Exit OSB euphoria, pursued by a bear
Now we know what a bear market feels like once again. The falls suffered across the wider market on Friday and then again on Monday are a reminder that all bull markets – eventually – come to an end. All things must pass, even irrational exuberance. Or should that be, especially irrational exuberance? The financial […]
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 […]
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 […]
Las Vegas Sands: desperately seeking visibility
Las Vegas Sands Q321 The top line Revenue rose 92.2% YoY to $857m while adjusted EBITDA came in at $47m vs. a loss of $163m in Q320. As of the end of September LVS had $1.64bn of cash on its balance sheet and access to $3.93bn of available credit. The shape of a pear: On […]