Nevada casinos win $11.9B in 2018, up from 2017 revenue
Nevada casinos win $11.9B in 2018, up from 2017 revenue
Wynn Resorts Revenue 2006-2020 WYNN MacroTrends
Las Vegas Casinos Generated $24.54 Billion In Revenue In ...
Las Vegas Sands: casino revenue by property 2019 Statista
Las Vegas Sands Corp. - Financial Info - Annual Reports
Cosmopolitan of Las Vegas sees casino revenue rise in ...
Hard Rock Hotel & Casino Las Vegas casino revenue 2015 ...
Net Income at Las Vegas Strip Casinos Up 191 Percent in ...
Casino net losses reduced by 11 percent ... - Las Vegas News
For the First Time in 2019, Las Vegas Revenue Increases
las vegas casino annual revenue
las vegas casino annual revenue - win
Guess the Company #3 (ticker trivia / due diligence)
Previously on Guess the Company Hi fellow kids, I'm back again today with yet another DD where I reveal the ticker at the end rather than the beginning. Let's see how many clues it takes for you to correctly guess today's company: -This company's Q2 2020 revenues dropped 98% compared to a year ago, and its quarterly EPS plunged from $1.24 in Q2 2019 to a loss of ($1.07) in Q2 2020. -Despite these revenue numbers, shareholders were barely fazed and the stock continued to trade sideways between $40-$50 from June to November 2020 -If you bought $10000 of this stock at its all time low in March 2009, you would be receiving about twice that much in annual dividends up until it was suspended in Q2 2020 due to the pandemic -As part of the terms of a $1.5 billion credit facility, this company is not permitted to pay dividend until Q4 2021 unless it can maintain a $1 billion+ liquidity after paying the dividend. -During the height of the financial crisis in 09, this company was reportedly losing $1000 per *second* -When this company was about to go bankrupt, its owner dug into his own pockets and loaned the company $1 billion -Before his company's stocks took a nosedive in 2008, the owner of this company was briefly the 3rd richest person in the USA behind only Bill Gates and Warren Buffet -Although this company is based in Paradise, NV, the majority of its revenues comes from China. More specifically, Macau, China. -In 2010 this company built a $6.88 billion resort in Singapore, billed the world's "most expensive standalone casino property" -With annual revenues of $14 billion, this company is the largest casino operator in the world by market capitalization Have you made your guess yet? If your guess was LVS , you are correct! Outlook for LVS: There are speculations that LVS might sell its Las Vegas Strip properties to a REIT and then lease them back, a move that would raise about $6 billion and allow it to further focus its efforts in Asia where most of its revenues come from. Although my outlook for LVS is bullish, I expect this stock to trade mostly sideways until later this year or early 2022 when it resumes paying dividends to shareholders. OPTAP: $75
TEKK - Tekkorp Digital Acquisition Corp: Who's Who of Gaming Mgmt Teams!
Team has been involved in a substantial number of the digital media, sports, entertainment, leisure and gaming industries’ most significant merger and acquisition transactions, holding key positions at, and transacting with Scientific Games Corp, Inspired Gaming Group, FOX Bets, Ocean Casino Resort, Resorts International Holdings, PokerStars, DraftKings, Mohegan Sun, Caesars Entertainment Corporation, Harrah’s Entertainment,Tropicana Entertainment, Inc., TSG/Sky Betting & Gaming, Facebook, Inc, Wynn Resorts, Dubai World/MGM Resorts Here's all the Bios. These guys are stellar! TEKK closed at $10.30 today. Still cheap! If you don't like to read... you don't like to make money!!!! ---------------------------------------------------------------------------------------- Matthew Davey — Chief Executive Officer and Director Mr. Davey has over 25 years of experience within the digital media, sports, entertainment, leisure and gaming ecosystems, as well as experience in the public sector. He is an experienced public company executive officer and board member. He has served in executive management positions across the gaming technology arena. Over the course of Mr. Davey’s career, he oversaw more than ten mergers and acquisitions and over $1.2 billion in debt and equity capital raised to support the companies he has led. Most recently, Mr. Davey was Chief Executive Officer of SG Digital, the Digital Division of Scientific Games Corp. (“Scientific Games”) (Nasdaq: SGMS). SG Digital was established following the purchase by Scientific Games of NYX Gaming Group Limited (“NYX”) (formerly TSXV: NYX), where Mr. Davey served as Chief Executive Officer and Director. The NYX acquisition provided Scientific Games with a vehicle to significantly accelerate the scale and breadth of its existing digital gaming business, including the strategic expansion into sports betting. In his capacity as Chief Executive Officer of NYX, Mr. Davey developed and implemented a corporate strategy that generated strong revenue growth. Mr. Davey shaped company strategy to focus on digital gaming supplier platforms and content that provided various gaming operators with the underlying gaming and sports betting systems for their online gaming business. In 2014, Mr. Davey oversaw the initial public offering of NYX, and his experience in the digital media, sports, entertainment, leisure and gaming industries helped NYX recognize momentum as a public company. After the public offering, from 2014 to 2018, Mr. Davey oversaw seven acquisitions which helped establish NYX as one of the fastest growing global B2B real-money digital gaming and sports betting platforms. These acquisitions included: • OpenBet: In 2016, NYX completed the $385 million acquisition of OpenBet. This was one of the more complex and transformative acquisitions that Mr. Davey oversaw at NYX. Through securing co-investments from William Hill (LSE: WMH), Sky Betting & Gaming and The Stars Group (formerly Nasdaq: TSG, TSX: TSGI), Mr. Davey was able to get the acquisition from Vitruvian Partners completed successfully, winning the deal against much larger and well capitalized competitors. By combining two established and proven B2B betting and gaming suppliers, NYX was well positioned to provide customers with exciting player-driven solutions across all major product verticals and distribution channels. This allowed NYX to become the leading B2B omni-channel sportsbook platform in the market and the supplier to over 300 gaming operators globally with an extensive library of desktop and mobile game titles, including more than 700 on NYX platforms and more than 2,000 on the OpenBet platform. • Cryptologic/Chartwell: In 2015, NYX completed the $119 million acquisition of Cryptologic and Chartwell. The acquisition provided NYX with more than 400 titles of additional leading gaming content, a broader customer base, and direct exposure to PokerStars and Intercasino, part of the Gamesys Group (LSE: GYS) — two of the world’s largest online casino offerings. • OnGame: In 2014, NYX completed the distressed acquisition of OnGame, a premier poker content, platform and service provider. This acquisition provided NYX with one of the best poker products in the industry, access to several regulated jurisdictions, and a valuable talent pool that was instrumental in the growth of NYX. The addition of OnGame further established a path for NYX to continue its growth in both European and U.S. markets. These acquisitions, together with meaningful organic growth, increased NYX’s revenue from $24 million in 2014 to $184 million annualized in 2017. During that time, Mr. Davey helped build NYX to have over 200 customers in the global gaming industry and a team of 1,000 employees. Mr. Davey’s success at NYX ultimately led to its sale to Scientific Games for $631 million in 2018. Mr. Davey joined Next Gen Gaming, the predecessor to NYX, in 2000 as the Vice President of Technology, was appointed as Executive Director in 2003 and named Chief Executive Officer in 2005. Prior to that, he was the Senior Consultant for Access Systems, a company that specializes in the provision of back-end software for licensed online casinos. Prior to joining Access, Mr. Davey worked for the Northern Territory Government specializing in matters pertaining to the internet and e-commerce along with roles in the Department of Racing and Gaming. Mr. Davey received a Bachelor of Electrical & Electronic Engineering from Northern Territory University, Australia (also known as Charles Darwin University). Robin Chhabra — President Mr. Chhabra has been at the forefront of corporate acquisition activity within the digital gaming landscape for over a decade. His prior experience includes leading corporate strategy, M&A, and business development at two of the global leaders in the digital gaming industry, The Stars Group (“TSG”) and William Hill, and a leading supplier, Inspired Gaming Group (Nasdaq: INSE). Mr. Chhabra served on the Group Executive Committees of each of these companies. From 2017 to May 2020, Mr. Chhabra served as Chief Corporate Development Officer at TSG and, from 2019 to August 2020, he also served as the Chief Executive Officer of Fox Bet, a leading U.S. online gaming business which is the product of a landmark partnership between TSG and FOX Sports, a transaction which he led. During that period, Mr. Chhabra led several transactions which transformed TSG into the largest publicly listed online gambling operator in the world by both revenue and market capitalization and one of the most diversified from a product and geographic perspective with revenues of over $2.5 billion. Mr. Chhabra’s M&A experience is extensive and covers multiple global geographies across the digital gaming value chain and includes the following: • TSG/Flutter Entertainment Merger: In 2019, Mr. Chhabra led the TSG M&A team that was responsible for TSG’s $12.2 billion merger with Flutter Entertainment (LSE: FLTR). The merger between TSG and Flutter Entertainment is the largest transaction in the digital gaming industry to date. The combination created the largest publicly listed online gaming company with approximately 13 million active customers and leading product offerings, which include sports betting, online casino, fantasy sports and poker. The combined entity includes some of the world’s most iconic digital gaming brands such as Fanduel, Fox Bet, Sky Bet, PaddyPower, Betfair, PokerStars and SportsBet. TSG/Flutter Entertainment is one of the most geographically diverse digital gaming and media companies with leading positions in the United States, United Kingdom, Australia, Ireland, Italy, Spain, Germany and Georgia. • TSG/Sky Betting and Gaming (“SBG”): In 2018, Mr. Chhabra led the acquisition of SBG from CVC Capital Partners and Sky plc, Europe’s largest media company, in a transaction valued at $4.7 billion. At the time of the acquisition SBG was the largest mobile gambling operator in the United Kingdom and one of the fastest growing of the major operators having doubled its online market share in three years. The acquisition of SBG provided TSG with (a) greater revenue diversification, significantly enhanced expertise and exposure to sports betting just ahead of the judicial overturn of The Professional and Amateur Sports Protection Act of 1992 (PASPA) by the U.S. Supreme Court, (b) a leading position within the United Kingdom, the world’s largest regulated online gaming market, (c) improved products and technology as a result of the addition of SBG’s innovative casino and sports book offerings and a portfolio of popular mobile apps, and (d) expertise in deeply integrating sports betting with leading sports media companies, positioning TSG to create more engaging content, deliver faster growth and decrease customer acquisition costs. • William Hill (LSE: WMH): At William Hill, from 2010 to 2017, Mr. Chhabra served as Group Director of Strategy and Corporate Development where he led several transactions which contributed to William Hill’s transformation from a land-based gambling operator in the United Kingdom to a leading online-led international business. Mr. Chhabra led William Hill’s entry into the U.S. sports betting and online lottery markets with the acquisition of four businesses, including the simultaneous acquisitions of three U.S. sportsbooks, Cal Neva, American Wagering and Brandywine Bookmaking, in 2011 for an aggregate purchase price of $55 million. These businesses ultimately led William Hill to achieve a leading position in the U.S. sports betting market with a market share of 24% in 2019. Additionally, Mr. Chhabra played a key role in structuring William Hill’s successful joint venture with PlayTech Plc (LSE: PTEC) in 2008. The combined entity created one of the largest online gambling businesses in Europe at the time of its formation and led to William Hill’s buyout of Playtech’s interest for $637 million in 2013. Prior to the transaction, William Hill had struggled in its attempt to establish a strong online gaming platform and a meaningful presence outside the