father founded Penn National Gaming, as it was then known, before moving to head up the GLP REIT spin-off in 2013.
Power play: But the key for Boyd Gaming, or any other potential Penn Entertainment suitor, is whether this reluctance to see a sweet arrangement disturbed could translate into outright opposition. As the analysts at Truist suggested, in some sense GLP “has the power” and holds “conditional blocking powers” in the event of any M&A.
Someone like you: Sources suggest that “someone like Boyd” would indeed be pre-qualified by virtue of its size and its obvious experience in gaming operations along with a decent leverage profile. “So GLP could not withhold consent unless it needed to modify the leases,” one investment source added. I heard that you settled down: This is unlikely to be the case, they suggest. If the Federal Trade Commission were to recommend the combined entity sell some assets due to competition issues, Boyd would likely be able to offload one of its own wholly-owned assets rather than any opco/propco assets owned by Penn/GLP. Something in return: Moreover, in any transaction, GLP would “want to maximize value” for their own shareholders so if Boyd wanted to modify a lease, it would be motivated to give GLP something in return. This could also be giving it the ability to buy an asset or real estate, or call options on future deals.
El Güero Vega, Sea Ice and a Ferrari The story of how we built and launched the world's most sophisticated sportsbook platform in just 31 months, as told by Metric Gaming CEO, Keith Hayes. Read in full here (<6min read) +MoreBally’s has launched Bally Bet Sportsbook in Maryland after receiving a license from the state regulator. Rush Street Interactive’s RushBet has launched in Peru under the country’s new licensing regime. Third Planet Affiliates, formerly an E+M startup focus, has bought the Props.com domain from FansUnite for an undisclosed sum. Third Planet is the publisher behind LotteryGeeks.com and CasinoReports.com. Mixed messages on BetMGMIn the long run we are all dead: Looking into BetMGM’s H1 update yesterday, the team at Jefferies suggested they “remain confident” over BetMGM’s ability to improve execution in the near term. “But medium to long-term change is also likely.”
Welcome to the show: MGM Resorts was unscathed by what amounted to a profit warning after BetMGM said losses would likely be near $250m this year. Its shares rose 2% on the day.
💥About that honeymoon period… Entain down 10% in a week Muddy waters: Notable was BetMGM’s change of wording for the projected $500m of adj. EBITDA which now is slated for “the coming years,” rather than the previous target of FY26. “Today’s update is disappointing and suggests double digit earnings cuts to FY24-26E consensus forecasts,” said the analysts from Investec.
Mountain to climb: The JMP team added a push to $500m “would need to come through massive market share gains at a time when promotional intensity and sales and marketing across online gaming are getting more competitive.”
Bally’s ‘tolerable’ dealI guess that’ll have to do: The $18.25-a-share offer for Bally’s from major shareholder Standard General announced late last week was “more tolerable for creditors” than had been feared, suggested the credit analysts at CBRE. Bally has secured $500m of first lien debt to secure the deal while CBRE said they understood that Bally’s will also commit up to $160m to facilitate the equity buyout of investors not willing to rollover their investment while ~$250m will go towards debt repayment at Queen Casino & Entertainment.
The landlord’s viewActive participant: As per today’s top story, GLP had a lot to say on its earnings call last week including comments on the acquisition of Bally’s. The team at Truist said the company has proved its deal-making chops of late and is set to play an “active role” in the Bally’s Chicago project, with GLP providing industry expertise as the construction is set to begin.
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 Sector watch – EsportsThe Saudi Kingdom brings peace? The two leading data suppliers in the esports space, GRID and Bayes Esports have put their differences behind them and joined forces to provide official data solutions for the Esports World Cup in Riyadh.
Esportswashing, what esportswashing? As the Esports World Cup $60m+ tournament series gets underway, Team Liquid have been permitted to wear Pride jerseys on stage. This has been met with a somewhat frosty response from the community. Despite Saudi’s strict laws relating to gambling, there has been no requirement for teams with existing gambling sponsors to cover up company branding. However, there has been no official betting sponsor of the tournament.
PrizePicks goes big on esports: The US Daily Fantasy operator has unveiled ‘The Esports Lab’, a polished educational hub for esports daily fantasy players. A company release stated “Esports currently ranks fourth in fan engagement among all sports on PrizePicks, trailing only professional basketball, football and baseball”
Tier ones continue to abstain: In partnership news, the main activity in the market has been from companies such as 1xBet, Russian operator Pari, GG.Bet and crypto-first book Thunderpick. The allure of a plethora of landmark UK tournaments has not been enough to persuade anyone to dip back in just yet. Calendar
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🚀Apollo into orbit
Monday, July 29, 2024
IGT/Everi combination snapped up by private equity giant ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
Keep ’em guessing
Friday, July 26, 2024
Boyd Gaming CEO keeps door ajar for possible Penn deal ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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. ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏ ͏
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