Fantini's Gaming Report of 5/3/23

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FANTINI’S GAMING REPORT©

   More Important Than Your Morning Coffee™

    May 3, 2023


Ashley Diem – Publisher and Executive Editor      

Hannah Wilmarth – Editor

David Dittman – Writer

 

TOP STORIES

CZR RECORD IN LV, REDUCES DEBT AGAIN

FONTAINEBLEAU OPENING?

MACAU UPWARD TRENDS CONTINUE

EKG: INTERBLOCK LEADS ELECTRONIC TABLES

BALY PARTNERS WITH KAMBI, WHITE HAT

            CLAIRVEST, ECL OPENING NEW HAMPSHIRE HHR FACILITY

 

INVESTORS

            EARNINGS US, CANADA: CZR

ANALYSTS: MGM, PENN, VICI

            MARKETS

COMPANIES

            US LISTED: MGM, TACT, WYNN

INTERNATIONAL: ENT, EVERYMATRIX, LET, OKURA, VIKINGS CASINO

SPORTS BETTING INTERNATIONAL: ALTENAR, ATOMO

INTERACTIVE: BETS-B, BETTY, ENT, EVERYMATRIX, G GAMES, HACKSAW, HUB88, MAVERICK, MGM, MICROGRAMING, NETBET, NOVIBET, PAYNEARME, SPORTIUM, SWINTT, ZITRO

LEGISLATIVE: MO

JURISDICTIONS AND MARKETS

            TRIBAL: WA

            INTERNATIONAL: UK

SPORTS BETTING: CO, GERMANY, OH

 

FANTINI’S GAMING SHOW: TACT, ZITRO

EVENTS

CALENDAR

            CONTACT US

TOP STORIES

CZR RECORD IN LV, REDUCES DEBT AGAIN

Caesars delivered another strong quarter with record first quarter adjusted EBITDA in Las Vegas, which rose 33 percent year-over-year, CEO Tom Reeg said.

            Regional gaming results remained consistent with prior quarters, especially when excluding the impact of bad weather in northern Nevada, he said.

            The digital segment was nearly breakeven in the quarter despite launching sports betting operations in Ohio and Massachusetts, he said.

            Another highlight was CZR paying off its $400 million Caesars Forum Convention Center Mortgage, saving the company $32 million a year in interest expense, CFO Bret Yunker said.

            CZR is targeting a third consecutive year of $1 billion or more debt reduction and as of March 31 had debt-to-EBITDA of 4.2 times.

            Financial highlights are in the Investor section below.

FONTAINEBLEAU OPENING?

After more than 15 years in the making, Fontainebleau Las Vegas announced plans to open in December.

It is currently 75 percent complete.

Construction on the 67-story casino resort began in 2007 and has since switched hands multiple times, only to come back under the ownership of Jeffrey Soffer, currently CEO of Fontainebleau Development, which partnered with Koch Real Estate Investments on the project.

When it opens, the casino, which sits on the north side of the Strip across from Circus Circus, will have 3,644 hotel rooms, 550,000 square feet of convention space and a 90,000 square foot shopping district.

The casino also launched its online recruitment portal in preparation for the opening.

Fontainebleau and Koch secured $2.2 billion in financing last year to complete the project, with VICI Properties providing $350 million in mezzanine loan financing for the construction of the property.

Other investors include Blackstone, Goldman Sachs, Guggenheim and SMBC.

MACAU UPWARD TRENDS CONTINUE

The Financial Services Bureau reported US$1.25 billion in gaming tax revenue during the first quarter, a 15.8 percent year-over-year increase, on a 94.9 percent increase in gross gaming revenue of $4.29 billion.

Gaming tax was $196 million in January, $559 million in February, and $498 million in March. Macau removed almost all border restrictions on January 8.

The first-quarter tax collection represents 19.9 percent of the government’s budgeted $6.31 billion tax take for the full year. Macau has forecast full-year gaming revenue of $16.1 billion.

Meanwhile, April gaming revenues represented a run rate of $60.7 million per day, 19 percent above the daily average for the first quarter and up 27 percent from March, signs of a very clear ramp in demand into the second quarter, said JP Morgan Securities Asia Pacific.

