iBET ETF Insights: Penn Entertainment has just unveiled their Q3 report, and the numbers are way up, showing an annual net income increase of 43% to $123.2 million from the prior year of $86.1 million. The company reported $1.6 billion in revenue up 7.5%. Penn is crediting its increase in revenue to adjusted EBITDA results including the Kansas launch as well as a successful media campaign in Ontario. Snowden elaborated on the Ontario strategy stating, “In Ontario, we are enjoying early success during our first football season while benefitting from theScore Bet’s seamless transition to our own fully-integrated, proprietary tech stack.”
iBET ETF Insights: The Houston mogul Tilman Fertitta, has just become the second largest shareholder of Wynn Resorts (WYNN) according to SEC filings which show he has built a 6.1% stake, totaling around 6.9 million shares in the company. Hospitality Headquarters Inc. and Fertitta Entertainment were two names listed in the share purchase from Fertitta. With that the share price of WYNN jumped almost 10% today as investors pile in. Wynn generates around 70% of all of its revenue from Macau which just announced they will be resuming e-visas as well as tour groups in November. If Fertitta were to acquire more of Wynn he could look to become a member of the board and with that he could aid in Wynn Macau’s hospitality efforts using his aforementioned company.
iBET ETF Insights: As Macau begins to ease tourist visa restrictions for mainland visitors, shares of casino operators are on the rise. Shares of Sands China Ltd. were up 4.4% today to HK$13.70, Wynn Macau Ltd. went up 4.9% to HK$3.29, and Galaxy Entertainment Group Ltd. rose 3.0% to HK$36.25. This sudden increase comes as China’s National Immigration Administration stated they would resume visa applications for mainland residents on November 1. The easing of visa restrictions is the first step in Macau’s road map to regaining the interest of investors.
iBET ETF Insights: Nine months into 2022 and casinos in Nevada are already way ahead of lasts years revenue numbers. Analysts have stated that Nevada’s gaming industry is on track to not only beat, but shatter 2021’s $13.4 billion in revenue. The Las Vegas Strip is responsible for more than 55% of the total revenue reporting $693 million for September, over 8% higher than September 2021. A quote from Wells Fargo gaming analyst Daniel Politzer states, “For the third quarter, Strip gaming revenue was 1 percent up year-over-year and up 23 percent versus the third quarter of 2019.” The numbers are up but visitation is also up for Nevada as the state saw more than 3.35 million visitors, the third highest month this year. Sports betting in Nevada also almost broke a record receiving $70.6 million just shy of the $72 million record but still up 30.2% from 2021.
iBET ETF Insights: Ohio is getting closer and closer to their January 1, 2023 launch for online sports betting and operators are getting prepared. Caesars is leading the charge with the recent launch of their Caesars Sportsbook app allowing future bettors to pre-register and deposit their funds into accounts to be ready for launch day. There is also a special registration offer being provided for fans who pre-register for their app, adding another incentive for eager bettors. Caesars Digital President commented on the launch adding, “Ohio’s rich tradition of sports excellence speaks for itself. Caesars Sportsbook is ready to match the pedigree and passion of Ohio sports fans with a sports wagering experience that treats them like royalty.”