United Kingdom. Mr. Chhabra has also successfully completed four transactions worth over $1.2 billion in Australia, the world’s second largest regulated online gambling market, and various partnerships in Asia. Additionally, he completed several technology and media related transactions, including William Hill’s investment in NYX, where he worked with Mr. Davey on NYX’s transformational acquisition of OpenBet. Prior to working in the gaming sector, Mr. Chhabra was an equities analyst and a management consultant. Mr. Chhabra received a Bachelor of Science in Economics from the London School of Economics and Political Science. Eric Matejevich — Chief Financial Officer Mr. Matejevich is a seasoned gaming executive with extensive experience in both the online gaming and traditional casino industries. From February to August 2019, he served as Trustee and Interim-Chief Executive Officer of Ocean Casino Resort (“Ocean”) (formerly Revel Casino, which had a construction cost of $2.4 billion) in Atlantic City, where he successfully led the management team through an ownership change and operational turnaround effort. Over the course of seven months, Mr. Matejevich managed to reduce the property’s weekly cash burn of $1.5 million to an annualized cash flow run rate in excess of $20 million. Prior to Ocean, from 2016 to 2018, Mr. Matejevich served as the Chief Financial Officer of NYX. At NYX, he focused his efforts on integrating the company’s many acquisitions and multiple debt refinancings to simplify its capital structure and provided liquidity for growth initiatives. Additionally, Mr. Matejevich was instrumental to the executive team that sold NYX to Scientific Games for $631 million. Prior to NYX, from 2004 to 2014, Mr. Matejevich was the Chief Financial Officer of Resorts International Holdings and later, from 2011, also the Chief Operating Officer of the Atlantic Club Casino, a property under the Resorts International Holdings umbrella — a Colony Capital (NYSE: CLNY) entity. As Chief Financial Officer, he provided managerial oversight for all finance functions for a six-property casino company with annual gaming revenue exceeding $1.3 billion, 10,000 gaming positions, 7,000 hotel rooms and over 11,000 staff members during his tenure. Mr. Matejevich led the transition effort to integrate a four-casino, $1.3 billion acquisition from Harrah’s Entertainment and Caesars Entertainment (Nasdaq: CZR). As Chief Operating Officer of Atlantic Club, he lobbied for and was successful in obtaining the first internet gaming legislation passed in the United States. The Atlantic Club was the sole New Jersey casino proponent of the legislation. Prior to serving in various gaming positions, Mr. Matejevich was a Vice President of High Yield Research for Merrill Lynch, where he managed the corporate bond research effort for the gaming and leisure sectors and marketed high yield and other debt transactions totaling $4.8 billion. Mr. Matejevich received a Bachelor of Science in Economics from The Wharton School and a Bachelor of Arts in International Relations from The College of Arts and Sciences at the University of Pennsylvania. Our Board of Directors Morris Bailey — Chairman Over the past 10 years, Mr. Bailey has been a leader in turning around Atlantic City, as well as being among the first gaming executives to embrace online gaming and sports betting in the United States. In his efforts, Mr. Bailey partnered with two of the largest digital gaming companies in the world, PokerStars, part of the Stars Group, and DraftKings (Nasdaq: DKNG). In 2010, Mr. Bailey bought Resorts Atlantic City (“Resorts”) and initiated a comprehensive renovation which allowed for the property to be rebranded and repositioned. In 2012, Mr. Bailey signed an agreement with Mohegan Sun to manage the day-to-day operations of the casino. In addition to Mohegan Sun’s operational expertise and ability to reduce costs via economies of scale, Resorts gained access to their robust customer database. Soon thereafter, Mr. Bailey and his team focused on bringing online gaming to the property. In 2015, Resorts established a platform to engage in online gaming by partnering with PokerStars, now part of the $24 billion Flutter Entertainment, PLC (LSE: FLTR), to operate an online poker room in Atlantic City. In 2018, Resorts announced deals with DraftKings and SBTech to open a sportsbook on-property and online. For 2020 year-to-date, Resorts has performed in the top quartile in internet gross gaming revenue in New Jersey. Mr. Bailey’s efforts in New Jersey helped set the framework for expansion of online sports and gaming throughout the United States. In addition to his gaming interests, Mr. Bailey has over 50 years of experience in all facets of real estate development, asset M&A, capital markets and operations and is the founder, Chief Executive Officer and Principal of JEMB Realty, a leading real estate development, investment and management organization. Mr. Bailey has notable investment experience within the energy, finance and telecommunications sectors through investments in the Astoria Energy Plant, Basis Investment Group and Xentris Wireless. Tony Rodio — Director Nominee Mr. Rodio has nearly four decades of experience in the gaming industry. Most recently, Mr. Rodio served as the Chief Executive Officer and director of Caesars Entertainment Corporation (“Caesars”) (Nasdaq: CZR), one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company, from April 2019 until its acquisition by Eldorado Resorts, Inc. in July 2020. Mr. Rodio led Caesars through its $17.3 billion merger with Eldorado Resorts, one of the largest transactions in the gaming industry to date. Additionally, Mr. Rodio was instrumental to Caesars’ expansion into the digital gaming industry and oversaw the implementation of new digital segments such as its Scientific Games powered retail sportsbook solution that now operates in various states throughout the U.S. From October 2018 to May 2019, Mr. Rodio served as Chief Executive Officer of Affinity Gaming. Prior to Affinity Gaming, he served as President, Chief Executive Officer and a director of Tropicana Entertainment, Inc. (“Tropicana”) for over seven years, where he was responsible for the operation of eight casino properties in seven different jurisdictions. During his time at Tropicana, Mr. Rodio oversaw a period of unprecedented growth at the company, improving overall financial results with net revenue that increased more than 50% driven by both operational improvements and expansion across regional markets. Mr. Rodio led major capital projects, including the complete renovation of Tropicana Atlantic City and Tropicana’s move to land-based operations in Evansville, Indiana. Each of these initiatives, among others, generated substantial value for Tropicana. Ultimately, Mr. Rodio’s efforts at Tropicana led to its sale to Eldorado Resorts in 2018 for $1.85 billion. Prior to Tropicana, Mr. Rodio held a succession of executive positions in Atlantic City for casino brands, including Trump Marina Hotel Casino, Harrah’s Entertainment (predecessor to Caesars), the Atlantic City Hilton Casino Resort and Penn National Gaming. He has also served as a director of several professional and charitable organizations, including Atlantic City Alliance, United Way of Atlantic County, the Casino Associations of New Jersey and Indiana, AtlantiCare Charitable Foundation and the Lloyd D. Levenson Institute of Gaming Hospitality & Tourism. Mr. Rodio brings extensive knowledge of and experience in the gaming industry, operational expertise, and a demonstrated ability to effectively design and implement company strategy. Mr. Rodio received a Bachelor of Science from Rider University and a Master of Business Administration from Monmouth University. Marlon Goldstein — Director Nominee Mr. Goldstein is a licensed attorney with nearly 20 years of experience in the gaming space. He joined The Stars Group (Nasdaq: TSG)(TSX: TSGI) in January 2014 as its Executive Vice-President, Chief Legal Officer and Secretary until his retirement from the company in July 2020 following the merger of TSG with Flutter Entertainment, PLC (LSE: FLTR). Mr. Goldstein also previously served as the Executive Vice-President, Corporate Development and General Counsel of TSG. Mr. Goldstein was also the senior TSG executive based in the United States and was one of the primary architects of TSG’s strategic vision for its U.S.-facing business. During his tenure, TSG grew from an approximately $500 million market-cap company to an approximately $7 billion market-cap company through a combination of organic growth and strategic mergers and acquisitions. Mr. Goldstein participated in numerous M&A transactions and capital markets offerings at TSG, including several transformational transactions in the digital gaming industry. Notable transactions in which Mr. Goldstein was involved include: • TSG/Flutter Merger: In 2019, TSG merged with Flutter for a $12.2 billion transaction value, the largest transaction in the digital gaming industry to date. • TSG/Fox Bet Partnership: In 2019, TSG entered into a partnership with FOX Sports to create FOX Bet in the U.S., a leading U.S. online gaming business. Wall Street Research estimates an approximate $1.1 billion valuation for Fox Bet post-partnership with The Stars Group. • TSG/Sky Betting & Gaming: In 2018, TSG acquired Sky Betting & Gaming, the largest mobile gambling operator in the United Kingdom at the time, for $4.7 billion. • TSG/CrownBet and William Hill: In 2018, TSG simultaneously acquired CrownBet and William Hill, two Australian operators, for a total of $621 million in a multi-part transaction. • TSG/PokerStars and Full Tilt Poker: In 2014, TSG acquired The Rational Group, which operated PokerStars and Full Tilt and was the world’s largest poker business, for $4.9 billion. Through his ability to legally structure large and complex transactions, Mr. Goldstein was integral to TSG’s vision of becoming a full-service online gaming company. Additionally, he assisted in structuring TSG’s capital markets activity, which generated liquidity for acquisitions and strengthened its balance sheet. Prior to joining TSG, Mr. Goldstein was a principal shareholder in the corporate and securities practice at the international law firm of Greenberg Traurig P.A., where he practiced for almost 13 years. Mr. Goldstein’s practice focused on corporate and securities matters, including mergers and acquisitions, securities offerings, and financing transactions. Additionally, Mr. Goldstein was the founder and co-chair of the firm’s Gaming Practice, a multi-disciplinary team of attorneys representing owners, operators and developers of gaming facilities, manufacturers and suppliers of gaming devices, investment banks and lenders in financing transactions, and Indian tribes in the development and financing of gaming facilities. Mr. Goldstein brings experience and insight that we believe will be valuable to a potential initial business combination target business. Mr. Goldstein received a Bachelor of Business Administration with a concentration in accounting from Emory University and a Juris Doctorate with highest honors from the University of Florida, College of Law. Sean Ryan — Director Nominee Mr. Ryan is a digital media and technology operator with extensive global experience in online payments, e-commerce, marketplaces, mobile ad networks, digital games, enterprise collaboration platforms, blockchain, real money gaming and online music. Since 2014, Mr. Ryan has been serving as Vice President of Business Platform Partnerships at Facebook, Inc. (“Facebook”) (Nasdaq: FB), where he leads a more than 500 person global organization that manages the Payments, Commerce, Novi/Blockhain, Workplace and Audience Network businesses. Prior to his current role, Mr. Ryan was hired in 2011 as the Director of Games Partnerships to lead and grow the global Games business at Facebook. While the Director of Games Partnerships, Mr. Ryan focused on re-shaping Facebook’s games and monetization strategies to derive more value for Facebook, its users and its partners, including the addition of a Real Money Gaming offering in regulated markets. Mr. Ryan’s team helped accelerate a major trend in engagement through cross-platform games and therefore the opportunity to increase users through establishing games on multiple platforms. Prior to joining Facebook, Mr. Ryan created the new social and mobile games division at News Corp, an American multinational mass media corporation controlled by Rupert Murdoch. While at News Corp, Mr. Ryan led the acquisition of Making Fun, a San Francisco social-game start-up, that created News Corp’s games publishing division. Before joining News Corp., Mr. Ryan founded multiple digital businesses such as Twofish, Meez, Open Wager and SingShot Media. Mr. Ryan co-founded Twofish in 2009, a virtual goods and services platform that provided developers with data analytics and insights for individual application’s digital economies. Twofish was later sold to