According to the Gaming Inspection and Coordination Bureau, April gaming revenue was up 450 percent year over year and 16 percent month over month to $1.82 billion.

CBRE Securities, which noted that April GGR implies an annual run rate of more than $22 billion, said May was “poised for further recovery.”

JP Morgan said April data suggests mass GGR likely recovered to about 85 percent of April 2019 levels, a significant step-up from the 65 percent recovery during the first quarter.

Major gaming floors in downtown Macau and Cotai had significant volumes of customers the day before the end of the five-day Golden Week holiday, according to GGRAsia.

INTERBLOCK LEADS ELECTRONIC TABLES

Interblock’s Full Stadium Form Factor maintained its all-time high market share of 81 percent, according to the first quarter EILERS-FANTINI Central Game Performance Database – Electronic Table Games Performance Report.

Interblock also led market share at 62.2 percent of owned and leased electronic table game distribution.

Other highlights:

  • Aruze’s roulette games reached an all-time high distribution of 17 percent.
  • IGT had the third highest owned and leased market share at 9.9 percent.
  • Light & Wonder came in second in terms of owned and leased market share at 14.2 percent and in terms of leased games at 11.7 percent.

The report tracks 478 casinos, 9,429 game themes and 387,022 slots.

            The 63-page report can be purchased from Cindy Konowitz at This email address is being protected from spambots. You need JavaScript enabled to view it. or by calling her at +1 302 730 3793.

BALY PARTNERS WITH KAMBI, WHITE HAT

Under an exclusive, multi-year agreement, Bally’s selected Kambi and White Hat Gaming to serve as its B2B online sports betting and platform providers.

The agreement positions BALY to achieve significant growth and capture substantial market share globally, CEO Robeson Reeves said.

BALY’s database, rewards program and marketing operation will support the relaunch of sports betting platform Bally Bet in seven states and at four retail locations by year-end.

            The agreement is the latest in BALY’s efforts for long-term growth as it restructures its North American Interactive business segment to form a more competitive and cost-efficient market strategy, the company said.

CLAIRVEST, ECL OPENING NEW HAMPSHIRE HHR FACILITY

            Clairvest and Kentucky HHR operator ECL Entertainment will partner on the development of a large-scale historical horse racing facility, in southern New Hampshire, with plans to open in late 2024.

            Clairvest and ECL acquired NHCG and The River Property & Hospitality, which operate the Lucky Moose and The River charitable casinos.

            NHCG has one of the state’s two HHR licenses and currently operates 65 machines.

            Clairvest and ECL will continue to operate NHCG properties as they currently are while the larger scale development is in the works.

            The marks Clairvest’s 15th investment in gaming, it said in a press release.

                                                                  

INVESTORS

EARNINGS US: CZR

  • CAESARS. See commentary in Top Stories above.

            Full report: https://investor.caesars.com/news-releases/news-release-details/caesars-entertainment-inc-reports-first-quarter-2023-results.

FIRST QUARTER HIGHLIGHTS:

Diluted earnings per share from continuing operations: (63 cents) vs. ($2.11)

Net revenue: $2.830 billion vs. $2.292 billion

Adjusted EBITDA: $958 million vs. $296 million

By segment:

Regional:                                $448 million vs.  $459 million

Las Vegas:                            $533                    $400

Managed and branded:       $  19                     $  20

Corporate:                             ($  38)                  ($  29)

Digital:                                    ($    4)                  ($554)

Diluted shares: 215 million vs. 214 million

Balance sheet: Cash: $965 million vs. $1.038 billion as of December 31

                             Net debt: $12.190 billion vs. $12.047 billion

ANALYSTS: MGM, PENN, VICI

  • MGM RESORTS. Following a first quarter earnings beat, analysts mostly raised targets and estimates on MGM Resorts for a solid quarter in Las Vegas with positive forward bookings and improvements in Macau market share and regional gaming revenue.

However, given the events calendar, some analysts expect softness in Las Vegas in the second and third quarters.

MGM demonstrated that diversification is a powerful asset in the first quarter with that strength. While Las Vegas and regional comparisons will be more difficult moving forward, Macau’s recovery and MGM’s online sports betting and iGaming growth should benefit shares, Steven Wieczynski of Stifel said.

