Flutter keeps its eyes on the prize
Flutter H1 The top line Revenue up 99% to £3.05bn ($4.22bn), pro forma up 30% while adjusted group EBITDA was up 75% to £597m. Excluding US losses that figure would have been up 101%. Pre-tax profit up 2221% to £77m. US revenue rose 159% to £652m ($906m) and the company expects US to be EBITDA […]
DraftKings digs deep for Golden Nugget
DraftKings acquires Golden Nugget Online Gaming A rich seam: DraftKings acquires Golden Nugget Online Gaming in an all-stock transaction valuing GNOG at approximately $1.56bn. The offer is at a 7.6x multiple on 2022E revenue and is a 51% premium on GNOG’s closing price on 6 August. GNOG will own 6.6% of DraftKings going forward. The […]
Penn National acquires Score Media & Gaming
Penn-Score acquisition + Q2 The top line Penn National is buying Toronto-listed Score Media & Gaming for $2bn in cash and shares. The deal will complete in Q122. Penn said it expects the deal to add c$200m in EBITDA within two years and $500m-plus at maturity. As per the pre-announced earnings last month, Q221 revenue […]
DraftKings readies for NFL return
DraftKings Q2 and earnings call The top line Revenues up 297% to $298m, operating losses hit $321.5m vs $160m Q220. Adjusted EBTIDA losses were $95.3m vs $57.5m Q220 and marketing costs came in at $170m. DraftKings raised FY21 revenue guidance from $1.05bn-$1.15bn to $1.21bn-$1.29bn, implying YoY growth of 88%-100%. Monthly unique player were up 281% […]
Money burns a hole in MGM’s pocket
MGM Resorts International Q2 The top line The rise in net revenue to $2.27bn represented a near 700% bounceback on Q220. Consolidated Adjusted EBITDAR hit $617m, a record helped by record margins of just below 40%. Regional lead the way up 859% to $856.3m while Las Vegas was up 566% to $1bn. MGM China reported […]