Penn National Gaming analyst reaction
Portnoy complaint: Initial reaction to Penn National Gaming’s missed Q3 forecasts yesterday afternoon was quickly overtaken by a Business Insider article about Barstool Sports founder Dave Portnoy’s alleged treatment of women. Portnoy denied the allegations and followed up with a nine-minute video on Twitter in which he questioned Insider’s motives. PNG shares dropped 9% when […]
Penn and Bally rely on more than just one bite
Penn National Gaming Q3s The top line Revenues of $1.5bn, up $382.1m YoY, net income of $86.1m vs. $141.2m, net income margin 5.7% vs. 12.5% YoY Adj. EBITDA up $20.7m to $364.3m YoY. Adjusted EBITDAR up $27.7m to $480.3m YoY. Adj. EBITDAR margins of 31.8% vs. 40.1% YoY caused by Hurricane Ida and Delta variant […]
Entain silent on DraftKings bid
The top line NGR up 4% (+6% constant currency), with online up 10% (18% ex-Germany) and retail up 1%. Online driven by strong sports-betting margins of 12.8%. BetMGM delivered 26% sports-betting and igaming market share across states in which it operates and 32% igaming share. FY21 EBITDA expected to be in line with previous guidance […]
Bettson boardroom rupture
Blood on the carpet: A week after Betsson was announced that CEO Pontus Lindwall had “completed his assignment” and that the company had embarked on a search for his replacement, it announced yesterday the resignation of chairman Patrick Svensk with immediate effect after the company’s major shareholders said they “no longer had confidence” in him. […]
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 […]