Churchill Downs analyst initiation
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 […]
Read MoreDraftKings analysts mount Hindenburg defense
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. […]
Read MoreOSB and iCasino combo ‘packs powerful punch’ say Macquarie
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 […]
Read MoreConference touches on SPAC slowdown fears
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 […]
Read MoreLVS on a build back better tip
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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