Penn National Gaming analyst update
Don’t hold back: Compliments don’t come much more backhanded than in the Deutsche Bank note issued today, which upgrades Penn National to a hold from a sell on the basis of its “massive underperformance” against its regional gaming peers. “Since our downgrade, and after numerous character assassinations, we stuck with our sell rating, because it […]
Gambling.com Q2
The top line Revenue up 66% to $10.4m and adjusted EBITDA rose 46% to $5.5m. All growth was organic. New depositing customers were up 4% in Q2 to 26,000. H1 revenue of $21.9m up 111%, NDCs of 62,000 up 51%. FY21 revenue expected to be over 40% higher YoY. Cold storage: Having got its IPO […]
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 […]
Golden Nugget mines Michigan seam
Golden Nugget Online Gaming The top line Revenue was up 54.2% to $26.7m while the company fell to an adjusted EBITDA loss of $3.5m from a profit of $2.9m in Q120. Net income hit $69.6m reflecting non-cash gains on warrant derivative liabilities of $81.1m. The company maintained its full-year outlook of revenue in the range […]