online payments provider Live Gamer, where Mr. Ryan served on the board of directors. From 2005 to 2008, Mr. Ryan founded and led Meez.com, a social entertainment service combining avatars, web games and virtual worlds. The white label social casino gaming company Open Wager was spun out of Meez and was later sold to VGW Holdings, Mr. Ryan also co-founded SingShot Media, an online karaoke community, which was sold to Electronic Arts (Nasdaq: EA) and merged into its Sims division. We believe Mr. Ryan’s experience will be valuable to a potential initial business combination target and would provide an expanded perspective on the digital gaming landscape. Mr. Ryan received a Bachelor of Arts from Columbia University and a Master of Business Administration from the University of California, Los Angeles. Tom Roche — Director Nominee Mr. Roche has more than 40 years of experience in the gaming industry as a regulator, advisor and independent auditor. Mr. Roche joined Ernst & Young (“EY”) as a partner in 2003 and opened its Las Vegas office. He was subsequently appointed as the Office Managing Partner and Global Gaming Industry Market Leader. In 2016, Mr. Roche relocated to the EY Hong Kong office to supervise the expansion of the EY Global Gaming Industry practice in the Asia Pacific region. Mr. Roche has been integral to numerous transactions that have shaped the current gaming landscape, including: • Wynn Resorts (Nasdaq: WYNN) initial public offering: Mr. Roche was the lead partner on Wynn Resort’s initial public offering, which raised $450 million in 2002. • Harrah’s Entertainment/Apollo Management Group & Texas Pacific Group: Mr. Roche headed the regulatory advisory services on the buyout of Harrah’s Entertainment, the world’s largest casino company at the time, for $17.1 billion. • Dubai World/MGM Resorts: Mr. Roche headed the regulatory and due diligence advisory services to Dubai World in its approximately $5.1 billion investment in MGM. Dubai World bought 28.4 million MGM shares, or 9.5 percent of the casino operator, for $2.4 billion. It then invested $2.7 billion to acquire a 50% stake in MGM’s CityCenter Project, a $7.4 billion 76-acre Las Vegas development of hotels, condos and retail outlets. • MGM Growth Properties (NYSE: MGP) initial public offering: Mr. Roche provided tax and structural transaction services to MGM Resorts in the creation of MGM Growth Properties, a publicly traded REIT engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. MGM Growth Properties raised $1.05 billion in its 2016 initial public offering. Mr. Roche also directed EY advisory services to boards and management teams for profit improvement and technology related initiatives. In addition, Mr. Roche provided advisory support to the American Gaming Association on several research projects, including those specifically related to sports betting, the revocation of The Professional and Amateur Sports Protection Act of 1992 (PASPA) and anti-money laundering best practices in the gaming industry. Equally, he has assisted government agencies in numerous international locations with enhancing their regulatory approach to governing the industry especially in the online gambling sector. Prior to joining Ernst & Young, Mr. Roche served as Deloitte’s National Gaming Industry Leader and as the co-head of Andersen’s Gaming Industry Practice in Las Vegas. In 1989, Mr. Roche was appointed by then Governor of the State of Nevada, Robert Miller, to serve as one of three members of the Nevada State Gaming Control Board for a four-year term, where he was directly responsible for the Audit and New Games Lab Divisions. As a board member, he spent a substantial amount of time assisting global jurisdiction regulators enact gaming legislation in the design of their regulatory structure. During his career, Roche has been involved in numerous public and private offerings of equity and debt securities. His background includes providing casino regulatory consulting services to casino licensees and to federal and state agencies including the National Indian Gaming Commission and the Nevada State Gaming Control Board, and industry associations such as the Nevada Resort Association and the American Gaming Association. We believe Mr. Roche’s highly regarded reputation as a gaming auditor and advisor in the gaming industry will be valuable for us and a potential business combination target. Mr. Roche is a member of the American Institute of Certified Public Accountants and is licensed by the Nevada State Board of Accountancy and Mississippi State Board of Public Accountancy. He received his Bachelor of Science degree in Accounting from the University of Southern California.
MGM drives its revenue in the following 3 segments:
Las Vegas Strip Resorts (Resorts located in Las Vegas): 48%
Regional Operations (Resorts located in other parts of the U.S.): 29%
MGM China (Resorts located in Macau): 23%
More than 50% of domestic revenue is driven by non-gaming operations. The revenue model differs greatly between the Las Vegas and Regional Operations. In Las Vegas, non-casino revenue leads casino revenue 3:1 while in regional segment this relationship is the opposite. In China, both segments are about the same.
Finaniclas
MGM has kept consistent revenue at ~$10B over the past decade. While the operating cash flow has shown consistent growth, the company was losing money between 2012 and 2015. While the company runs with a manageable Debt to Equity (D/E) ratio of 1.67, the interest rates consume the entire 10% of the company's revenue - a costly expenditure that shows itself big at a time like now - COVID. This year, the business is generating 30% of what it did in the past on average. While the company pays a considerable 3% dividend, the management shows great inconsistency in its share repurchasing plan, moving up and down from year to year with an overall uptrend. Please review these consolidated financials for additional information.
Pricing
This portfolio tracks MGM's performance in the past year alongside its major public competitors. Evidently, MGM's stock price has rebounded since the COVID to its earlier levels, despite financial downturn and significant upcoming annual losses. The company trades at 57% its tangible assets, the best ratio among its competitors. Its current PE is 7.78 against its last year's earnings - the all time low of the past decade. However, given the unreliable nature of MGM's income, this metric is less meaningful than its price to tangibles, which I consider to be attractive. Putting it all together, the company is taking a 70% cut on its revenue this year with respective effects on its balance sheet, major throw back on the income and immediate financing arrangements while the stock is trading at the pre-COVID levels. The future is most certainly uncertain, which makes the pricing undeterminable.
Conclusion
MGM is one of the key players in the resort business with somewhat attractive financials and possibly fair pricing. However, nothing in particular stands out to me about this stock at present time. The uncertainty of the future and fully rebound stock price, one the other hand, make it a hard no for me. Thanks for reading! Checkout vitddnv's page for more.
This is an example of fundamental DD that takes place at ‘smart’ money institutions based on my professional experience in IBD, Private Equity & most recently at a HF (mods can message me for proof). Not thoroughly fleshed out b/c you autists have limited attention spans, but a summary. Figured I’d take the time to give back to this community that has provided many lolz, & should be a good measuring stick when evaluating other forms of fundamental DD posted here. NFA. DKNG - DraftKings, Inc.: vertically integrated US mobile betting operator that also provides retail sports betting & back-end betting solutions through SBTech. Think of SBTech as the tech ‘market-maker’ for traditional sports betting, they do all the funny math to set the betting odds & seem to be working on back-end solutions for DKNG Casino The Big Picture
Total annual US Gambling Revenue: ~$90Bn [1]
Casinos: ~$75Bn
Illegal Sports Betting: ~$13Bn
Horse Racing: ~$0.8Bn
Daily Fantasy Sports: ~$0.4Bn
Only ~2% of the ~$90Bn gambling revenues were placed online which is the lowest in the world where betting online is legal. For example, in other countries online gaming activity represents ~6% - ~52% of total gambling revenues, with ~12% being the average. Wall Street expects online gaming revenue to be $20Bn-$40Bn within the next 10 years. For this to be achieved, the online gambling market will have to achieve a ~30% penetration rate on total country gaming revenues. There is an expectation that this is could be easily achievable given penetration trends overseas - see page 11 of this: https://s1.rationalcdn.com/vendors/stars-group/documents/presentations/TSG-Investor-Day_March-27-2019.pdf Other catalysts include increasing adaptation of sports betting in more states. States that have both legal sports betting + online sports betting permitted: NV, NJ, WV, PA, IA. Sports betting permitted but no online: DE, MS, RI, MO, AR. Prior to COVID there was ongoing discussions across many States, especially ones with growing deficits to explore how permitting sports betting could create a fresh avenue of tax dollars. Post COVID there is an expectation that these discussions will be given extra focus as many States will be hungry for incremental tax dollars. Important to note that currently 43/50 States allow DFS, but given the small share DFS has on total Gaming Revenues, it increasingly looks like DKNG is banking on traditional sports betting for a variety of reasons, more later. There are entire articles on Google arguing this catalyst so I’ll end this here. Digging Deeper DKNG’s main offerings are Daily Fantasy Sports (“DFS”) products & traditional sports book products to its clients. Long story short, a metric to look for in my opinion (that is curiously not reported by management or remarked on) is the hold % in traditional gaming sector parlance or the ‘rake’ & compare it to the ‘traditional’ gaming products like sports betting & Blackjack. For DFS: DKNG takes ~15% of the prize pool (note: used to be ~6-11% [2]). Curiously, their main competitor FanDuel also has moved up to a ~15% rake recently. Google searches show the smaller competitors have a rake in the ~13% range. This ‘rake’ has grown ~2x in 6 years, but it has been a delicate move on behalf of management. Why? B/c the more ‘sophisticated’ DFS players (equal to autistic day traders on Robinhood) have noted this increase & based on some Googling, some have moved down market to the smaller players. As a side note, many live casino games have their rules altered to grow the Hold %. For example, Blackjack games with 6:5 payouts on 21 have materially higher Hold % than the traditional BJ rules that pay out 3:2. Given the findings so far, DKNG may not have much room to materially increase its hold % in DFS games in the near-term from current of 15%. More on this later. Now why the fuck is this important? This is important b/c the typical sports book (ex-Parlays) have a ~5% hold %/rake. Parlays have up to a ~30% hold (which is why it’s commonly known as the sucker’s bet), & just for reference, the average Blackjack table clocks in 14.5%. What this means: Every dollar put into these games, the “House” or DKNG, will take 15% of your money for DFS games, for sports bets they will be pocketing ~5%, up to ~30% if you’re into parlays, & we’ll just use the standard 14.5% BJ hold for the DraftKings Casino platform. So why the acquisition of SBTech & a foray into the traditional sports gambling market? As you can see previously, the illegal sports betting market is >30x the size of the current daily fantasy sports market. So it’s clear that the DFS providers including DKNG are foraying into the space to capture this user base & hopefully convert them into games that have a higher hold %, such as DFS/DKNG Casino. As of May 2020, DKNG has achieved a 30% penetration rate on its ~4mm ‘monetized’ DFS clientele to its Online Sports Book (OSB), from the OSB+DFS clientele, DKNG has converted 50% into its DraftKings Casino platform. Including non-monetized users, user base totals at 12mm. Based on these unit economics: every 1mm of additional users -> 333k monetized users for DFS -> 100k users for OSB -> 50k users for DraftKings Casino. Some Numbers – Italicized/Bolded the important
In total, DKNG has DFS paying clientele of ~4mm, the metric management focuses on is “Monthly Unique Payers (MUP)” which spans across DFS & online sports betting***. As of Q1’20 they reported 720,000*** MUPs, representing +16% YoY growth [3]
Average revenue per monthly user (ARPU) of ~$41, +11% YoY
Based on previous observation of Hold %, looks like ARPU growth will be limited
Since ’17, MUP has grown at a ~11% CAGR & ARPU has grown at a ~19% CAGR
As a side note: the ~4mm monetized user base was acquired at ~$122/user over 3 years. Total users cost them $41/user over the last 3 years [3].
