Churchill Downs analyst initiation

By Jake Pollard  |  June 18, 2021

My Old Kentucky Home: Macquarie have initiated coverage of Churchill Downs with an outperform rating, citing the iconic status of the Kentucky Derby (c25% of company EBITDA generated in a single day), the “underappreciated” historical racing machines story (33% mix; Macquarie believes the Kentucky market could be worth $750m at maturity) and the growth opportunity […]

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DraftKings analysts mount Hindenburg defense

By Jake Pollard  |  June 16, 2021

DraftKings analyst reaction Come at the King: No one involved in the sector would have been surprised by much that was in the Hindenburg short-selling attack yesterday on DraftKings. Allegations around black market activity and illicit operations at the SBTech B2B arm had an immediate impact with DraftKings suffering a 10% fall in pre-open trading. […]

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OSB and iCasino combo ‘packs powerful punch’ say Macquarie

By Jake Pollard  |  June 14, 2021

Macquarie online gaming analysis Happy birthday to you: On the third anniversary of the fall of PASPA, the gaming team at Macquarie have issued new analysis which puts forward a new estimate for spend per adult of $60 in mature states rather than the previous estimate of $50. Why does this matter? According to Macquarie’s […]

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Conference touches on SPAC slowdown fears

By Jake Pollard  |  June 9, 2021

iGaming Next Day 1 conference notes White heat: On a panel dedicated to discussing trends in M&A, Mohit Kansal, partner at Clairvest, made the obvious point about the “euphoric” M&A backdrop being driven by events in the US. “You have all this capital chasing deals to capture that growth.” Asked by panel host Julian Buhagiar […]

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LVS on a build back better tip

By Jake Pollard  |  June 3, 2021

Maybe it’s because I’m a Londoner: Speaking with Bernstein’s Vitaly Umanski as part of the bank’s Strategic Decisions conference, LVS CEO Robert Goldsten and president Patrick Dumont expressed disappointment at the slow pace of the Covid recovery in Macau. But they were both optimistic about the medium and longer-term picture. While revenues in May are […]

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