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ENT Entain Plc

737.40
2.60 (0.35%)
Last Updated: 12:03:15
Delayed by 15 minutes
Entain Investors - ENT

Entain Investors - ENT

Share Name Share Symbol Market Stock Type
Entain Plc ENT London Ordinary Share
  Price Change Price Change % Share Price Last Trade
2.60 0.35% 737.40 12:03:15
Open Price Low Price High Price Close Price Previous Close
736.60 733.60 739.00 734.80
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TRAVEL & LEISURE

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Posted at 18/10/2024 05:06 by gambler911
Within a month of Gavin Isaacs being named the new CEO of Entain, the company has raised its cash-flow guidance by two percent. Jefferies Equity Research analyst James Wheatcroft welcomed both Isaacs and the fiscal news in an October 17 investor note.

Entain’s cash-flow guidance has been elevated from the midpoint of the previously announced range to its upper end. Wheatcroft said this was presaged by positive commentary from Entain during an investor update last month.

Wheatcroft reported that Entain’s online growth has accelerated to nine percent, particularly marked by a speedup in both United Kingdom and Ireland online business. Also cited was continued strength in Brazil, where Entain’s business grew 48 percent. “All key markets [are] returning to growth,” Wheatcroft added.


“We await the new CEO’s formal update around strategic direction and operating initiatives which could have the scope to move numbers and the valuation multiple,” he continued.

Wheatcroft concluded by noting that recent discussion of the profitability of BetMGM, of which Entain is a co-parent, “is at odds with an Entain valuation that appears to attach little value to Entain’s BetMGM stake.” Allowing for BetMGM, Wheatcroft said that a sum of the parts approach to Entain implied a £13 per share value.
Posted at 16/10/2024 12:29 by davius
Well if this proves to be pure speculation by the Guardian it seems absurd that they can get away with wiping hundreds of millions off the market cap of UK gaming stocks based on conjecture.

On the plus side it provided investors with an opportunity to get in or top up on the cheap.
Posted at 14/10/2024 17:08 by gambler911
Shares in British gambling firms plummeted on Monday morning after reports that the government was eyeing up £3bn tax rises on the sector in a move that one investment bank said would “all but wipe out bookmaker profitability in the UK”.
William Hill-owner Evoke saw its share price crater by over 13 per cent in morning trading, while shares in Flutter, which owns brands like Paddy Power and Sky Bet, dropped by six per cent.
Entain – the owner of Ladbrokes and 888casino – took a seven per cent pummelling to its stock price, wiping over £3bn in total off the UK gambling sector’s market cap in just a few hours of trading.
The sharp slump follows a report published in the Guardian on Friday which said the Treasury was weighing up introducing proposals put forward by two think tanks, and backed by one of Labour’s biggest donors, at the upcoming Budget.
The Institute for Public Policy Research (IPPR) and and Social Market Foundation (SMF) have both proposed new ways of taxing the UK gambling sector in recent months, with the latter backed by casino entrepreneur turned gambling regulation campaigner Derek Webb.
In September, the IPPR published a report that estimated that the government could raise £2.9bn next year – and north of £3bn by 2030 – if it doubled taxes on “higher harm” industries like online casino games, while leaving “lower harm” activities like bingo and the lottery untouched.
This would see the tax levied on general high-street bookmakers hiked from 15 per cent to 30 per cent, and online gambling duty up to 50 per cent.
The SMF’s proposals are more moderate, suggesting the government should double the taxation on online gambling companies specifically from 21 per cent to 42 per cent, in a move that it says would raise £900m.
But several analysts have dismissed the rumoured levies as unrealistic, with one labelling them “egregiousR21;.
James Wheatcroft, analyst at the investment bank Jefferies, said: “The proposals apparently being considered would all but wipe out bookmaker profitability in the UK, per our estimates.
“The headlines highlight that changing tax (and regulation) is a legitimate concern when investing in gaming companies, but the extent of these proposals seems unrealistic. The headlines have since faded to the backpages, with limited media follow-up elsewhere.”
Meanwhile Barclays analyst Brandt Montour commented: “While the article appears credible, the proposed changes (a doubling of most tax rates within one of the proposals) seem egregious to us, and will likely raise realistic concerns over anti-competitive impacts (most small operators would likely close-down) as well as giving a substantial boost to the black market.”
Both Barclays and Jefferies also warned the IPPR proposals – if implemented in their strictest form – would stoke a rise in black market gambling.
Russ Mould, AJ Bell’s investment director, said: “Labour is desperately looking for ways to raise revenue, having ruled out increasing taxes on ‘working people’. It’s notable that the speculation suggests so-called ‘lower harm’ activities like bingo and the lottery will be untouched by any tax changes…
“Today’s news is a salient reminder of the strengthening headwinds the sector faces in terms of regulation and tax and that this remains a live risk for investors to consider.”
Posted at 05/9/2024 15:46 by davius
Nice close. That article seems to suggest a bid is possible but perhaps not imminent.

