The Champions

About The Champions

“MGM offers a more diversified investment case, with BetMGM, regional gaming and Las Vegas operations reducing reliance on online sports betting alone,” says Beynon. Robinson makes the same point. “It is a Las Vegas and Macau property business with a betting JV attached, and that is precisely why it has held up.”

Entain sits somewhere between the two models. It has significant international scale and a valuable stake in BetMGM, but also more debt and greater exposure to UK taxation, as well as general regulatory turbulance across Europe.

The four analysts arrive at much the same broad conclusion, albeit by different routes.

What is The Champions?

Bally’s shares plunged 26% on 17 August despite a solid Q2 in which group revenue rose by 20% year-on-year to €792.2 million.

The share price came under pressure following debt disclosures in Bally’s Q2 10-Q filing, which was submitted to the Securities and Exchange Commission on 14 August.

In the filing, Bally’s noted that based on current forecasts, the business “does not project that it would satisfy the liquidity maintenance requirement” or the “consolidated net leverage ratio covenant” in its revolving credit facility over the next year.

What is The Champions?

“I’ll be very, very open and straightforward about it,” Weizer told analysts on Playtech’s post-Q2 earnings call. “There were certain concerns that because it is an election year, and obviously, gaming is a political issue or there were references by politicians throughout the elections about gambling.

“Given the sensitivity around that, we were kindly asked to collaborate with the government [and] with the prospective customer that we are in discussions with to wait until the elections.”

Despite the delay, Weizer declared: “I will say that the expectations remain the same to enter into an agreement and launch sometime at the beginning of next year.”