Las Vegas Strip momentum should continue into next year, and there is more value in Macau and Las Vegas Strip operators than pure play regional gaming operators, he said.

Recent moves in Las Vegas, meaning consolidating CityCenter, acquiring the Cosmopolitan and divesting the Mirage, will lead to further outperformance, Chad Beynon of Macquarie said.

It’s unsurprising to see MGM grow digital through LeoVegas given that the company owns 100 percent of the revenue stream vs. 50 percent of BetMGM, Barry Jonas of Truist said.

Additionally, MGM’s capital position leaves the door open for new opportunities while the company is investing in every corner of the business, Jordan Bender of JMP said.

David Katz of Jefferies, though, says while the capital structure provides risk, the benefit going forward is far greater.

Firm/                                                                                                   | ------------- EPS ------------- |

Analyst                            Target        Change      Rating                 2023         2024         2025

Credit Suisse

Benjamin Chaiken        $75             +$7             Outperform        $3.21        $3.19        n/a

Deutsche Bank

Carlo Santarelli             $58             +$5             Buy                      $2.06        $2.21        n/a

Jefferies

David Katz                     $64             +$5             Buy                     $2.27        $2.88        n/a

JMP

Jordan Bender              $60             N/A             Outperform        $2.19        $2.35        $3.02

Macquarie

Chad Beynon                $60             +$4             Outperform        $2.79        $3.01        $3.94

Morgan Stanley

Stephen Grambling      $47             N/A             Equal weight     $3.61        $2.78        $2.73

Stifel

Steve Wieczynski         $56             +$3             Buy                     $0.99        $1.13        $1.44

Truist

Barry Jonas                   $58             +$1             Buy                     $2.97        $2.63        n/a

Wells Fargo

Daniel Politzer               $58             N/A             Overweight        $2.28        $2.81        n/a

Firm/                               | --------- EBITDAR (billion) ---------- |

Analyst                           2023          2024               2025

Credit Suisse

Benjamin Chaiken        $4.664       $5.135            n/a

Deutsche Bank

Carlo Santarelli             $4.620       $4.706            n/a

Jefferies

David Katz                     $4.395       $4.521            n/a

JMP

Jordan Bender              $4.629       $4.714            $5.020

Macquarie

Chad Beynon                $4.613       $4.662            $4.960

Morgan Stanley

Stephen Grambling      $5.064       $5.079            $5.156

Stifel

Steve Wieczynski         $5.03         $5.39              $5.56

Truist

Barry Jonas                   $4.508       $4.735            n/a

Wells Fargo

Daniel Politzer               $4.695       $4.977            n/a

  • PENN ENTERTAINMENT. Edward Engel of Roth upgraded his rating to buy and raised his target to $40 ahead of a potential first quarter beat, in which he expects PENN to report property EBITDAR of $527 million.

There is an opportunity for PENN to lift this year’s EBITDA and margin guidance alongside resilient year-to-date gaming trends and moderating cost inflation, he said.

There is also a case for strategic alternatives for the digital business, and PENN could take a more aggressive action towards unlocking value. A transaction could value the segment at $3.3 billion, in which proceeds could be used to lower net-debt-to-EBITDA, he said.

He forecasts EBITDA of $1.986 billion this year and $2.046 billion next year with earnings per share of $1.54 and $1.80.

  • VICI PROPERTIES. Analysts maintained targets and ratings for VICI Properties and adjusted estimates following first quarter earnings.

            Barry Jonas of Truist reiterated his buy rating and $40 target saying VICI offers one of the safest earnings streams and dividends in his coverage.

            Mitch Germain of JMP maintained his conviction on VICI citing the company’s ownership of premier gaming assets with long lease terms, strong tenant relationships, diversified investment and above-average earnings growth.

            However, he believes the company’s outlook is conservative saying management is assuming only a 1 to 2 percent increase in annual rent escalators, no additional investments and ignores additional loan funding.

            VICI remains in a strong position to act opportunistically in an uncertain economic environment with $3.9 billion of total liquidity, Chad Beynon of Macquarie said.