“The Ladbrokes owner has previously been subject to takeover interest from MGM and DraftKings, but neither suitor managed to place a winning bid. Since then, Entain’s share price has lagged many of its peers and left it a sitting duck for a third party to swoop on the business. Buying Entain would be an easy way for a rival company to greatly increase scale, something that really matters in the gambling sector.

“The stock is down 45% over the past 12 months, partially dragged down by a bribery investigation and losing share in the lucrative US market. The company has also faced accusations that it overpaid for acquisitions.

“A new CEO joins this week, which raises the prospect of a sweeping review of the business and potentially some strategic changes. The pressure is already on, given activist investors on the shareholder register.

“One might ask why any potential bidders haven’t already shown their cards this year given the share price weakness. It might be that they want to see a repair job at Entain before swooping in.

“While that might result in a bidder paying a higher price than now, certain suitors might view this strategy as sensible, given it arguably means an offer is only made once risks have been lowered.”
Posted at 19/8/2024 20:09 by macarona
The bad news starts again:

Slaughter and May to Defend Gambling Giant Entain in £150M+ Bribery-Related Investor Lawsuit

U.K. law firm Fox Williams is acting for the claimants, a group of investors that say they suffered after Entain's share price tanked following revelations of bribery and corruption.
Posted at 01/8/2024 05:09 by italianofacile
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Transcripts
MGM Resorts International (MGM) Q2 2024 Earnings Call Transcript
Jul. 31, 2024 8:51 PM ETMGM Resorts International (MGM) Stock
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Q2: 2024-07-31 Earnings Summary

Play Call
10-Q
EPS of $0.86 beats by $0.27 | Revenue of $4.33B (9.77% Y/Y) beats by $120.33M
MGM Resorts International (NYSE:MGM) Q2 2024 Earnings Conference Call July 31, 2024 5:00 PM ET

Company Participants

Andrew Chapman - Director of Investor Relations
Jonathan Halkyard - Chief Financial Officer
William Hornbuckle - Chief Executive Officer and President
Gary Fritz - President, MGM Resorts International Interactive
Corey Sanders - Chief Operating Officer
Hubert Wang - COO and President, MGM China Holdings

Conference Call Participants

Joseph Greff - JPMorgan
Shaun Kelley - Bank of America
Carlo Santarelli - Deutsche Bank
David Katz - Jefferies
Stephen Grambling - Morgan Stanley
Brandt Montour - Barclays
Daniel Politzer - Wells Fargo
Barry Jonas - Truist Securities
John DeCree - CBRE
Robin Farley - UBS
Chad Beynon - Macquarie
Steven Wieczynski - Stifel
Jordan Bender - Citizens JMP

Operator

Good afternoon, everyone, and welcome to the MGM Resorts International Second Quarter 2024 Earnings Conference Call.

Joining the call from the company today are Bill Hornbuckle, Chief Executive Officer and President; Corey Sanders, Chief Operating Officer; Jonathan Halkyard, Chief Financial Officer and Treasurer; Gary Fritz, President of MGM Interactive; Kenneth Feng, Executive Director and President of MGM China Holdings; Hubert Wang, COO and President of MGM China Holdings, and Andrew Chapman, Director of Investor Relations.

Participants are in a listen-only mode. After the company's remarks, there will be a question-and-answer session. [Operator Instructions] Please also note, today's conference is being recorded.

At this time, I'd like to turn the floor over to Andrew Chapman.

Andrew Chapman

Good afternoon, and welcome to the MGM Resorts International Second Quarter 2024 Earnings Call. This call is being broadcast live on the internet at investors.mgmresorts.com, and we've also furnished our press release on Form 8-K to the SEC.

