LVS hopes for $6bn-plus Asian rebound
Las Vegas Sands The top line Net revenue came in at $1.17bn compared to $62m in the Covid-hit prior-year period. Operating losses were trimmed to $139m vs. $757m in Q220. Consolidated EBITDA came in at $244m, flat QoQ but less than a quarter of the $1.11bn in Q219. Macau operation adjusted property EBITDA contributed $132m, […]
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 […]
DraftKings analysts mount Hindenburg defence
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. But despite the […]
DraftKings 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. […]
Conference 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 […]