Firm/                                                                                       | ------- AFFO/share ------- |

Analyst                       Target            Rating                        2023         2024         2025

JMP

Mitch Germain          $38                 Outperform                $2.14        $2.26        n/a

Macquarie

Chad Beynon            $40                 Outperform                $2.46        $2.64        $2.70

Truist

Barry Jonas               $40                 Buy                             $2.12        $2.20        n/a     

Firm/                           | --------- EBITDA (million) ---------- |

Analyst                       2023               2024               2025

Macquarie

Chad Beynon            $2.877            $2.942            $2.998

Truist

Barry Jonas               $2.871            $2.957           n/a

MARKETS

            Gaming stock movement was relatively uneventful on Tuesday, but North American stocks came down from recent gains as decliners beat advancers 40 to 10.

            There were no 52-week closing lows.

            52-week closing highs:

OPAP                                     +1.23 percent to €15.65

Sega Sammy                        +0.49                    2,663 yen

Gamehost                             +0.44                    C$9.08

            Five percent movers:

eSports Entertainment        +5.67 percent

Studio City                             - 7.10 percent

COMPANIES

US LISTED: MGM, TACT, WYNN

  • MGM RESORTS. Performing at MGM Grand Garden Arena in Las Vegas will be The Jonas Brothers on September 8 as part of Five Albums. One Night. The Tour. Then, Shinedown will take the stage on October 13 as part of The Revolutions Live Fall Tour.

Elsewhere, MGM issued a social impact and sustainability report: https://investors.mgmresorts.com/investors/news-releases/press-release-details/2023/MGM-RESORTS-INTERNATIONAL-RELEASES-2022-SOCIAL-IMPACT-AND-SUSTAINABILITY-REPORT/default.aspx.

  • TRANSACT TECHNOLOGIES launched its BOHA! Terminal 2 food safety and FDA-compliant grab-and-go labeling solution.
  • WYNN RESORTS. Chinese tourists will be one of the customer segments targeted by Wynn Al Marjan Island, Bloomberg quoted Raki Phillips, CEO of the Ras Al Khaimah Tourism Development Authority in the United Arab Emirates.

China has never been a big focus in terms of tourism, but it is now, Phillips said in an interview at the Arabian Travel Market convention in Dubai.

INTERNATIONAL: ENT, EVERYMATRIX, LET, OKURA, VIKINGS CASINO

  • ENTAIN’s board of directors has formed two new committees, one for people and governance and the other for sustainability and compliance.

The people and governance committee will review policies and practices and monitor their consistency with company strategy and values; lead the process for appointments to the board; and review developments in law, regulation and business practices relating to corporate governance.

ENT said the nomination committee will be disbanded but its responsibilities will be incorporated into the P&G committee.

The sustainability and compliance committee will assume responsibilities of the environmental, social, and governance committee. It will provide oversight of the company's sustainability and compliance program and monitor progress against internal performance indicators.

It was also announced that Stella David is stepping down as member of the sustainability and compliance committee effective immediately.

  • EVERYMATRIX appointed Gonzalo De Osma Bucero as CFO.

De Osma Bucero’s primary responsibility will be to manage and coordinate finance and legal teams, including the OddsMatrix sportsbook and SlotMatrix slot division.

He’s worked in both land-based and online capacities, most notably during a 16-year tenure with Codere.

  • LET GROUP has an agreement with Singapore-based oil and gas company Nauticawt Energy to sell a 220,194-square-meter property in Hokkaido, Japan, for US$27 million.

LET, which had planned to develop the property into 50 villas and townhouses and a 40-room hotel, will use proceeds from the sale to pay down debt and fund other projects and operations.

  • OKURA HOLDINGS will close its Big Apple Ofuna pachinko hall in Kanagawa Prefecture, Japan on Sunday.

Management noted that though it had regained some traffic the recovery in the aftermath of the pandemic was still slow and the general operating landscape for the pachinko business also contributed to the decision.

  • VIKINGS CASINO GROUP in France reopened eight of its 11 casinos that were shut down on April 19 due to a cyberattack, though not all are operating at full capacity.

Management said it remains uncertain about the reopening of the last three casinos, though it is aiming for next week.

