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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Entain Plc | LSE:ENT | London | Ordinary Share | IM00B5VQMV65 | ORD EUR0.01 |
| Price Change | % Change | Share Price | Shares Traded | Last Trade
|
|
|---|---|---|---|---|---|
| 19.20 | 3.37% | 588.20 | 5,654,587 | 16:35:13 |
| Bid Price | Offer Price | High Price | Low Price | Open Price | |
|---|---|---|---|---|---|
| 587.40 | 588.20 | 590.80 | 571.00 | 571.00 | |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Amusement & Rec Svcs, Nec | 5.09B | -452.7M | -0.7081 | -8.30 | 3.64B |
| Last Trade Time | Trade Type | Trade Size | Trade Price | Currency |
|---|---|---|---|---|
| 17:31:32 | O | 154,102 | 588.2948 | GBX |
| Date | Time | Source | Headline |
|---|---|---|---|
| 23/4/2025 | 11:59 | UK RNS | Entain PLC Result of AGM |
| 14/4/2025 | 12:01 | UK RNS | Entain PLC Director Declaration |
| 04/4/2025 | 10:20 | UK RNS | Entain PLC TR1: Notification of Major Holdings |
| 03/4/2025 | 09:35 | UK RNS | Entain PLC Director/PDMR Shareholding |
| 01/4/2025 | 07:01 | UK RNS | Entain PLC Block Listing Six Monthly Return |
| 01/4/2025 | 07:00 | UK RNS | Entain PLC Total Voting Rights |
| 21/3/2025 | 16:33 | UK RNS | Entain PLC Annual Report, AGM and Directorate Change |
| 19/3/2025 | 10:39 | UK RNS | Entain PLC Director/PDMR Shareholding |
| 17/3/2025 | 09:46 | UK RNS | Entain PLC TR1: Notification of Major Holdings |
| 10/3/2025 | 14:24 | UK RNS | Entain PLC Director/PDMR Shareholding |
Entain (ENT) Share Charts1 Year Entain Chart |
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1 Month Entain Chart |
Intraday Entain Chart |
| Date | Time | Title | Posts |
|---|---|---|---|
| 25/4/2025 | 21:49 | ENTAIN | 12,897 |
| 15/10/2024 | 15:58 | Enition (ENT) | 615 |
| 06/3/2006 | 13:54 | Enition - Featuring in an interesting reverse takeover deal - opportunities in t | 40 |
| 16/1/2006 | 11:00 | Enition PLC | 18 |
| 02/7/2004 | 13:17 | Interview: ENT's CEO Ray Dutton - Friday 2nd July, 11pm | 2 |
| Trade Time | Trade Price | Trade Size | Trade Value | Trade Type |
|---|---|---|---|---|
| 2025-04-25 16:31:33 | 588.29 | 154,102 | 906,574.07 | O |
| 2025-04-25 15:59:21 | 590.60 | 12 | 70.87 | O |
| 2025-04-25 15:35:28 | 588.20 | 54,119 | 318,327.96 | O |
| 2025-04-25 15:35:23 | 588.20 | 2,455 | 14,440.31 | O |
| 2025-04-25 15:35:14 | 588.20 | 618 | 3,635.08 | O |
| Top Posts |
|---|
Posted at 25/4/2025 09:20 by Entain Daily Update Entain Plc is listed in the Amusement & Rec Svcs, Nec sector of the London Stock Exchange with ticker ENT. The last closing price for Entain was 569p.Entain currently has 639,307,010 shares in issue. The market capitalisation of Entain is £3,759,125,219. Entain has a price to earnings ratio (PE ratio) of -8.30. This morning ENT shares opened at 571p |
Posted at 03/3/2025 10:36 by rkeck I do think we have to be careful in not confusing the top end of a range of an “Enterprise Valuation” (which btw is 1.6x higher not 2.6x higher) with a comparison with the current share price. They are very different although as a potential investor I do feel the risk/reward balance is favourable. |
Posted at 02/3/2025 19:11 by gambler911 Entain CEO’s exit sparks fresh speculation of MGM takeoverShare Entain CEO’s exit sparks fresh speculation of MGM takeover The unexpected resignation of Gavin Isaacs as CEO of Entain has ignited fresh speculation about a potential acquisition. Evo_igaming_next_728 Isaacs stepped down in early February, just five months after taking on the role. His departure, combined with Entain’s 19.3% share price decline over the past year, has raised questions about whether MGM Resorts will make a move to acquire Entain’s stake in the companies’ joint venture, BetMGM, or even the entire Entain business. According to a Bloomberg Intelligence (BI) report, Isaacs’ “surprise exit” could rekindle MGM’s interest in possible M&A deals. The company previously attempted to acquire Entain in 2021 but was unsuccessful. The renewed takeover speculation comes a year after MGM last ruled out an acquisition bid for Entain. At the time, Entain’s falling share price and the ousting of former CEO Jette Nygaard-Andersen fueled rumours of a potential bid. In the BI report, senior industry analyst Conroy Gaynor, senior credit analyst Jody K. Lurie, and contributing analyst Brian Egger suggest that MGM could pursue full ownership of BetMGM or even consider acquiring Entain entirely. “Though less likely, MGM could look past the overlap between Entain’s European operations and its LeoVegas business and revisit its previously unsuccessful offer for Entain,” the report noted. BI estimates Entain’s current enterprise value at £10.8bn-£12.4bn ($13.7bn-$15.7bn). Entain’s valuation drop For context, in January 2021 Entain rejected an acquisition bid from MGM which valued the company at £8.1bn — an offer deemed too low at the time. Today, that figure represents a substantial premium over Entain’s current market cap of £4.7bn. Shortly after MGM’s