They are currently EBITDA negative & Wall St expects them to be positive by 2023
I took a dive into the math driving this, here is a summary:
Based on their current cost structure they will need to have ~1.7mm MUPs at an ARPU of ~$46 to break-even. This implies total monetized users of ~10mm from ~4mm currently
Numbers that represent Risks to Long Thesis
DKNG’s user base of ~12mm is on the low end of the sector vs. its ‘brick & mortar’ competitor's user bases (online betting platforms with physical casino presence)
CZR with 55mm, MGM with 33mm, ERI with 10mm (in pending merger with CZR, could have a lot of overlap), FanDuel with 8.5mm
Is there a concern for increased marketing costs to increase user base? Let’s look at a case study of NJ, the first state to open both mobile & retail sports betting:
FanDuel + DraftKings have held 80%+ of the OSB market share since 12/2018 which is estimated to be driven by the conversion opportunity from DFS that is unique to both companies [4]
On the flipside, a case study to examine going forward is how DKNG can get OSB customers in a State that does not allow DFS. Nevada. Home to Las fucking Vegas. Prior to NV pushing FanDuel/DKNG out (highly likely due to casino lobbying), NV was a top-15 State in terms of revenue for them. NV is home to the fattest sports book in the US, & recently the gaming commission started to parse the data on sportsbook wagers done online vs. in-person, & it came out to roughly 50/50. It will be interesting to see how they try to capture market share in a state with no DFS
Long-term EBITDA margin target of 35% requires huge growth in MUPs
Based on their estimated '22 cost structure: Holding ARPU of ~$46, MUPs will have to be ~5.2mm, a 7x increase from current to achieve a EBITDA margin of 35%
A focus on future earnings will be management's ability to shift to a more fixed-cost structure which would effectively lower the MUP requirement for profitability
Things to look for when going Long - Progress of additional States legalizing sports betting – specifically, States with DFS already legalized - Cost structure evolving to a more fixed mix vs. the mostly variable mix currently as this will be the forward figure that determines profitability - Increasing User Base (Curr.: 12mm) -> Monetized Base (Curr.: 4mm) -> MUP (1Q’20: 0.7mm)
Management seems to be focused more on the first step, but one thing to note is that the 33% monetization rate is very high when compared to something like League of Legends which isn’t entirely comparable but in 2013 had a ~4% monetization rate [5]. This, combined with the below implies that this conversion rate may be the ceiling for now
As a side note, ~6 years ago FanDuel had ~300k monetized on an ~800k user base for a monetization rate of ~37% [6]
Share Price Target Given the cost structure of the company, I’m going to base the price targets around Enterprise Value / Revenues (driven by MUPs & ARPUs).
MUP sensitivity of 5mm - 6mm
ARPU sensitivity from $41 - $47 for an average of $44, just a $3 increase from current of $41.
Share Price targets based on 2.0x - 4.5x EV / Sales.
Note: Flutter Entertainment (FanDuel ParentCo) trades at ~3.6x EV/Sales
Bear Case MUP: 5mm -> $20.32 - $45.73 Base Case MUP: 5.5mm -> $22.27 - $50.10 Bull Case MUP: 6mm -> $24.21 - $54.47 These MUPs imply a monetized customer base of 28mm – 33mm. At the high-end, this implies that DKNG monetized customer base will equal MGM’s current total user base. At yesterday’s close of $43.70, DKNG is trading at 3.5x – 4.5x forward Revenues on an expected >5,000 MUPs. Share Price drivers / considerations: - Continued multiple expansion
Consideration: A 1x premium to FanDuel's 3.6x, implies a ~15% upside to current. They're bigger than FanDuel, do they deserve the premium?
- MUP Growth exceeding beyond targets
Consideration: Stock currently implies that they should on average be growing at 40% QoQ – during 2018 they had on average +30% growth QoQ in MUPs, marking their best year
Management Team Jason Robins, 39 – Co-Founder & CEO. Duke BA, started DraftKings from day 1 in 2011. The 2 other buddies he started the Company with are still at DKNG. Dude navigated the Company through the scandal that rocked them in ’15 & ’16, and was the trailblazer in getting DFS labeled as a non-gambling product that enabled it to open in States without a gaming designation. This shit is the stuff that gets people in history books. His accomplishments make him seem like a very competent guy. Has 3 kids now, and only ~3% economic ownership in DKNG but has 90% of the voting power through his Class B share ownership. Also he actively participates in venture investments, sitting on 10 boards. His comp plan performance bonus target is pretty murky, but main drivers are EPS growth, revenue growth, then a bunch of margin & return metrics, along with share price returns. Overall, very open-ended & it’s safe to say as long as shit doesn’t hit the fan, he will be eligible for his max payouts year over year. I’m assuming the lawyers tried to encompass everything possible for maximum flexibility to justify him earning his max comp as long as DKNG is still around. Since he’s got voting control of 90%, I’ll end the specific-person overview here, but want to note that they have a very bloated C-suite. 12 folks at DKNG, 8 folks at SBTech, all with C-suite designations. Whereas their main competitor FanDuel, has 3 guys with a C-suite designations & 1 EVP, but is a sub under a larger ParentCo that has its own management team of ~5 guys. Looking through glassdoor you can see the biggest complaint among employees giving bad reviews is based on management, all of the specific issues they point out IMO are a result of a top-heavy company. Seems like a good starting point to optimize their cost structure, but given Robins' history of sticking this entire thing through with his co-founders since '11 stuff like this doesn't seem to be a part of his playbook. They’re a public company now though, so it’s going to be interesting to see going forward. TL;DR: If I were to initiate a position in DKNG, the stock would have to fall to the $35-$37 range for me to be a buyer of the stock, and based on this rough intro analysis I'll be considering Put options if it breaches $50. I would not touch Calls at this level. [1] Wall Street Research - 6/27/19 [2] https://rotogrinders.com/articles/bang-for-your-buck-a-look-at-dfs-industry-rake-153302 [3] https://draftkings.gcs-web.com/static-files/8f3a5c5a-7228-45bf-aab2-63604111c48d [4] Wall Street Research - 5/19/20 [5]https://www.gamasutra.com/view/news/223071/Dont_monetize_like_League_of_Legends_consultant_says.php [6] https://rotogrinders.com/threads/how-many-people-actually-play-dfs-regularly-252044
Good luck everyone, have a great day, it’s Friday! Of note for Energy names (XLE, XOM, CVX), the IEA, in fitting with EIA, raised its 2020 oil demand outlook, but cut its 2021 view due to the improved outlook this year. However, it noted that risks were skewed to the downside. Of note for Casino names (CZR, WYNN, LVS) announced it will reopen its Bally’s on Las Vegas Strip on July 23rd. However, Nevada has ordered bars in Clark County, where Las Vegas is, to close on Friday. Of note for PC names (DELL, HPQ), Worldwide PC shipments rose +2.8% Y/Y in Q2 2020, totalling 64.8 million units, according to preliminary results by Gartner. IDC data reported Q2 20 shipments rose 11.2% Y/Y to 72.3mln units. “Early indicators suggest strong PC shipments for education, enterprise, and consumer, muted somewhat by frozen SMBs,” said Linn Huang, research vice president, Devices and Displays at IDC. “With inventory still back ordered, this goodwill will continue into July. However, as we head deeper into a global recession, the goodwill sentiment will increasingly sour”. Market share: HP (HPQ) 25%, Lenovo 24.1% (LNV GY), Dell Technologies (DELL) 16.6%, Apple (AAPL) 7.7%, Acer Group 6.7%.
DOW JONES
Merck & Co. (MRK) Animal Health Unit received FDA approval for its Bravecto Chews for dogs of 8 weeks and older; it is a once a month treatment for fleas and prevention of fleas. Pfizer Inc. (PFE) - BioNTech (BNTX), who is partnering with Pfizer to develop a COVID-19 vaccine, says they are confident it will be ready to get regulatory approval by year-end; expects to begin Phase 3 trials (N=30,000) by July-end. CEO said several hundred million doses could be produced even before approval, and over 1bln by the end of 2021.
NASDAQ 100
Amazon.com Inc. (AMZN) plans to create at least USD 100mln in stock awards to retain the 900-plus employees of Zoox, the self-driving car startup it offered to buy last month, and can walk away from the deal if large numbers of them turn down job offers from the technology giant; AMZN is aggressively expanding into self-driving technology, announced in June it had agreed to acquire the Silicon Valley company, for USD 1.3bln in cash, which it hopes to close by September. Facebook, Inc. (FB) – A bug in the Facebook Software Developer Kit (SDK) is causing major third-party iOS apps, like TikTok and Spotify to crash on launch. The SDK enables account logins through Facebook and enable apps to integrate Facebook within the app for analytics and advertisements. Gilead (GILD) released additional data on remdesivir for COVID-19: was associated with an improvement in clinical recovery and a 62% reduction in risk of mortality; 74.4% of treated patients recovered by day 14 (vs 59% of patients receiving standard of care).