SPORTS BETTING INTERNATIONAL: ALTENAR, ATOMO

  • ALTENAR announced a new partnership with ATOMO GAMING under which its sportsbook and iGaming software will be distributed to Atomo’s operator partners and its B2C brands.

 

INTERACTIVE: BETS-B, BETTY, ENT, EVERYMATRIX, G GAMES, HACKSAW, HUB88, MAVERICK, MGM, MICROGRAMING, NETBET, NOVIBET, PAYNEARME, SPORTIUM, SWINTT, ZITRO

  • BETTY GAMING. The Ontario-based iCasino operator received an investment for an undisclosed amount from HappyHour.io as it plans to expand in North America.
  • EVERYMATRIX is supplying its SlotMatrix portfolio to iGaming platform operator HUB88.
  • G GAMES is supplying online casino games to NETBET ITALY.
  • HACKSAW GAMES will provide its Wanted Dead or a Wild and RIP City games through MGM RESORTS and ENTAIN’s BetMGM iCasino in Ontario.
  • MICROGAMING promoted Stephen Fisk to CEO from COO.

            He takes over from Andrew Clucas, who is taking on new opportunities in the industry.

  • NOVIBET appointed Angelo Alberoni as country manager in Brazil. Alberoni, a founding member of the Brazilian Sports Betting Association, will be responsible for building the brand’s identity in the market.

Alberoni was most recently country manager for BETSSON in Brazil. He has 15 years of experience in the Brazilian iGaming market, including stops at BETCRIS and BETMOTION.

  • PAYNEARME announced that MAVERICK GAMING has chosen its MoneyLine platform to support deposits and payouts for its iGaming and online sports betting customers.
  • SWINTT announced a new deal to have its SwinttGames and SwinttPremium titles hosted at BETSSON online casinos in Sweden, Malta, Germany, and Latvia.
  • ZITRO is supplying virtual casino games to SPORTIUM.COM.CO in Colombia.

LEGISLATIVE: MO

Legislation can be tracked by Public Policy Review subscribers at https://bit.ly/FR_legislative_tracker with the username and password published in the most recent PPR. For information or to subscribe, contact Cindy Konowitz at This email address is being protected from spambots. You need JavaScript enabled to view it. or +1 302 730 3793.

  • MISSOURI. Given a lack of action, the MLB’s St. Louis Cardinals are considering pushing a statewide voter initiative to legalize sports betting, the St. Louis Post-Dispatch reported.

            The state Senate’s ongoing inaction on sports betting with less than two weeks before adjourning is prompting conversations to shoot for a referendum next year, Cardinals’ President Bill DeWitt III told the Post-Dispatch.

            The House passed HB 556 in March, and the Senate version SB 30 remains with the Senate.

            Speaker of the Missouri State House Dean Plocher has said the odds of a sports betting bill passing the general assembly this year are decreasing daily.

JURISDICTIONS AND MARKETS

TRIBAL: WA

  • WASHINGTON. In a letter to the editor about a recent article published the Tri-City Herald in Hanford, Gerald Lewis, the chairman of the Confederated Tribes and Bands of the Yakama Nation, expressed his opposition to a travel stop casino project in Pasco by the Confederated Tribes of the Colville.

Colville does not have tribal rights in the Pasco area and no federal, state, or tribal government has ever accepted or recognized Colville rights there, he said.

The Colville Reservation paid $2.9 million for 184 acres in Pasco as part of a regional effort to acquire lands through its traditional territories. It proposes to build a casino and travel center and has applied to the Bureau of Indian Affairs for the fee-to-trust transfer of the property.

INTERNATIONAL: UK

  • UK. Total gambling tax rose 9 percent to a record £3.25 billion last year.

Although its contribution was down 5 percent year-over-year, the lottery was the largest contributor with £974.2 million, accounting for 30 percent of the total.

The remote gaming tax was down 3 percent to £928.8 million, accounting for 29 percent of total gambling taxes.

 

SPORTS BETTING: CO, GERMANY, OH

  • COLORADO. The Colorado Department of Revenue approved a $215,000 grant to the Kindbridge Research Institute to develop the Colorado Athlete Wellbeing Program, a pathway to treatment for college athletes dealing with online abuse given the continued ramp up of sports betting.