bid, DraftKings proposed a cash-plus-stock deal worth £18.4bn, but ultimately decided not to make a formal offer. Any deal with DraftKings would have required Entain to untangle the BetMGM joint venture it operates alongside MGM. BetMGM buyout back on the table? BI analysts suggest that now may be an opportune time for MGM to pursue full ownership of BetMGM. “Entain’ BetMGM, one of the top three US operators with a 14% market share, projects net revenue of $2.4bn-$2.5bn for 2025 and expects to achieve positive EBITDA this year. Analysts at JMP Securities argue that this development revives the “conversation about the true earnings potential of the business,” emphasising that BetMGM’s long-term value remains under-appreciated and will continue to grow. With Entain’s leadership in flux and its market value declining, MGM may see this as a strategic moment to reassess its stake in the joint venture. An opportunity too big to be ignored However, BI analysts note that Entain still holds “bargaining power due to its technology ownership.” If MGM were to consolidate BetMGM by acquiring Entain’s 50% stake, the business could contribute up to 20% of MGM’s total operating income (EBIT) by 2026, according to consensus estimates. The BI analysis estimates the value of Entain’s stake in BetMGM at $4.2bn-$5.6bn. A buyout funded 60% by debt would require $2.2bn in cash — an amount MGM could feasibly cover given its $4.2bn liquidity, the analysts stated. Such a move would mark a shift in MGM’s strategy, however, as the company explicitly stated in December that it had no plans for significant M&A activity in the near term. According to comments made to Truist Securities, MGM management emphasised that its international digital expansion — capped by its $607m acquisition of Sweden-based LeoVegas in 2022 — is now complete. However, given the current circumstances, a strategic pivot could make sense. With Entain in a vulnerable position and BetMGM’s growth trajectory becoming clearer, MGM may view this as a rare opportunity to secure full control of a key asset and unlock its long-term value. MGM’s financial hurdles in potential deal Despite the strategic opportunity, MGM may face financial hurdles in acquiring Entain’s stake in BetMGM. BI analysts caution that MGM’s capital expenditure and share buyback commitments “could push leverage above key ratings thresholds.” MGM has consistently emphasised its “strategic and disciplined” approach to capital allocation. The company plans to spend $820m-$825m on US capital expenditures in 2025, including $600m for maintenance, with total capex projected at $1.1bn-$1.2bn. Over the past four years, it has repurchased $8.4bn — about 40% of its outstanding shares. JMP analysts project MGM will generate over $2.2bn in free cash flow (FCF) in both 2025 and 2026, with FCF per share expected to grow at a 16% compound annual growth rate (CAGR) through 2026. However, MGM also faces significant long-term financial commitments. Looking ahead, the company has several projects planned through 2030, with costs ranging from $10bn to $23bn. These ventures, funded through a mix of debt and equity, include a potential development in Thailand and a casino licence bid in New York. The cost of the New York project alone is estimated at $2bn, while the Thailand initiative is expected to follow a similar structure to MGM’s Japan investment. With Entain’s leadership in flux and its market value significantly lower than previous acquisition offers, MGM faces a critical decision: seize the moment and take full control of BetMGM or remain cautious given its financial strategy. The bigger question: Entain’s legacy However, for MGM, the real question isn’t just whether to acquire Entain — it’s what’s really happening inside the company. A string of legal cases, failed takeovers, and uneasy investors all signal instability. Isaacs’ sudden departure, after a lengthy appointment process and just five months in the role, only deepens the uncertainty. If MGM moves forward, is it capitalising on an opportunity — or stepping into a deeper mess? |
Posted at 22/2/2025 21:01 by gambler911 Entain plc (LON: ENT) remains a top pick in the leisure and gaming sector, with analysts at Berenberg reaffirming a 'Buy' rating and increasing their price target to 1,035p per share.The latest financial update from the BetMGM joint venture highlights significant improvements in the U.S. business, setting a strong foundation for future growth. BetMGM, Entain’s joint venture with MGM Resorts, reported a solid FY24 performance, registering 7% revenue growth. While the company posted an adjusted EBITDA loss of $244 million, this aligned with previous guidance despite headwinds from unfavourable sports betting results. Without this factor, BetMGM would have exceeded market expectations. Above: Entain shares at daily intervals. For FY25, BetMGM has provided guidance projecting positive EBITDA and net revenue in the range of $2.4 billion to $2.5 billion, reflecting a strong acceleration from