S & P 500
AbbVie Inc. (ABBV) - Allergan announced it received FDA approval for its supplemental Biologics License Application (sBLA) that supports the expanded use of BOTOX for the treatment of spasticity in patients aged two years or older. Energy Transfer’s (ET) fight to stave off a shutdown of the Dakota Access oil pipeline now heads to a federal appeals court after a district judge rejected a request to freeze an order that operations of the pipeline be halted by August 5th. Ford Motor (F) announced the 50% staffing restrictions imposed on plants producing car parts in Chihuahua, Mexico is not sustainable, as US plants are running at 100%. The US ambassador to Mexico stated Ford “may have to shut some US car plants as early as next week if they fail to receive Mexico-produced engines”. Simon Property Group Inc (SPG) and Authentic Brands are considering a bid for retailer Brooks Brothers Group, as is WHP Global, reports WSJ citing sources. The move would be the latest in which property owners are looking to purchase large renters who use their property to keep its business strong. Previously SPG has considered buying bankrupt JC Penney. Tyson Foods (TSN) is looking towards automated butchers amid the COVID-19 pandemic, according to WSJ.
OTHER
Barrick Gold (GOLD) sent a dispute notice to Papua New Guinea over the government’s refusal to extend a mining lease in the Porgera valley. Cannae Holdings (CNNE) and the Senator Investment group, who are trying to acquire CoreLogic (CLGX), have reportedly hired a proxy solicitor, DF King after CLGX rejected the unsolicited USD 7bln offer. Express (EXPR) announced 95% of its stores are open and its strategic transformation remains on track, while traffic and sales have steadily improved with e-commerce being positive in June. “Comparable sales for open stores sequentially improved from down over 50% in early May to approximately negative 15% by the third week in June. Traffic also improved, from approximately negative 65% in early May to approximately negative 30% by the third week in June. As COVID-19 cases began to spike in several states in late June, the Company saw declines in both sales and traffic in Arizona, California, Florida, and Texas, which were significant enough to impact total results.” Taiwan Semiconductor Manufacturing Company (TSM) reported double-digit sales growth in June; sales were approximately USD 4bln, +28.8% M/M and +40.8% Y/Y. Revenues for the H1 period were around USD 21bln, +35.2% Y/Y. Tencent (TCEHY) is in exclusive talks to purchase Hong Kong game developer Leyou Technologies, according to CNBC. WD-40 (WDFC) Q3 20 (USD): EPS 1.06 (exp. 1.07), revenue 98.2mln (prev. 114mln).
Additional US Equity Stories
Intel Corp. (INTC) has reportedly delayed another major near-term server project, according to SemiAccurate, who reportedly has multiple sources confirming this new delay and none are optimistic about the new schedule. Gilead (GILD) Former FDA Commissioner Gottlieb says the Gilead (GILD) remdesivir data is very encouraging but needs to be confirmed in a prospective trial. United Airlines (UAL) reached a deal with a pilot union representing 13,000 employees regarding voluntary furloughs and early retirements. Nvidia Corporation (NVDA) had a PT upgrade at Rosenblatt Securities to USD 500 from USD 400, noting a secular shift into data-processing units and the co.’s entrance into new markets will drive revenue growth for the co. Carnival Corp. (CCL) preliminary EPS USD -6.07, Adj. EPS -3.30, revenue 740mln (prev. 4.84bln); expects future capacity to be moderated by phased re-entry of its ships, sold one ship in June, has agreements for the disposal of five ships. In total 13 ships expected to leave fleet represent a 9% reduction in current capacity. Reduced operating costs by over USD 7 billion on an annualized basis and reduced capital expenditures also by more than USD 5 billion over the next 18 months. H2 monthly average cash burn expected at USD ~650mln. The company currently expects only five of the nine ships originally scheduled for delivery in fiscal 2020 and fiscal 2021 will be delivered prior to the end of fiscal year 2021. Apple Inc. (AAPL) Apple Silicon 13.3-inch MacBook Pro to go into mass production in the fourth quarter of this year, but also now predicts we will see an Arm-based American Airlines (AAL) has threatened to cancel some Boeing (BA) 737Max orders, a sign of deepening financial stress in the aviation industry.
Without anti-semitism, Jewish organizations would have no reason to raise billions.
If anti-semitism didn't exist, Jews would bring it into existence and do everything to keep it alive. It's good business practice. It comes down to money. Billions upon billions are given to Jewish organizations all in the name of fighting anti-semetism. No group has as many lobby organizations as with the Jews. Here is Jewish News forward.com "The Forward’s investigation has uncovered a tax-exempt Jewish communal apparatus that operates on the scale of a Fortune 500 company and focuses the largest share of its donor dollars on Israel. This analysis doesn’t include synagogues and other groups that avoid revealing their financial information by claiming a religious exemption. But even without this substantial sector, the Jewish community’s federations, schools, health care and social service organizations, Israel aid groups, cultural and communal organizations, and advocacy groups report net assets of $26 billion. That’s more than the Las Vegas Sands Corp., which owns casinos all over the world. It’s about the same as the CBS Corp. which owns 29 TV stations, 126 radio stations, the CBS Television Network and Simon & Schuster. The Jewish communal network of tax-exempt groups employs as many people as the Ford Motor Co. And its $12 billion to $14 billion in annual revenue is more than the federal government’s 2014 appropriation to the U.S. Department of the Interior, which manages a fifth of all the land in the United States, runs the Bureau of Indian Affairs and the national parks, and administers Guam, American Samoa and the U.S. Virgin Islands. " Young Jews are told at an early age that the entire world hates them and that there is always a hitler just around the corner. This keeps them in a perpetual state of fear and ensures a lifetime of stable funds to the modern day Sanhendrin. The elite Jews keep the little Jews in perpetual fear and mass hysteria. Anti-semetism is their calling card for money.
It's a new month for Wall Street, but so far it appears it will begin the same way the old one ended — with losses. The Dow has now fallen for six consecutive weeks for the first time in eight years, while the S&P 500 and Nasdaq have posted four straight weekly declines, as ongoing tariff tensions with China and now Mexico as well as U.S. economic uncertainty loom. (CNBC)
Market drop in May felt serious, but it is normal for stocks (CNBC)
The Dow's Friday close was its lowest since Jan. 29, while the S&P 500 and Nasdaq closed at their lowest since March 8. And although the Nasdaq is still up more than 12% for the year, it is moving closer to correction with a nearly 9% decline from its May 3 record closing high. (CNBC)
Goldman Sachs (GS) sees increased risks of escalations of U.S. trade disputeswith China and Mexico. There is now a 60% chance of the U.S. placing a new 10% tariff on the final $300 billion of Chinese imports. There is now a 70% chance of Trump imposing 5% duties on Mexican goods and a 50% chance that goes to 10%. (CNBC)
US-China trade deal isn't likely at the G-20 summit this month, JP Morgan and Morgan Stanley say (CNBC)
Morgan Stanley sees global recession 'in three quarters' if Trump escalates trade war (CNBC)
Top officials from the U.S. and Mexico are set to begin talks today over tariffs and border safety. "Mexico is sending a big delegation to talk about the Border," the president tweeted. "Problem is, they've been 'talking' for 25 years. We want action, not talk." (AP)
On the economic calendar, at 10 a.m. ET, both the May ISM manufacturing index and April construction spending are out. Some of the nation's automakers issue May sales today, although Ford (F) and GM (GM) only report on a quarterly basis. There are no major earnings this morning. Box (BOX) releases its quarterly number after today's closing bell.
President Donald Trump arrived for his first state visit to Britain today. Cracks are starting to appear in the transatlantic relationship, with political analysts concerned that his "off-the-cuff" and "impulsive" leadership style could make matters worse over the coming days. (CNBC)
Trump calls London Mayor Sadiq Khan a 'stone cold loser' (CNBC)
Everything you need to know about Trump's state visit (CNBC)
Trump tweeted that White House Council of Economic Advisers Chairman Kevin Hassett will "shortly" leave his post, but did not provide a reason. It's unclear who's set to takeover, in a time of drama between the U.S., China and Mexico. (Reuters)
Secretary of State Mike Pompeo said the White House's Mideast peace plan is possibly "unexecutable" and might not "gain traction," according to an audio recording of the private meeting obtained by The Washington Post.
Trump administration says it will negotiate with Iran with 'no preconditions'(NY Times)
More than 300 Boeing (BA) 737 jets, including the Max, may have faulty wing parts that don't meet strength and durability standards, the FAA said, following a joint investigation with the aircraft manufacturer. The agency plans to order airlines to remove and replace the parts if their aircraft are affected. (CNBC)
Alphabet's (GOOGL) Google unit is the subject of an upcoming antitrust probeby the Justice Department, according to multiple reports. The probe will focus on Google's search and other businesses. (CNBC)
Apple (AAPL) is expected to launch the latest version of iOS, its software for the iPhone and iPad, today at its annual Worldwide Developers Conference.The company has launched a new version of its iPhone software at WWDC every year since 2009, and analysts and reports don't expect this year to be any different. (CNBC)
Facebook (FB) has been in contact with the Commodity Futures Trading Commission about rolling out a digital currency, according to the Financial Times.
SoftBank's bid to raise a $100 billion fund is off to a rocky start, the Wall Street Journal reports. Some of the world's biggest money managers plan to make limited or no contributions to the Japanese technology giant.
Fiat Chrysler (FCAU) is discussing an improved bid for French carmaker Renault, according to Reuters, in order to win backing from the French government for a deal.
Goldman Sachs (GS) is buying Capital Vision Services, manager of the MyEyeDr optometry practices, from a private equity firm and a Canadian pension fund for $2.7 billion, including debt, according to the Wall Street Journal.
Apple – Apple holds its Worldwide Developers Conference Monday and is reportedly set to announce the end of its iTunes store. Bloomberg reports that iTunes functions will be divided among three newly developed applications.
Alphabet – Alphabet’s Google unit is the subject of an upcoming antitrust probe by the Justice Department, according to multiple reports. The probe will focus on Google’s search and other businesses.
Cypress Semiconductor – The chipmaker will be bought by Germany’s Infineon for $23.85 per share in cash, a 34 percent premium over Friday’s close. The deal is valued at $10.1 billion including assumed debt.
Humana – In an SEC filing, Humana said it did not intend to make a proposal to combine with health insurer Centene as an alternative to Centene’s planned acquisition of WellCare Health Plans. Humana said this statement was a one-time exception to its policy of not commenting on market rumors.
Goldman Sachs – Goldman is buying Capital Vision Services – manager of the MyEyeDr optometry practices – from a private equity firm and a Canadian pension fund. Goldman did not reveal financial details but the Wall Street Journal reports that the deal is worth $2.7 billion.
Blackstone Group – Blackstone is buying industrial warehouse assets from Singapore logistics provider GLP For $18.7 billion, in what Blackstone said is the largest-ever private real estate transaction.
