Wynn beats online retreat
Wynn Resorts Q3 The top line Revenues nearly tripled to $994.6m while adj, property EBITDA was back in positive territory at $154.6m from a loss last year of $65.9m. Las Vegas properties generated $476m of revenues and $183.4m in adj. EBITDA (beating consensus) and Macau revenues stood at $312m while adj. EBITDA was at $10.2m […]
MGM *hearts* NY
MGM Resorts International Q3 The top line Revenue up 140% YoY to $2.7bn and consolidated adj. EBITDAR of $765m, Las Vegas revenues up 187% YoY to $1.4bn but down 8% on Q319. Adj. EBITDAR up to $535m from $15m in Q320 and up 21% on Q319. Margin up 943 bps on Q219. Regional revenues to […]
Endeavor adds OpenBet to its entourage
Scientific Games sells OpenBet to Endeavor The top line Endeavor will pay $1.2bn for the OpenBet sports-betting backend supply business. The deal consists of $1bn in cash and $200m in Endeavor stock The price represents c.10x FY21 revenues and an estimated 34x assumed FY21 EBITDA of ~$35m. U.S.-listed sports and entertainment group Endeavor owns data […]
Asian gaming shock
Xi who must be obeyed: This week’s Chinese government proposals for tighter regulations in Macau knocked a record $18.4bn in combined share price value off Macau’s gaming operators. The new rules will include increased supervision of operators’ daily activities around VIPs and junkets, a raised level of local ownership, restrictions on dividend payments and the […]
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 […]