On this call, we will make forward-looking statements under the Safe Harbor provisions of the federal securities laws. Actual results may differ materially from those contemplated in these statements. Additional information concerning factors that could cause actual results to differ from these forward-looking statements is contained in today's press release and in our periodic filings with the SEC. Except as required by law, we undertake no obligation to update these statements as a result of new information or otherwise.

During the call, we will also discuss non-GAAP financial measures when talking about our performance. You can find the reconciliation to GAAP financial measures in our press release and investor presentation, which are available on our website. Finally, this presentation is being recorded.

I will now turn it over to Jonathan Halkyard.

Jonathan Halkyard

Thanks, Andrew, and good afternoon, everyone. Before I get into our quarterly results, I would like to congratulate and thank all of our employees for another great quarter across all of our businesses. Their high level of execution is clearly evident in our results, and I couldn't be more proud of the team for our performance this quarter.

Turning to our second quarter results. In Las Vegas, we achieved both top and bottom line growth year-over-year against a strong comparison. Net revenues grew 3%, driven by both higher rate and occupancy.

Our strategic relationship with Marriott contributed to our performance this quarter now with over 410,000 room nights booked. The future for hotel bookings in Las Vegas is bright. Looking ahead at our pace, room rates on the books in Las Vegas are up year-over-year for every month in the third quarter and group rooms on the books are pacing up mid-single-digits for the rest of 2024 and 2025.

Our success in the quarter was underpinned by our luxury resorts, which are responsible for the vast majority of our top line growth in Las Vegas. We invest meaningfully in our strip luxury offerings as this is where we see the most opportunity for profitable growth. In fact, 75% of our 2024 domestic property capital budget will be focused on these properties. This includes room remodels, which are underway now at the MGM Grand and suite updates across our Las Vegas portfolio.

On the technology side, we've now completed the integration of the Cosmopolitan of Las Vegas into our MGM Rewards program, which will now allow our MGM Rewards members to enjoy full benefits at the Cosmopolitan and vice versa.

In the regions, net revenues remained stable, driven by relatively flat year-over-year handle with our market share holding steady across each of our markets. We also have seen a full recovery at MGM Detroit, which we all know it faced headwinds since midway through last year.

Margins were within our targeted range of the low 30s as we remain vigilant on improving our variable labor effectiveness and executing on revenue initiatives such as our expanded air charter program, just one of many examples.

In Macau, MGM China net revenues grew 37% year-over-year, achieving a market share of 16%. Adjusted property EBITDAR reached $294 million for the quarter, marking a 40% increase with margins at 29%. During the quarter, we strengthened MGM China's balance sheet by extending our maturity profile with the issuance of a new $500 million seven and eight notes due 2031. The proceeds of this offering were used to pay down outstanding borrowings under the revolving credit facility.

I'll conclude my remarks with some thoughts on the free cash flow algorithm we introduced last quarter. An algorithm that enables us to achieve a mid-teens free cash flow per share compound annual growth rate through 2028. Simply put, we expect to grow our EBITDAR at a faster pace than our rent escalators, interest payments, maintenance capital and taxes, while investing for growth and reducing our share count.

First, we'll generate recurring free cash flow from our resort operations by optimizing the operating model to achieve incremental revenue growth and realize cost savings. We'll grow our market share in Las Vegas through reinvestment into our properties with a focus on luxury. We'll maintain our market-leading positions in the regional markets, including an expansion in New York and generating a growing dividend from MGM China.

Next, we anticipate generating free cash flow from our digital businesses in the coming years as BetMGM reaches an inflection point and LeoVegas delivers on its numerous market entries. We'll also be investing for long-term growth in Japan and other markets where our development expertise and brand awareness provide a distinct advantage.

Finally, we'll repurchase our own shares. Through our strategy of using excess cash for share repurchases, our share count has decreased to around 300 million shares from close to 500 million, an approximately 40% reduction in our float in just three years. Taken together, the increase in free cash flow and reduction in share count would result in a mid-teens free cash flow per share compound annual growth rate by 2028, even without a contribution from MGM Japan. Bill, over to you.