the prior year’s growth. The company remains on track to reach its long-term target of $500 million in EBITDA by FY27, reinforcing Berenberg’s confidence in Entain’s valuation. Market Share and iGaming Performance One of the key takeaways from the latest update is the stabilisation of BetMGM’s market share, a crucial step in restoring investor confidence. The company has successfully addressed product deficiencies, leading to steady user engagement growth and launching new brands designed to capture new market segments. Active player numbers have risen substantially in 2024, and while average revenue per active user has decreased, this is attributed to broader user acquisition efforts and higher sports betting participation. BetMGM’s iGaming segment, which contributes 70% of its total revenue, has remained a pillar of strength. The business delivered over $400 million in positive contributions in 2024, a trend expected to continue into FY25. Berenberg sees strong potential in BetMGM’s iGaming division, which remains a key differentiator from competitors such as FanDuel and DraftKings. Sports Betting Gains and Growth Trajectory BetMGM’s sports betting operations, which had seen market share erosion in previous years, have now stabilised. Key initiatives, including improved product offerings and the integration of Angstrom for enhanced pricing capabilities, have bolstered its competitive positioning. The company anticipates that sports betting will outpace iGaming growth in FY25, further strengthening its revenue mix. Despite adverse sports betting results affecting Q4 performance, BetMGM’s underlying trajectory remains positive, with a significant 38% year-over-year increase in bet count and handle. Analysts at Berenberg believe these developments could drive a re-rating of Entain’s shares in the near term. Valuation and Market Potential Berenberg values Entain at 1,035p per share, representing a 40% upside from the current trading price of 743p. The valuation is derived through a sum-of-the-parts (SOTP) approach, assigning 620p per share to Entain’s ex-U.S. business and 415p per share to its U.S. operations, primarily driven by BetMGM. Notably, the analysis suggests that BetMGM’s embedded value within Entain’s stock is significantly underestimated. The current market valuation implies an FY25 enterprise value-to-revenue (EV/revenue) multiple of just 0.89x for BetMGM, compared to DraftKings' 3.3x. Berenberg argues that even at a discounted multiple relative to peers, the U.S. business is worth significantly more than what is currently reflected in Entain’s share price. While Entain’s outlook remains promising, regulatory challenges and competition in the U.S. market remain key risks. Additionally, the potential for stricter regulatory environments in core markets such as the UK and Brazil could impact future growth. Published in Markets |
Posted at 16/2/2025 09:12 by gambler911 Entain PLC (LSE:ENT) parting ways with its latest chief executive today will bring about the bookmaker's sixth boss in less than a decade, extending the Ladbrokes, Coral and Sportingbet owner's hapless run in recent years.It has been hit by an HMRC probe into bribery at its legacy Turkish business, since concluded, but last month accountant KPMG was hit with a probe by the Financial Reporting Council into its audit of the bookmaker’s 2022 numbers. Since rebuffing takeover offers from US casino giants MGM Resorts and rival DraftKings in 2021, shares in the FTSE 100 bookmaker have fallen around 70%, with a four-and-a-half-year low below £5 reached last summer. Having climbed back up to around 750 lately, today the shares were sent tumbling over 10% to 665p, as latest CEO Gavin Isaacs was revealed to be stepping down just five months into the job, with the decision said to have been made "by mutual agreement". Stella David, the board chair, will resume the role of interim CEO that she held for most of last year until a replacement is found. Revolving door David first took the reins in December 2023, when Entain parted ways with Jette Nygaard-Andersen, who like David had been a non-executive on the board before taking the CEO role and lasting three years. Nygaard-Andersen took the role after a similarly short-lived appointment to Isaas, where Shay Segev, the much-vaunted successor to long-running boss Kenny Alexander took over in July 2020 and then resigned only seven months later to take up a different job. What is it about Entain that makes these men so uncomfortable in the hot seat? The departure of Nygaard-Andersen came amidst pressure from a group of New York-based hedge funds, all looking to exert some activist pressure on the board - perhaps to try and reignite talks with potential buyers. One of these activists, Corvex Capital, also has a board seat at MGM International, Entain's 50-50 partner on US online gambling brand BetMGM. Another, Eminence Capital, was given a non-executive director seat on the Entain board, also joining the board's hiring committee early last