Boeing - Some of Boeing’s 737 MAX jets may have faulty parts, according to the FAA. Boeing said it has identified 20 jets that most likely to have faulty parts and plans to check another 159 for the same parts.
Facebook – Facebook has been in contact with the Commodity Futures Trading Commission about rolling out a digital currency, according to the Financial Times.
Fiat Chrysler – Fiat Chrysler is discussing an improved bid for French carmaker Renault, according to Reuters, in order to win backing from the French government for a deal.
Merck, AstraZeneca – The drug makers reported upbeat study results involving their Lynparza drug. The treatment successfully stalled the advance of pancreatic cancer in certain patients.
Wynn Resorts, Las Vegas Sands – These and other casino operators in Macau may see their stocks benefit after gaming revenue in Macau hit a five month high in May.
Waste Management – Waste Management was upgraded to “outperform” from “sector perform” at RBC Capital, which cited the company’s unique positioning within its sector.
Salesforce.com – J.P. Morgan Securities removed the stock from its “Analyst Focus List”, based on current valuation following a 2½ year gain of 121 percent.
Health for Life (Crismon) - Mesa, AZ (MPX-Owned) 9949 E Apache Trail, Mesa, AZ 85207 (OpenedApril 6, 2018)
Health for Life (East) - Mesa, AZ (MPX-Owned) 7343 S 89th Pl, Mesa, AZ 85212
Health for Life (North) - Mesa, AZ (MPX-Owned) 5550 E McDowell Rd, Mesa, AZ 85215
The Holistic Center AZ - Phoeniz, AZ (MPX-Owned) 21035 N Cave Creek Rd C-5, Phoenix, AZ 85024
Catalina Hills Care - Tucson, AZ 12152 N Rancho Vistoso Blvd, Oro Valley, AZ 85755
Green Hills Patient Center - Show Low, AZ 3191 S White Mountain Rd, Show Low, AZ 85901
High Desert Healing - Lake Havasu, AZ 1691 Industrial Blvd, Lake Havasu City, AZ 86403
Kompo - Taylor, AZ 600 Centennial Blvd, Snowflake, AZ 85937
Leaf Life - Casa Grande, AZ 1860 N Salk Dr B1, Casa Grande, AZ 85122
Metro Meds - Phoenix, AZ 10040 N Metro Pkwy W, Phoenix, AZ 85051
OASIS - Chandler, AZ 26427 S Arizona Ave #8223, Chandler, AZ 85248
The Good Dispensary - Mesa, AZ 1842 W Broadway Rd, Mesa, AZ 85202
The Mint Dispensary - Tempe, AZ 5210 S Priest Dr, Tempe, AZ 85283
The Prime Leaf - Tucson, AZ 4220 E Speedway Blvd, Tucson, AZ 85712
Uncle Herbs Dispensary - Payson, AZ 200 N Tonto St, Payson, AZ 85541
Urban Greenhouse - Phoenix, AZ 2630 W Indian School Rd, Phoenix, AZ 85017
Yavapai Herbal Services - Cottonwood, AZ 675 E State Route 89A Cottonwood, AZ 86326
Botanica - Tucson, AZ 6205 N Travel Center Drive Tucson, AZ 85741
Relocated Production Facility: North Mesa, AZ Annual Capacity *Phase One - 150,000 grams of MPX-branded products (Currently in Operation) *Phase Two - 400,000+ grams (Scheduled for completion in calendar Q3 2018) *Phase Three - 800,000+ grams (Schedule for completion in calendar Q4 2018) New production facility will increase production capacity 2-4x: 11:31 , 25:11
“This acquisition represents a solid addition to our industry and presence in Arizona, a State that offers MPX one of the best-regulated, yet industry-supportive markets in the country,” said W. Scott Boyes, MPX’s Chairman, President and CEO. “The entities being acquired have recorded trailing 12-month revenues of US$15 million and EBITDA of approximately US$3.5 million and its results will be immediately accretive to MPX earnings. Furthermore, the acquired companies are well-managed and will allow both parties to share best practises and benefit from the ability to share purchase economies. With the pending opening of our Apache Junction dispensary, the addition of the Holistic Center, will bring the number of dispensaries managed by MPX in the greater Phoenix market to four, will more than double our cultivation capacity and will materially complement our management team in the State. Adding to our critical mass of operations, this acquisition will add to MPX’s ability to benefit from purchasing economies, spread the administrative overhead costs over a larger revenue base and provide cash flows to support additional growth.”
Beth Stavola, COO and President of MPX’s U.S. operations, adds “With our fourth dispensary opening soon in the Apache Junction suburb and our expanded concentrate production facilities coming on-stream this month, we expect to see our Arizona revenues continue to expand over the next several fiscal quarters. The Arizona program is well-regulated by AZDHS, the patient count continues to grow, the supply and cost of flower and trim for re-sale and concentrate production is excellent and, while the Phoenix area market is increasingly competitive, retail prices and margins remain attractive. This is a great state for MPX to conduct business in.”
TORONTO, April 09, 2018 (GLOBE NEWSWIRE) -- MPX Bioceutical Corporation (“MPX” or the “Company”) (CSE:MPX) (OTC:MPXEF) is pleased to announce that the official opening of the its newest “Health for Life” medical marijuana dispensary in the Metropolitan Phoenix area, located at the junction of E. Main and Crimson in the suburb of Apache Junction. This brings the number of dispensaries under MPX management in Arizona’s Sun Valley to four. The Crimson dispensary will meet the needs of patients in this comparatively underserviced southeast quadrant of the region by making available the full spectrum of MPX concentrates, an extensive variety of cannabis flower, and a broad selection of 3rd party, processed cannabis-infused edibles. The Company also announces that it has relocated the processing and production of MPX concentrates to a new location in North Mesa. Phase one of the build-out at this facility, now in operation, will immediately double the current production capacity of MPX-branded products in Arizona to approximately 150,000 grams annually. The second phase scheduled for completion early in calendar Q3 will increase potential production to over 400,000 grams per year and the final phase expected in calendar Q4 will result in annualized capacity increasing to a total in excess of 800,000 grams annually with a wholesale value (at current prices) of approximately US$18 million.
In Nevada, our production capacity has been limited by the availability of raw material, of biomass. And most of our product produced there has been sold 2-3 weeks in advance.
Dispensaries 2 of 3 dispensaries disclosed: Fall River, Attleborough
Production Facility: Fall River, MA (40,000 - 50,000 sq. ft. cultivation and production facility)
Dispensaries: 3 (Approved for building, 1 in Fall River, 1 in Attleborough, 1 still being targeted)
3rd dispensary targets:
October 14, 2017 - 34:08 - Near Wynn Casino, 34:50 - Third dispensary target: "Near Revere, not right in the city itself"
January 31, 2018 - 6:13 - "Right now we are searching for third location. We've got a number of really good prospects there."
March 28, 2018 - 16:29 - "I think we're pretty close on number three. It is a great location and I'm gonna refrain from mentioning the town but it's a great population."
The company, which is building a facility to grow and process marijuana for medicine, sold 51 percent of its real estate and management companies to The Canadian Bioceutical Corp., for $5.1 million. The agreement was announced Tuesday. The company is in the process of building a 50,000-square-foot facility on Innovation Way, next door to Amazon and Mass Biologics, the medical research and testing facility run by the University of Massachusetts.
TORONTO, Ontario, June 15, 2017 (GLOBE NEWSWIRE) -- The Canadian Bioceutical Corporation (the “Company” or “BCC”) (CSE:BCC) (OTC:CBICF) today announced that further to its press release of April 4, 2017, the Company, through its wholly-owned subsidiary CGX Life Sciences, Inc. (CGX), has completed the acquisition of a 51% interest in IMT, LLC and Fall River Developments, LLC (“FRD”), Massachusetts registered companies active in the cannabis space.
The marijuana industry has become a popular spot for Fall River. According to MPX Bioceutical Corp, construction of a 40,000 square foot marijuana cultivation/processing facility on Innovation Way in Fall River, Massachusetts is targeted to be complete in the summer of this year with cultivation beginning in the third quarter of 2018. Cannatech Medicinals, who is owned by MPX Bioceutical Corp, has been working on the facility next to Amazon. They have also commenced construction on the first of three dispensaries in Massachusetts, including one at 160 Hartwell Street in Fall River near the Applebee’s restaurant. The Hartwell Street location will get their supply from the Innovation Way facility.
CannaTech Medicinals; Hope, Heal, Health; and Northeast Alternatives will all be in the running for licenses to grow and sell marijuana for the recreational market. Recreational sales are scheduled to start July 1. CannaTech Medicinals is building a 50,000-square-foot growing facility and processing laboratory in the biopark on Innovation Way. It is also building a dispensary off Hartwell Street.
Under "RMD information", the current status of all registered marijuana dispensaries and applicants through April 27 2018 - Entries #35-37 - Cannatech Medicinals, Inc.:
*- Only two of three have "Proposed Dispensary Locations" (Fall River, Attleboro) *- No siting profile has been submitted for the third dispensary yet, invited to submit on December 12, 2017 (same date as Attleboro)
6,859,819 [(Population estimate, July 1, 2017)]Ihttps://en.wikipedia.org/wiki/List_of_U.S._states_and_territories_by_population] , U.S. Census Bureau ,
1 production facility in Gaithersburg/Montgomery Country (through Rosebud Organics/Budding Rose, Inc.) (January 8, 2018) - No square footage provided. However,
January 08, 2018 - The facility is completely built-out and when fully operational will be capable of producing 825,000 grams of MPX-branded cannabis concentrates per annum.
1 dispensary in the White Marsh suburb in Baltimore, Maryland (through LMS Wellness, Benefit LLC) (December 12, 2017) - No specific address found
I'm guessing that they will be selling MPX concentrates through these dispensaries as they have done in Arizona and Nevada once their production facility is operational. I'll wait for the press release and theMelting Point Extracts site to update before factoring that into their footprint.
MPX Bioceutical Corporation (the “Company” or “MPX”) (CSE:MPX) (OTC:MPXEF) today announced that the Company, through its indirect wholly-owned subsidiary, S8 Management, LLC (“S8 Management”), is entering into a management agreement (the “Management Agreement”) with LMS Wellness, Benefit LLC (“LMS”) which will result in MPX building and managing a full service medical cannabis dispensary in the White Marsh suburb of Baltimore, Maryland.
Photo caption: A medical marijuana company has signed a lease for the space at 4909 Fairmont Ave., next to the mural. A medical marijuana dispensary is coming to a long-dormant space on Fairmont Avenue in downtown Bethesda. Rich Greenberg, of Greenhill Capital, which owns the building, said Budding Rose LLC signed the lease for the roughly 1,900-square-foot space about six months ago. He said work is ongoing to fit out the interior to meet the dispensary’s needs, and he wasn’t sure when the shop would be ready to open.
