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How to play Winter Wonders
Bentley believes regulated operators are genuinely trying to do the right thing but says some mistakes could be mitigated through better automation and continuous monitoring. Enforcement statements also provide lessons that businesses should use to test their own exposure.
“It would be crazy to say that these cases are positive for the industry,” he says. “They will no doubt continue, but as an industry we need to try to reduce their frequency.”
Enforcement publicity may lack context, and some settlements may involve errors rather than systemic recklessness. But the sector cannot control how its opponents use these cases. It can only reduce the supply.
How to play Winter Wonders
I’ll be behind the scenes helping tie up the loose ends, and then I’ll be taking a much-needed vacation staycation while I contemplate the next chapter.
Feel free to reach out. You can find my detail at http://billbeatty.net.
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How to play Winter Wonders
“Publicly traded valuations are a reflection of the current interest rate environment,” Chad Beynon, lead gaming analyst for Macquarie, told iGB. “Whether it’s a long-term financial model on a growth company, you’re going to discount that back at a higher rate, or if it’s just a standard four-wall business, the cash flows in a higher interest rate environment are worth less.”
According to data from Yahoo Finance, the resort and casino sector is -41% over the last five years, and the overall gambling sector, which includes major sportsbooks and online operators, is +7%; the benchmark S&P 500 index, by comparison, is +71% during that span.
Two blockbuster developments in the casino space earlier this year seemed to indicate an increasingly bullish bet on the sector, including Fertitta Entertainment’s acquisition of Caesars Entertainment in May. The other is a subsequent takeover offer of MGM Resorts from its largest shareholder, Barry Diller’s People Inc. But a negative shift in market conditions could affect both deals.