William Hornbuckle

Thanks, Jonathan, and good afternoon, everybody. I'd like to start by doubling down on Jonathan's comments on congratulating all of our employees. Their continued attention to detail in guest service, has been amazing, and it continues to show through in our NPS scores and also just take a second to identify and thank our management teams into a challenging wage inflation environment.

I think you've seen through our margins, they've all done a great job managing their way through the first part of 2024. And I will remind everybody that most of those increases now lapse as we go into the second half of this year.

Turning to the quarter, we had excellent results against a strong '23 comparison. We see continued strength, as Jonathan mentioned, in Las Vegas, driven by transient group demand. The Marriott integration is going exceptionally well and Mandalay Bay is fully leveraging on its updated space.

MGM China continues to hold its market share and margins against a very competitive and evolving market. And our regions continue to hold top line and operating efficiency and it's great seeing Detroit finally returned to its earlier prowess in that marketplace post-strike post cyber last year.

In Las Vegas, we believe Las Vegas growth continued its top line and maintain margins in the mid-30s. Group pace, as mentioned, is up in '24 and '25, anchored again by the refreshed space at Mandalay benefits from the Marriott program will only continue to increase, particularly on the group side, unique to MGM.

We have a favorable supply dynamic with the closing of the Mirage and Tropicana taking approximately 1.5 million room nights off of the circuit. Again, we'll see lower years two through five labor contract increases. And organic same-store growth driven by a further database optimization is just stepping in, particularly now with the integration of the Cosmopolitan, which we finally got on yesterday. So we're very excited by that.

Noting in the third quarter, I think all of you know this, but remembering back, we had the cyber-attack last year in the third quarter, and that should prove to be successful for us. However, in the fourth quarter, and I think many of you see this through our room rates, Formula One is showing some softness.

We are hoping and believing that this race will continue to pace up. But I think you can see that and so we're a little focused on trying to make that the best event that it can be, but that presents a potential headwind in the fourth quarter. Overall, though, given where we are to think about records into the second quarter of Las Vegas at this point is pretty compelling and pretty exciting for all of us.

To the regions, business remains stable with margins holding at 30% plus against an established and a consistent promotional environment and we continue to have best-in-class properties with leading market share providing a real steady free cash flow generation.

Macau, the story continues, where outstanding performance and the drivers of strength in that market, starting, I believe, with our leadership team. We have Kenny and Hubert on the phone. Pansy has clearly leaned in on many things that impact the property in our market and ultimately our market share. And so we're thankful for that.

And there are many tactics that they deploy. I think the thing that's most compelling is they truly understand our customer, our customer base and their wants and needs. And without any real capital enhancements from where we left this market in 2019, we're obviously outperforming.

MGM Macau is now the top producer on the Peninsula side, something we're proud of and a position we'd like to keep and so we're going to continue to invest into that property. And ultimately and overall, remembering the market has only returned to 80% recovery. Well, MGM is well above that. We still see opportunities not only for growth in the market, but ultimately for us to steal additional share.

Before I turn this over to Gary Fritz, who you've not yet met to talk more about MGM Interactive, I'd like to comment on Entain's recent announcements and BetMGM's domestic business. First, I'm excited by the relationship that we've created with Stella David as the Interim CEO and now the Chair. I'm equally excited by the progress that's been made by the team and BetMGM's product enhancements with a key focus by the Entain Group.

And now the recent addition of Gavin Isaacs as CEO is comforting, someone MGM and I have not known for a long time, have a great relationship and I think he'll do wonders for that business and ultimately the market.
Posted at 27/6/2024 12:36 by tas11osc
In their monthly update issued on 11 June AVI Global Trust (AGT) said this:

"Entain was the most significant detractor, with the shares declining -14% in May. During the month the company's capital allocation committee provided an update to the market. For investors expecting major asset sales or changes this was something of a damp squib, with Crystal Bet in Georgia the only asset to be sold. We believe patience is needed as steps taken over the last year start to pay off, and that improved fundamentals - both for Entain's wholly owned assets and at BetMGM - will open up numerous paths to unlock and grow value. Other investors are seemingly losing patience, and we have been modestly adding to the position. We note that several board members have been buying shares in the market and like our alignment of interest with several thoughtful and engaged shareholders"
Posted at 13/6/2024 16:34 by loganair
On Wednesday (11 June) law firm Fox Williams announced it was seeking to recover more than £100m in compensation for the operator’s institutional investors.