The management agreements with Budding Rose and Rosebud will result in MPX subsidiaries now operating three medical cannabis enterprises in the State of Maryland. The first management agreement with LMS Wellness, Benefit LLC was announced on December 12, 2017. Rosebud is one of only 14 licenses issued to process cannabis derivatives in the State of Maryland. The facility is completely built-out and when fully operational will be capable of producing 825,000 grams of MPX-branded cannabis concentrates per annum. Budding Rose will operate a dispensary in a high-traffic area of downtown Bethesda, Maryland, in close proximity to the Walter Reed Military Medical Center and National Institutes of Health. Bethesda, Maryland is located within the Capital Beltway and is one of the wealthiest communities in the Capital Region. The dispensary is currently under construction and is expected to be operational in late February of this year.
GreenMart will operate a dispensary, under the “Health for Life” brand, in a high-traffic area of Baltimore, Maryland, situated off of North Point Road in the community of Colgate. The location is conveniently located near Interstate Routes 695, 95 and US Route 40 and a 15-minute drive from Baltimore’s Inner Harbour, Canton Waterfront, Federal Hill, and Fells Point. Within 2 miles of the location sits Johns Hopkins Bayview Medical Center, a teaching hospital within the world renowned John Hopkins Health System. GreenMart has been welcomed and supported by the community leaders of Colgate. The dispensary is currently under construction and is expected to be operational in April 2018 of this year.
It's a new month for Wall Street, but so far it appears it will begin the same way the old one ended — with losses. The Dow has now fallen for six consecutive weeks for the first time in eight years, while the S&P 500 and Nasdaq have posted four straight weekly declines, as ongoing tariff tensions with China and now Mexico as well as U.S. economic uncertainty loom. (CNBC)
Market drop in May felt serious, but it is normal for stocks (CNBC)
The Dow's Friday close was its lowest since Jan. 29, while the S&P 500 and Nasdaq closed at their lowest since March 8. And although the Nasdaq is still up more than 12% for the year, it is moving closer to correction with a nearly 9% decline from its May 3 record closing high. (CNBC)
Goldman Sachs (GS) sees increased risks of escalations of U.S. trade disputeswith China and Mexico. There is now a 60% chance of the U.S. placing a new 10% tariff on the final $300 billion of Chinese imports. There is now a 70% chance of Trump imposing 5% duties on Mexican goods and a 50% chance that goes to 10%. (CNBC)
US-China trade deal isn't likely at the G-20 summit this month, JP Morgan and Morgan Stanley say (CNBC)
Morgan Stanley sees global recession 'in three quarters' if Trump escalates trade war (CNBC)
Top officials from the U.S. and Mexico are set to begin talks today over tariffs and border safety. "Mexico is sending a big delegation to talk about the Border," the president tweeted. "Problem is, they've been 'talking' for 25 years. We want action, not talk." (AP)
On the economic calendar, at 10 a.m. ET, both the May ISM manufacturing index and April construction spending are out. Some of the nation's automakers issue May sales today, although Ford (F) and GM (GM) only report on a quarterly basis. There are no major earnings this morning. Box (BOX) releases its quarterly number after today's closing bell.
President Donald Trump arrived for his first state visit to Britain today. Cracks are starting to appear in the transatlantic relationship, with political analysts concerned that his "off-the-cuff" and "impulsive" leadership style could make matters worse over the coming days. (CNBC)
Trump calls London Mayor Sadiq Khan a 'stone cold loser' (CNBC)
Everything you need to know about Trump's state visit (CNBC)
Trump tweeted that White House Council of Economic Advisers Chairman Kevin Hassett will "shortly" leave his post, but did not provide a reason. It's unclear who's set to takeover, in a time of drama between the U.S., China and Mexico. (Reuters)
Secretary of State Mike Pompeo said the White House's Mideast peace plan is possibly "unexecutable" and might not "gain traction," according to an audio recording of the private meeting obtained by The Washington Post.
Trump administration says it will negotiate with Iran with 'no preconditions'(NY Times)
More than 300 Boeing (BA) 737 jets, including the Max, may have faulty wing parts that don't meet strength and durability standards, the FAA said, following a joint investigation with the aircraft manufacturer. The agency plans to order airlines to remove and replace the parts if their aircraft are affected. (CNBC)
Alphabet's (GOOGL) Google unit is the subject of an upcoming antitrust probeby the Justice Department, according to multiple reports. The probe will focus on Google's search and other businesses. (CNBC)
Apple (AAPL) is expected to launch the latest version of iOS, its software for the iPhone and iPad, today at its annual Worldwide Developers Conference.The company has launched a new version of its iPhone software at WWDC every year since 2009, and analysts and reports don't expect this year to be any different. (CNBC)
Facebook (FB) has been in contact with the Commodity Futures Trading Commission about rolling out a digital currency, according to the Financial Times.
SoftBank's bid to raise a $100 billion fund is off to a rocky start, the Wall Street Journal reports. Some of the world's biggest money managers plan to make limited or no contributions to the Japanese technology giant.
Fiat Chrysler (FCAU) is discussing an improved bid for French carmaker Renault, according to Reuters, in order to win backing from the French government for a deal.
Goldman Sachs (GS) is buying Capital Vision Services, manager of the MyEyeDr optometry practices, from a private equity firm and a Canadian pension fund for $2.7 billion, including debt, according to the Wall Street Journal.
Apple – Apple holds its Worldwide Developers Conference Monday and is reportedly set to announce the end of its iTunes store. Bloomberg reports that iTunes functions will be divided among three newly developed applications.
Alphabet – Alphabet’s Google unit is the subject of an upcoming antitrust probe by the Justice Department, according to multiple reports. The probe will focus on Google’s search and other businesses.
Cypress Semiconductor – The chipmaker will be bought by Germany’s Infineon for $23.85 per share in cash, a 34 percent premium over Friday’s close. The deal is valued at $10.1 billion including assumed debt.
Humana – In an SEC filing, Humana said it did not intend to make a proposal to combine with health insurer Centene as an alternative to Centene’s planned acquisition of WellCare Health Plans. Humana said this statement was a one-time exception to its policy of not commenting on market rumors.
Goldman Sachs – Goldman is buying Capital Vision Services – manager of the MyEyeDr optometry practices – from a private equity firm and a Canadian pension fund. Goldman did not reveal financial details but the Wall Street Journal reports that the deal is worth $2.7 billion.
Blackstone Group – Blackstone is buying industrial warehouse assets from Singapore logistics provider GLP For $18.7 billion, in what Blackstone said is the largest-ever private real estate transaction.
Boeing - Some of Boeing’s 737 MAX jets may have faulty parts, according to the FAA. Boeing said it has identified 20 jets that most likely to have faulty parts and plans to check another 159 for the same parts.
Facebook – Facebook has been in contact with the Commodity Futures Trading Commission about rolling out a digital currency, according to the Financial Times.
Fiat Chrysler – Fiat Chrysler is discussing an improved bid for French carmaker Renault, according to Reuters, in order to win backing from the French government for a deal.
Merck, AstraZeneca – The drug makers reported upbeat study results involving their Lynparza drug. The treatment successfully stalled the advance of pancreatic cancer in certain patients.
Wynn Resorts, Las Vegas Sands – These and other casino operators in Macau may see their stocks benefit after gaming revenue in Macau hit a five month high in May.
Waste Management – Waste Management was upgraded to “outperform” from “sector perform” at RBC Capital, which cited the company’s unique positioning within its sector.
Salesforce.com – J.P. Morgan Securities removed the stock from its “Analyst Focus List”, based on current valuation following a 2½ year gain of 121 percent.
It's a new month for Wall Street, but so far it appears it will begin the same way the old one ended — with losses. The Dow has now fallen for six consecutive weeks for the first time in eight years, while the S&P 500 and Nasdaq have posted four straight weekly declines, as ongoing tariff tensions with China and now Mexico as well as U.S. economic uncertainty loom. (CNBC)
Market drop in May felt serious, but it is normal for stocks (CNBC)
The Dow's Friday close was its lowest since Jan. 29, while the S&P 500 and Nasdaq closed at their lowest since March 8. And although the Nasdaq is still up more than 12% for the year, it is moving closer to correction with a nearly 9% decline from its May 3 record closing high. (CNBC)
Goldman Sachs (GS) sees increased risks of escalations of U.S. trade disputeswith China and Mexico. There is now a 60% chance of the U.S. placing a new 10% tariff on the final $300 billion of Chinese imports. There is now a 70% chance of Trump imposing 5% duties on Mexican goods and a 50% chance that goes to 10%. (CNBC)
US-China trade deal isn't likely at the G-20 summit this month, JP Morgan and Morgan Stanley say (CNBC)
Morgan Stanley sees global recession 'in three quarters' if Trump escalates trade war (CNBC)
Top officials from the U.S. and Mexico are set to begin talks today over tariffs and border safety. "Mexico is sending a big delegation to talk about the Border," the president tweeted. "Problem is, they've been 'talking' for 25 years. We want action, not talk." (AP)
On the economic calendar, at 10 a.m. ET, both the May ISM manufacturing index and April construction spending are out. Some of the nation's automakers issue May sales today, although Ford (F) and GM (GM) only report on a quarterly basis. There are no major earnings this morning. Box (BOX) releases its quarterly number after today's closing bell.
President Donald Trump arrived for his first state visit to Britain today. Cracks are starting to appear in the transatlantic relationship, with political analysts concerned that his "off-the-cuff" and "impulsive" leadership style could make matters worse over the coming days. (CNBC)
Trump calls London Mayor Sadiq Khan a 'stone cold loser' (CNBC)
Everything you need to know about Trump's state visit (CNBC)
Trump tweeted that White House Council of Economic Advisers Chairman Kevin Hassett will "shortly" leave his post, but did not provide a reason. It's unclear who's set to takeover, in a time of drama between the U.S., China and Mexico. (Reuters)
Secretary of State Mike Pompeo said the White House's Mideast peace plan is possibly "unexecutable" and might not "gain traction," according to an audio recording of the private meeting obtained by The Washington Post.
Trump administration says it will negotiate with Iran with 'no preconditions'(NY Times)
More than 300 Boeing (BA) 737 jets, including the Max, may have faulty wing parts that don't meet strength and durability standards, the FAA said, following a joint investigation with the aircraft manufacturer. The agency plans to order airlines to remove and replace the parts if their aircraft are affected. (CNBC)
Alphabet's (GOOGL) Google unit is the subject of an upcoming antitrust probeby the Justice Department, according to multiple reports. The probe will focus on Google's search and other businesses. (CNBC)
Apple (AAPL) is expected to launch the latest version of iOS, its software for the iPhone and iPad, today at its annual Worldwide Developers Conference.The company has launched a new version of its iPhone software at WWDC every year since 2009, and analysts and reports don't expect this year to be any different. (CNBC)
Facebook (FB) has been in contact with the Commodity Futures Trading Commission about rolling out a digital currency, according to the Financial Times.
