Penn National Gaming analyst update
Don’t hold back: Compliments don’t come much more backhanded than in the Deutsche Bank note issued today, which upgrades Penn National to a hold from a sell on the basis of its “massive underperformance” against its regional gaming peers. “Since our downgrade, and after numerous character assassinations, we stuck with our sell rating, because it […]
RSI builds on Q3 momentum
Rush Street Interactive Q3s Revenue up 57% YoY to $123m, net loss $18.9m vs. $26.5m, AEBITDA loss $12.2m vs. $1m. Advertising and marketing costs rose to $45.4m (37% of revenue) vs. $17.5m, MAUs up 26% (undisclosed number), ARPMAU $380. FY guidance raised to $480- $500m from $465-$495m, 76% YoY growth at midpoint range. RSI has […]
The market share squeeze
Wynn Resorts is the biggest name so far to suggest the marketing battle in US sports-betting is unsustainable, but earlier in the current results season, it was already evident that the pressure was telling. What Kindred and PointsBet had to say about their respective US businesses showed how the barrage of marketing witnessed since the […]
Wynn beats online retreat
Wynn Resorts Q3 The top line Revenues nearly tripled to $994.6m while adj, property EBITDA was back in positive territory at $154.6m from a loss last year of $65.9m. Las Vegas properties generated $476m of revenues and $183.4m in adj. EBITDA (beating consensus) and Macau revenues stood at $312m while adj. EBITDA was at $10.2m […]
NY nine get to make it there
The New York nine Winners: DraftKings, FanDuel, BetMGM, Bally Bet, Caesars, Rush Street Interactive, WynnBet, PointsBet, Resorts World Losers: Penn National Gaming/Barstool, Fox Bet, Fanatics Just a New York conversation: The nine winners of the New York bidding process were quick to celebrate their newly-won right to hand over a lot of tax money to […]