Caesars’ $1bn battle plan
Caesars Entertainment The top line Net revenues up to $2.5bn vs. $127m in 2020, net income of $71m compared to -$100m, adjusted EBITDA of $1bn vs. $131m loss YoY and c.25% up on expectations. This was an all-time record for quarterly adjusted EBITDA and adjusted EBITDA margin. In Las Vegas, Caesars recorded same-store revenues of […]
Churchill Downs Q2 earnings call
Capital projects: Capex plans will focus on the $76m expansion of the Derby City Gaming facility and three major racetrack projects to be completed in the next three years: the Homestretch Club, the Turn 1 Experience (costing $135m in total) and the Paddock Area redesign (uncosted). CEO Bill Carstanjen said the group will aim to […]
Red Rock paints an even brighter picture
Red Rock Resorts Q2 The top line Revenues up 295% to $482.2m YoY but down 11% on Q219. Adjusted EBITDA rose to $227.4m from a negative $17.3m in Q220 and up 82% on Q219. Property level margins were at 52.2%, 450bps above Q219. Las Vegas operations up 322% to $426.4m but down 7% on Q219; […]
Boyd buoyed by high margin new normal
Boyd Gaming Q2 The top line Revenue more than quadrupled YoY to $893.6m (up 18.6% sequentially and a 5.6% increase on Q219) with net income coming in at $113.7m compared to a loss of $108.5m in the prior year period. Total adjusted EBITDAR hit $385.4m from $16.1m in Q220, up 23.8% sequentially. Company-wide margins came in […]
Sector watch – NFTs
Some candy talking: DraftKings’ move into the NFT space via the launch of Marketplace confirmed fan tokens as another area where the convergence between sports and sports betting will potentially be played out. DraftKings is following a path already trod by others including sports merchandise market leader Fanatics (which will soon have ex-FanDuel CEO Matt […]