The program is building an app to deliver mental health services and training to more than 20 collegiate athletic programs in the state.

In addition to this program, the Colorado Military Problem Gaming Research, Education, and Recovery Program will help veterans struggling with gambling addiction with grant funding.

  • GERMANY’s gaming regulator Gemeinsamen Glücksspielbehörde der Länder classified certain forms of daily fantasy sports as illegal gambling.
  • OHIO. The Ohio Casino Control Commission has issued a directive prohibiting the state's licensed sportsbooks from accepting any wagers on University of Alabama baseball games effective immediately, ESPN reported.

The commission issue the order after US Integrity issued an alert to its sportsbook clients regarding suspicious wagering activity involving the April 28 Alabama-LSU game.

Because there is no national gaming regulator, a halt on wagering typically happens on a state-by-state basis.

FLUTTER’s FanDuel has removed Alabama baseball games from its betting menu in all jurisdictions as a precautionary measure.

FANTINI’S GAMING SHOW: TACT, ZITRO

Fantini’s Gaming Show is an online tradeshow and newsroom where you have full access to display and advertise all your product lines, demos, videos and news events on your own customized e-Booth at http://www.FantinisGamingShow.com. Contact Dee Wild-Shyver at This email address is being protected from spambots. You need JavaScript enabled to view it. for information on how to become an exhibitor.

Added to the Latest News section at https://www.fantinisgamingshow.com/latest-news:

  • TRANSACT TECHNOLOGIES launching its BOHA! Terminal 2 labeling solution.
  • ZITRO supplying virtual games to SPORTIUM.COM.CO.

 

EVENTS

CONFERENCE CALLS, WEBCASTS, PRESENTATIONS

  • RED ROCK RESORTS. May 4, 4:30 pm ET. Phone: 1 888 317 6003 US/Canada, +1 412 317 6061 US and international; passcode: 4515619. Replay through May 18 at 1 877 344 7529 US/Canada, +1 412 317 0088 US and international; passcode: 1590778. Webcast and replay at https://redrockresorts.investorroom.com/events.

 

 

  • GOLDEN ENTERTAINMENT. May 10, 5:00 pm ET. Phone: 1 833 816 1405 US/Canada, +1 412 317 0498 US and international. Replay through May 17 at 1 844 512 2921 US/Canada, +1 412 317 6671 US and international; passcode: 10177398. Webcast and replay at https://www.goldenent.com/conference-calls.php.

 

 

GAMBLING.COM. May 18, 8:00 am ET. Phone: 1 877 407 0890 US, +1 201 389 0918 US and international. Webcast and replay: https://www.gambling.com/corporate/investors/news-events.

 

 

CONFERENCE CALL REPLAYS AND PRESENTATIONS:

 

 

 

 

 

 

 

 

 

           

CONVENTIONS, TRADE SHOWS, CONFERENCES, SPECIAL EVENTS:

Upcoming shows, both live and virtual, will be listed here in the daily report one to two months in advance and a full schedule will be updated on our online calendar as they become available throughout the year: https://www.fantiniresearch.com/conventions.html.

* NOTE: FANTINI RESEARCH IS A MEDIA SPONSOR OF SHOWS WITH ASTERISKS. *

MAY:

May 4 – 5: Online Casino Summit

            Rome Marriott Grand Hotel Flora, Rome, Italy

* May 9 – 11: SBC Summit North America *

            Meadowlands Expo Center, East Rutherford, New Jersey, USA

 

May 15 – 17: Casino Marketing Boot Camp for Executive Leadership

Rolling Hills Casino Resort, Corning, California, USA

May 15 – 19: SiGMA Americas, AIBC Americas, AGS

            São Paulo, Brazil

 

May 22 – 24: La Fleur’s 2023 Pittsburgh Lottery Conference

            Carnegie Science Museum, Pittsburgh, Pennsylvania, USA

 

* May 30 – June 1: G2E Asia 2023 Special Edition *

            Marina Bay Sands, Singapore

JUNE:

*  June 20 – 22: IAGA International Gaming Summit *

            Culloden Estate and Spa, Belfast, Northern Ireland

* June 28 – 30: All American Sports Betting Summit *

            San Diego, California, USA

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