SoftBank's bid to raise a $100 billion fund is off to a rocky start, the Wall Street Journal reports. Some of the world's biggest money managers plan to make limited or no contributions to the Japanese technology giant.
Fiat Chrysler (FCAU) is discussing an improved bid for French carmaker Renault, according to Reuters, in order to win backing from the French government for a deal.
Goldman Sachs (GS) is buying Capital Vision Services, manager of the MyEyeDr optometry practices, from a private equity firm and a Canadian pension fund for $2.7 billion, including debt, according to the Wall Street Journal.
Apple – Apple holds its Worldwide Developers Conference Monday and is reportedly set to announce the end of its iTunes store. Bloomberg reports that iTunes functions will be divided among three newly developed applications.
Alphabet – Alphabet’s Google unit is the subject of an upcoming antitrust probe by the Justice Department, according to multiple reports. The probe will focus on Google’s search and other businesses.
Cypress Semiconductor – The chipmaker will be bought by Germany’s Infineon for $23.85 per share in cash, a 34 percent premium over Friday’s close. The deal is valued at $10.1 billion including assumed debt.
Humana – In an SEC filing, Humana said it did not intend to make a proposal to combine with health insurer Centene as an alternative to Centene’s planned acquisition of WellCare Health Plans. Humana said this statement was a one-time exception to its policy of not commenting on market rumors.
Goldman Sachs – Goldman is buying Capital Vision Services – manager of the MyEyeDr optometry practices – from a private equity firm and a Canadian pension fund. Goldman did not reveal financial details but the Wall Street Journal reports that the deal is worth $2.7 billion.
Blackstone Group – Blackstone is buying industrial warehouse assets from Singapore logistics provider GLP For $18.7 billion, in what Blackstone said is the largest-ever private real estate transaction.
Boeing - Some of Boeing’s 737 MAX jets may have faulty parts, according to the FAA. Boeing said it has identified 20 jets that most likely to have faulty parts and plans to check another 159 for the same parts.
Facebook – Facebook has been in contact with the Commodity Futures Trading Commission about rolling out a digital currency, according to the Financial Times.
Fiat Chrysler – Fiat Chrysler is discussing an improved bid for French carmaker Renault, according to Reuters, in order to win backing from the French government for a deal.
Merck, AstraZeneca – The drug makers reported upbeat study results involving their Lynparza drug. The treatment successfully stalled the advance of pancreatic cancer in certain patients.
Wynn Resorts, Las Vegas Sands – These and other casino operators in Macau may see their stocks benefit after gaming revenue in Macau hit a five month high in May.
Waste Management – Waste Management was upgraded to “outperform” from “sector perform” at RBC Capital, which cited the company’s unique positioning within its sector.
Salesforce.com – J.P. Morgan Securities removed the stock from its “Analyst Focus List”, based on current valuation following a 2½ year gain of 121 percent.
bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
DISCUSS!
What is on everyone's radar for today's trading day ahead here at StockMarket?
I hope you all have an excellent trading day ahead today on this Monday, June 3rd, 2019! :)
Futures were lower this morning, signaling a possible end to three-week win streaks for the S&P 500 and Nasdaq. The S&P is down 0.2% for the week, while the Nasdaq is up 0.2%. The Dow is slightly higher for the week but could lose that gain at the open. (CNBC) Blackstone (BX) shares surged 9.5% in pre-market trading after the investment firm announced it will become a corporation in July, shifting from its current status as a publicly-traded partnership. (CNBC)
Pinterest (PINS) begins trading today on the New York Stock Exchange after its initial public offering (IPO) priced at $19 per share, valuing the company at $10 billion. That was above the initially projected range of $15 to $17 per share. (CNBC)
Dow component Travelers (TRV) and Blackstone (BX) are among the companies reporting quarterly earnings this morning. Dow component American Express (AXP) and Intuitive Surgical (SRG) will report after today's closing bell. (CNBC)
On the data front, the government will issue March housing starts at 8:30 a.m. ET, with consensus forecasts calling for a 4.1 percent increase to an annual rate of 1.21 million units. Housing starts had fallen 8.7 percent in February. (CNBC)
Attorney General William Barr will discuss special counsel Robert Mueller's report today at a 9:30 a.m. ET press conference. Deputy Attorney General Rod Rosenstein will accompany him, according to NBC News.
The Mueller report is coming. Here's how we got here — and what's coming next (CNBC)
CNBC has learned Pete Buttigieg's presidential run has drawn the support of more than two dozen top Democratic fundraisers, including people who bundled big-dollar donations for Barack Obama and Hillary Clinton.
Facebook (FB) said last night it may have "unintentionally uploaded" the email contacts of up to 1.5 million users on its site, without their permission or knowledge, when they signed up for new accounts since May 2016. (CNBC)
Samsung's $1,980 Galaxy Fold phone is breaking for some users after a day or two of use. A review unit given to CNBC by Samsung is also completely unusable after just two days of use.
Samsung shares tumble amid concerns its foldable phones are breaking (CNBC)
Amazon (AMZN) is shutting down its domestic e-commerce marketplace business in China. It has faced stiff competition from Chinese e-commerce giants Alibaba and JD.com. It's also been less visible in terms of marketing. (CNBC)
It may be entering its middle age, but there appears to be plenty of life left in Ford's (F) 55-year-old Mustang "pony car." Ford upped the power on iconic Mustang muscle car with new performance package at the New York auto show. (CNBC)
Canopy Growth (CGC) is near a deal to buy rival cannabis producer Acreage Holdings, according to sources who spoke to CNBC. The transaction could be announced as early as today.
Some 60 doctors, pharmacists and other licensed medical professionals in five states are being charged in connection with illegally prescribing more than 32 million pain pills, in some cases for sexual favors, federal prosecutors said. (CNBC)
American Express — The financial services company earned an adjusted $2.01 per share for the first quarter, 2 cents a share above estimates. Revenue came in below Wall Street forecasts, however. American Express also reiterated its 2019 guidance.
Travelers — The insurance company reported adjusted quarterly profit of $2.83 per share, 9 cents a share above estimates. Revenue was slightly below forecasts. Travelers benefited from better underwriting results and lower catastrophe losses. The company also raised its dividend by 5 cents to 82 cents per share.
Honeywell — Honeywell earned $1.92 per share for the first quarter, compared to the consensus estimate of $1.83 a share. Revenue beat estimates as well, with Honeywell seeing strong demand for its aerospace products. The company also raised its full-year forecast.
Pinterest — Pinterest begins trading Thursday on the New York Stock Exchange after its initial public offering priced at $19 per share. That was above the initially projected range of $15 to $17 per share.
Las Vegas Sands — Las Vegas Sands reported adjusted quarterly profit of 91 cents per share, beating estimates by 4 cents a share. The casino operator's revenue came in above forecasts as well. The company's results were helped by strong growth in Macau, the world's largest gambling market.
Canopy Growth — Canpoy Growth s near a deal to buy rival cannabis producer Acreage Holdings, according to sources who spoke to CNBC. The transaction could be announced as early as today.
JPMorgan Chase — Chief Financial Officer Marianne Lake is leaving that job to lead the bank's consumer lending unit, while JPM's current card services CEO Jennifer Piepszak will step into the CFO role.
TSMC — The company formerly known as Taiwan Semiconductor reported its biggest profit decline in more than seven years during the first quarter. The world's largest contract chipmaker earned just under $2 billion, nearly 32% less than a year earlier.
Facebook — Facebook said it may have "unintentionally uploaded" email contacts of 1.5 million new users since May 2016. Facebook said the contacts were not shared with anyone and are being deleted, and affected users are being notified.
Tesla — Funds operated by T. Rowe Price slashed their holdings in Tesla during the first quarter, according to data from Refinitiv. The funds sold off 92% of their stock in the automaker during the quarter.
Pier 1 Imports — Pier 1 reported a bigger-than-expected loss during its fiscal fourth quarter, as well as lower than expected revenue and a 13.7 percent decline in same-store sales. Additionally, Chief Financial Officer Nancy Walsh is leaving the home furnishings retailer after being in that job for less than a year.
E*Trade Financial — E*Trade earned $1.09 per share for its latest quarter, beating the consensus estimate of 93 cents a share. The online brokerage also reported 135,000 new accounts during the quarter, a 41% jump in new account adds compared to the same quarter a year earlier.
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Partner with a gaming company already in business.
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2015 Annual Report (PDF 1.41 MB) PDF Format Download (opens in new window) 2016 Proxy Statement (PDF 367 KB) PDF Format Download (opens in new window) 2014 2013 Las Vegas Strip casinos that grossed at least $1 million in annual gaming revenue are coming off a very prosperous 12-month run. That’s according to the 2017 Nevada Gaming Abstract, released late... In 2015 Strip casino set an all-time total revenue record of more than $16.7 billion. However, gaming revenue of $5.8 billion, was just 34.9 percent of the overall total and declined 2.5 percent ... The hotel-casino, which was sold to a division of the Blackstone Group at the end of December for $1.73 billion, said the Strip resort had $86.3 million in net revenue during the quarter that ended... Las Vegas’ five-month losing streak in 2019 has finally come to an end. Overall, Nevada’s gaming revenue increased by 11.6% to $1.041 billion. On the Vegas Strip, gambling revenue increased by 17.7% to $616.6 million. It’s a huge win for casino operators in this city. Las Vegas Casinos Generated $24.54 Billion In Revenue In 2019. (Photo by Robert Mora/Getty Images) Comments. David Hookstead Smoke Room Editor-in-Chief. February 11, 2020 8:35 AM ET. Font Size: Casinos in Las Vegas generated a crazy amount of revenue in 2019. LAS VEGAS (AP) — Casinos in Nevada reported $11.9 billion in revenues in 2018, the third-largest total in the state’s history that inches the state closer to a revenue mark not seen since before the Great Recession. The Nevada Gaming Control Board on Thursday released data showing a 3 percent revenue increase compared with 2017. Slot machines were responsible for almost 65 percent of the total winnings. This statistic shows the casino revenue of Las Vegas Sands worldwide from 2009 to 2019, by property. This statistic shows the casino revenue of the Hard Rock Hotel & Casino Las Vegas from 2010 to 2015. In 2014, the revenue generated by the casino at the Hard Rock Hotel & Casino Las Vegas reached... Wynn Resorts annual/quarterly revenue history and growth rate from 2006 to 2020. Revenue can be defined as the amount of money a company receives from its customers in exchange for the sales of goods or services. Revenue is the top line item on an income statement from which all costs and expenses are subtracted to arrive at net income.
1970s Las Vegas, Daytime Drive, HD from 35mm - YouTube
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