year, following the writing of an open letter where they promised to "make its voice heard in an effort to ensure Entain’s board and management do not make any further value destructive decisions". What has gone wrong? Before the news on Isaacs emerged, analysts at Berenberg issued a note saying Entain was their "top pick in the leisure space" based on the US joint venture turning a corner toward profitability and looking "undervalued" in the context of Entain’s current share price, suggesting that the market should start to gain confidence in the company. That took a sizeable dent with the CEO's departure. “Something must have gone seriously wrong for Entain’s chief executive Gavin Isaacs to leave after just 161 days in the job," said analysts at AJ Bell. With the bookmaker saying that trading remained in line with expectations, they speculated that Isaacs perhaps "didn’t fit with the culture of Entain or that he didn’t see eye to eye on strategy". They added that the lack of a permanent boss "makes the group vulnerable if a rival betting group or private equity outfit came sniffing around for takeover opportunities". |
Posted at 15/2/2025 10:12 by thatkieran Ft article: The former chair and chief executive of Entain are suing the FTSE 100 betting group and its go-to law firm over information shared as part of a £615mn prosecution deal for failing to prevent bribery at its legacy Turkish arm.Ex-CEO Kenny Alexander and former non-executive chair Lee Feldman filed the claim against both Entain and Addleshaw Goddard, or AG, in London on Thursday, according to court records. AG advised Entain on its deferred prosecution agreement (DPA) in 2023 but was also the London-listed group's regular law firm in the preceding years.The pair claim that the company and AG may have disclosed privileged information to investigators without first obtaining their consent. They are seeking a court order that would enable them to see information shared with prosecutors.The Ladbrokes owner entered into the prosecution deal after a years-long probe by HM Revenue & Customs. The Crown Prosecution Service is still weighing whether to file criminal charges against any individuals.The London lawsuit over the DPA comes months after Australia's financial crimes watchdog launched separate legal action against Entain over alleged breaches of money-laundering rules.The various legal headaches come at an awkward time. Entain's chief executive of five months, Gavin Isaacs, stepped down with immediate effect on Tuesday. The company gave no reason for his exit, which sent its shares down 11 per cent.Isaacs has been replaced on an interim basis by chair Stella David who also led the company for a period last year after Jette Nygaard-Andersen left in December 2023.Nygaard-Anderse |
Posted at 24/1/2025 09:11 by gambler911 MGM Could Make Another Run at Entain’s BetMGMIt’s been four years since MGM Resorts International (NYSE: MGM) offered to acquire BetMGM partner Entain Plc (OTC:GMVHY). At least one analyst believes it’s possible the casino giant could revisit such a proposal this year. BetMGM The BetMGM logo. An analyst said MGM could consider another takeover offer for BetMGM partner Entain. (Image: NY Sports Day) In a new, broader report on gaming equities, Macquarie analyst Chad Beynon mentioned MGM could consider another play for Entain. The two companies are 50/50 partners on BetMGM and the Las Vegas-based casino operator has made clear over the years that it would like to control all of the online gaming entity. While the company attempted to acquire its joint venture partner in Entain in 2021, we believe likelihood could increase given management transition, current share price (Entain shares are -36% over the last year, market cap of ~$4.8bn), and potential synergies,” observes Beynon. Given the erosion in Entain’s share price and its aforementioned market capitalization, it’s possible MGM could significantly reduce its 2021 offer of $11.06 billion and still get the Ladbrokes owner to come to the bargaining table. Four years ago, the British bookmaker said the offer isn’t adequate. What MGM Really Wants From Entain The aforementioned takeover bid floated by MGM was for the entirety of Entain, but analysts and investors widely believe the casino operator simply wants the 50% of BetMGM it currently doesn’t own. Assuming that’s true, it’s possible MGM could make an offer to acquire that stake, which would be more cost-effective than a full takeover of Entain. In October 2023, former Entain CEO Jette Nygaard-Andersen said joint ventures don’t last forever, indicating there could be some willingness on the company’s part to consider divesting its BetMGM interest if the price is right. In a deeper examination of MGM shares, which he described as a value play, Macquarie’s Beynon mentioned six potential 2025 catalysts for the stock — two of which directly pertain to the online business and one of which is “taking full control” the online unit. “BetMGM has carved out a solid position as the