Entain Plc is facing a pending lawsuit aimed at compensating institutional investors affected by the FTSE100 firm’s £585m penalty related to a bribery investigation of its former Turkish business by HMRC.

The claim against Entain is being prepared by Andrew Hill and Matthew Reach, the litigation team of London law firm Fox Williams, “on behalf of institutional investors, targeting autumn 2024.”

A claim period has been launched by Fox Williams, accusing Entain of failing in its regulatory duties to report bribery and corruption charges related to its Turkish subsidiary, Headlong Limited.

It is asserted by the litigation that Entain shareholders are entitled to compensation for transparency failures, as section 7 of the UK Bribery Act 2010 was violated by Entain. Section 7 states that “a company can commit an offence under section 7 of failure to prevent bribery if an employee, subsidiary, agent or service provider (‘associated persons’) bribes another person anywhere in the world to obtain or retain business or a business advantage.”

“This claim will allow institutional investors to recover substantial losses."

Responding to questions from iGB, Fox Williams said it was anticipating the compensation to total more than £100m (€118.3m/$127.9m).
Posted at 13/6/2024 16:28 by loganair
Mark Kleinman: Entain’s new CEO will be gambling with career:


Talk about a glutton for punishment. I hear that Entain, the FTSE-100 gambling group, is on the brink of putting its chips on its next chief executive.

Industry sources tell me that the anointed individual won’t be Henry Birch, the former Rank Group and Very Group boss, who made it to the final stages of the recruitment process.

For the moment, the identity of Jette Nygaard-AndersenR17;s successor is a mystery. Whoever Entain’s new boss is, though, will need an iron will, a persuasive approach to sceptical investors and a deft touch at corporate finance.

Make no mistake: Entain is in a mess. From huge compliance failings to misguided takeovers, the company has become the gambling equivalent of Royal Bank of Scotland 15 years ago.

Its share price has fallen by more than 40 per cent over the last year, and by even more since it rejected a takeover bid from MGM Resorts in 2021.

Little wonder, then, that shareholders are shedding few tears over the departures of either Nygaard-Andersen or Barry Gibson, its chairman.

Leading investors want its new leadership to restore the stock market’s confidence in the company’s ability to deliver against its targets each quarter without a nasty surprise.

Entain’s travails have drawn the attention of a string of activist investors, with Eminence Capital’s Ricky Sandler joining its board in January. Others lurk in the shadows, as well as in plain sight.

One shareholder said the perception of both the industry and fund managers is that Entain has run out of growth outside the US, while it faces losing out to Flutter Entertainment and DraftKings in the US.

The company has been trying to accelerate its clean-up, firstly by agreeing a £615m settlement over its failure to prevent bribery at its Turkish operations; and secondly by outlining potential disposals of non-core assets alongside exits from unregulated markets.

Investors don’t appear to believe, though, that either of those priorities can be executed smoothly while also restoring growth to the pace shown by industry rivals.

Whoever lands the top job will also be taking a massive gamble – with the fate of Britain’s best-known bookie, and their own career.
Posted at 18/12/2023 00:22 by pj84
Entain is definitely in play and this time the activist investors are more likely to decide Entain's fate than Entain.

This is the the link referenced by srpactive

The Sunday Times: The Ladbrokes and Coral owner Entain is to appoint an activist investor to its board as it fights to quell a growing shareholder rebellion.



A few snippets from the article

...

"Sandler, founder of Eminence Capital, is expected to be unveiled as an Entain director by the end of the year, according to sources familiar with the situation. Eminence owns about 5 per cent of Entain and is one of four activist investors to have emerged on the company’s share register this year."

...

"Entain’s other activist investors include Sachem Head Capital Management, Dendur Capital and Corvex, the latter of which disclosed a 4.4 per cent stake last week.
Corvex is run by Keith Meister, a former deputy of the billionaire activist investor Carl Icahn. Corvex said that Nygaard-Andersen’s exit “was a necessary first step” but more change was required.

City sources said that Entain had ruled out appointing Meister to the company’s board because of a conflict of interest. He is on the board of both MGM Resorts and the joint venture BetMGM and would be conflicted should any corporate activity with the two entities arise, they explained. Entain declined to comment. Eminence Capital did not respond."

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