number-three US Online Gaming operator, occupying the leading position among the ‘Tier 2’ companies,” noted the analyst. “BetMGM achieved profitability in 3Q and recently launched single app single wallet in Nevada. We expect BetMGM will deliver its first year of profitability in 2025.” Entain Could Be Motivated Seller Owing to management change and pressure from activist investors, Entain could be more motivated today than it was four years ago to talk with MGM about a deal. Nygaard-Andersen resigned in December 2023 and activist investors have previously pushed for cash-raising asset sales. Parting with the 50% interest in BetMGM would fit that bill. Eminence Capital founder Ricky Sandler — a vocal critic of prior Entain leadership — has a seat on the board and Keith Meister’s Corvex Management has a stake in the gaming company. Meister is a director at MGM and his hedge fund has an equity position in that operator. Those could be among the signs that the stars aligning for MGM to consider run at Entain this year, though neither company nor those investors have said talks are being held. |
Posted at 13/1/2025 20:30 by gc29 @barnes4. The share price is being managed. It may drop with the pound/uk economy but the figures being released aren't matching the current share price It sat at 850p ish and will be announcing better than anticipated results. This stock has stood unprotecting since the new CEO has come in. I can only imagine he is getting his ducks in a row and letting the heat fall away from labour and the poor state of the UK before making too many bold statements. Analysts all think the share price is low and even had it as a buy at 850p This is what I hope anyway :). |
Posted at 28/11/2024 10:24 by davius Fortunately yesterdays fall has been quickly reversed following the Gambling Act reforms. The affects are far less punitive than the suggestion of a doubling of the levy which caused a hefty fall prior to the budget.British government executes Gambling Act reforms as statutory levy and slot stake limits come in 27th November 2024 | By Robert Fletcher Great Britain’s government has today (27 November) set out plans for a new statutory levy on gambling profits, with the aim of raising £100 million (€120 million/$126 million) for gambling-related harm prevention and also confirmed new stake limits on online slots. The announcement is billed as a major step towards reducing gambling harm in Great Britain. Both the levy and stake limits were included in the previous government’s Gambling Act white paper published last year. The rate paid by each business will range from 0.1% to 1.1% of gross gambling yield (GGY). The exact rate will be determined based on the sector, vertical and the type of gambling they offer. This will take into account licensees’ operating costs and the risk profile of the products they offer. The current voluntary system doesn’t ensure all operators pay their fair share, the government claimed. Some pay as little as £1 a year towards research, prevention and treatment, it noted. The reforms follow a consultation that ran from October 2023 to January 2024. It collected input from clinicians, academics, the industry and wider public on how the levy should be designed and implemented. The new statutory levy appears to come into effect in 2025. The government has pledged a formal review of its effect within five years, by 2030. NHS to receive 50% of new levy funds It is hoped the levy will generate £100 million for the research, prevention and treatment of gambling harms. Half of the funding, the government said, will be allocated to the NHS-led gambling treatment system. Some 30% of funding will be invested in prevention efforts, including national public health campaigns and training frontline staff. The remaining 20% will be directed to UK Research and Innovation (UKRI) to develop a bespoke research programme on gambling. The Gambling Commission will oversee distribution of the funds. Meanwhile, the gambling industry will have no say over how money for research, prevention and treatment is spent. “Gambling harm can ruin people’s finances, relationships and ultimately lives,” Baroness Twycross said. “We are absolutely committed to implementing strengthened measures for those at risk, as well as providing effective support for those affected. “The introduction of the first legally mandated levy will be instrumental in supporting research, raising awareness and reducing the stigma around gambling-related harm.” NHS backing for new measures Claire Murdoch, NHS national director for mental health, said the organisation has long been calling for a statutory levy on gambling. “I am delighted to welcome the commitment to a mandatory gambling levy which the NHS, bereaved families and the voluntary sector have been calling for so we can treat this growing problem,” Murdoch said. “We will continue to work with government to do all we can to protect problem gamblers from this billion-pound industry.” Gambling harms can have a “devastating&# “This is why I am thrilled to support the government’s new levy, which will help us address the negative impact of gambling harms on communities using treatment, prevention and research through an independent evidence-based strategy at last.” Reform campaigners claim victory The introduction of the statutory levy was hailed by two of the most prominent reform campaign groups. Ian Duncan Smith, the Tory MP who chairs the All Party Parliamentary Group for Gambling Related Harm, pointed out the Westminster pressure group called for the measure five years ago. “For the first time the gambling industry will be mandated to pay for the harm they cause,” Duncan Smith said. “While there is much more to do, this is a seismic moment, a huge step forward, and I welcome it unreservedly.” Meanwhile Lord Don Foster argued the levy was a “damning indictment of the sector” for failing to pay enough voluntarily. “The money raised by this levy will go some way towards paying for gambling treatment, research and harm prevention but levels of payment must be reviewed over time to ensure adequate funding,” said Lord Foster, who chairs Peers for Gambling Reform in the House of Lords. “I look forward to working with the government on the implementation of this levy which is so urgently needed.” BGC – government must not “dance to the tune of anti-gambling prohibitionists̶ Betting and Gaming Council (BGC) CEO Grainne Hurst welcomed the introduction of the levy, but took exception to the tone taken in the government’s announcement. “BGC members voluntarily contributed over £170 million over the last four years to tackle problem gambling and gambling related harm,” Hurst said in a statement following the announcement. “This includes £50 million this year alone. They are funding an independent network of charities currently caring for 85% of problem gamblers receiving treatment in Britain.” However the release hinted that many licensees were not paying their fair share. Murdoch and Bowden-Jones focused on the negative effects of gambling. An increased levy on products considered higher-risk even echoes the ‘polluter pays’ line used by reform campaigners. This prompted Hurst to defend the industry. “Ministers must not lose sight of the fact the vast majority of people who enjoy a bet each month do so safely. The most recent NHS Health Survey for England estimated just 0.4% of the adult population are problem gamblers. “The tone of this announcement suggests government is at risk of losing perspective of these facts, while simply dancing to the tune of anti-gambling prohibitionists, which serves no one.” Online slot stake limit set at £5 for over-25s This tone was evident in the second part of the announcement, implementing stakes for online slots. Slots are “a higher-risk gambling product associated with large losses, long sessions and binge play” according to the government. The announcement may seem familiar. That’s because the previous Tory government announced the slot stake limits in February this year. It pledged to introduce the limits by September. That date passed without any movement. As first revealed in February, players aged 18 to 24 will be limited to spending £2 per spin. This increases to £5 a spin for over-25s. The government cited research from the Office for Health Improvement and Disparities and the Gambling Survey for Great Britain in imposing the stake limits. Research suggests young adults are particularly vulnerable to gambling related harm, with under-25s having one of the highest average problem gambling scores of any age group. “We are helping protect those at risk, with a particular focus on young adults, by introducing stake limits for online slots,” Baroness Twycross said. “These measures will help build an NHS fit for our future and strengthen protections while also allowing people to continue to gamble safely.” |
Posted at 22/11/2024 21:00 by srpactive macThe UK are ensuring Ent share price is kept down.for a bid from a US predator to buy on the cheap. Like today being kept below 755p for the chart purpose, on a day all markets boom. They could even be inflating flutter to get higher valued paper to bid for cheap Entain. If left and not played with Ent would be worth 1500p minimum. Shay new the score, that is why he said accept 1385p, the lady ceo should have accepted the draftkings offer. But we are where we are. New ceo and profits building with the US and Brazil booming and no silly massive spends could lead to a very large dividend. Still stand by my ftse100 2025 stock of the year. dyor |
Posted at 01/8/2024 06:09 by italianofacile Search for Symbols, analysts, keywordsTranscripts MGM Resorts International (MGM) Q2 2024 Earnings Call Transcript Jul. 31, 2024 8:51 PM ETMGM Resorts International (MGM) Stock SA Transcripts profile picture SA Transcripts 148.01K Followers Follow 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 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. |
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