Gaming

Betting minnow turns high roller with $3 bln wager

9 Sep 2021

London-listed 888 is paying more than its current market value for William Hill’s non-U.S. assets. It’s a quick way to gain scale but pushes debt to a hairy 5 times EBITDA. Ample savings and the chance to diversify into licensed online games and sport make it a calculated punt.

Xi’s anti-screen campaign will reshape family time

31 Aug 2021

Beijing has restricted kids to three hours of video games a week to combat addiction. The financial hit looks manageable for $575 bln Tencent and peers. But the president wants to drag children away from phones into healthier activities. Investors should brace for more measures.

Tencent’s Disney-like ambitions will enchant Xi

18 Aug 2021

Games, movies and web shows did well in the quarter, showcasing the $540 bln group’s entertainment prowess. Unlike the U.S. giant, censors dictate what Tencent can do. Yet a Chinese answer to the Magic Kingdom at least fits into Beijing’s vision of a prosperous middle class.

Capital Calls: Sea’s rising tides

18 Aug 2021

Concise views on global finance: The $162 billion Southeast Asian tech group’s revenue is soaring, but so are its costs.

Capital Calls: Olympics on TV, Abrdn

10 Aug 2021

Concise views on global finance: NBC Universal's prime-time viewers for the Tokyo games were only half as many as for London 2012, boding ill for traditional U.S. TV; the British asset manager formerly known as Standard Life Aberdeen may be turning the corner.

Capital Calls: U.S. jobs, BBQ IPOs, Wm Morrison

6 Aug 2021

Concise views on global finance: The Delta variant puts a leisure job boom at risk; two grill makers’ floats show the IPO market isn’t frozen; Fortress strikes in the bidding war for a UK supermarket.

Capital Calls: GM, Hugo Boss, NYT, Frontier tech

4 Aug 2021

Concise views on global finance: The U.S. automaker finds inflation cuts both ways; the German-listed fashion brand hopes to double sales by 2025; advertising is a bright spot for the New York Times; Zymergen vaporized 75% of its value under four months after a $3 bln IPO.

Capital Calls: Grab, Gaming, SocGen, Stellantis

3 Aug 2021

Concise views on global finance: The Southeast Asian super-app delivers some of the goods; Tencent shares tank after Chinese state-media criticism; the French lender’s investment bank overhauls goals; the carmaker hikes operating margin targets to a chunky 10%.

Las Vegas Sands’ new boss lays down his cards

22 Jul 2021

The first set of quarterly results under Sheldon Adelson’s successor show Covid is sapping growth in Asia. But Robert Goldstein is touting bold plans to take the $38 bln casino empire online. The fresh strategy looks promising and might reward investors who play a long game.

Capital Calls: Volvo, Moderna, Mediobanca

21 Jul 2021

Concise views on global finance: The Swedish automaker boosts its appeal ahead of a possible IPO by buying out its Chinese joint venture partner; joining the S&P 500 will cut both ways for the vaccine maker; another Italian tycoon ups his stake in the Italian investment bank.

Capital Calls: Chinese hacking, Tencent

19 Jul 2021

Concise views on global finance: When the only response to China hacks is harsh words, companies will pay the price; the $680 billion technology giant places a heavyweight bet on UK gaming group Sumo.

Capital Calls: U.S. jobs, Didi probe, Pharma LBO

2 Jul 2021

Concise views on global finance: The U.S. added 850,000 jobs in June but the recovery isn't happening everywhere. Meanwhile, Didi is hit with an investigation by a Chinese regulator days after its U.S. listing, and a pharma buyout by EQT and Goldman is a game of hot potato.

Capital Calls: Infrastructure, Doximity, Deliveroo

24 Jun 2021

Concise views on global finance: President Biden’s $1 trln bipartisan plan for U.S. infrastructure is a feat of political engineering. Meanwhile, medical-themed social network Doximity finds riches in niches, and UK delivery outfit Deliveroo serves up a favorable court ruling.

DraftKings’ luck tilts odds against short seller

17 Jun 2021

Hindenburg Research questioned the legitimacy of some of the online-betting firm’s business. Even if proven right, the revenue impact would be small. Like many digital stocks DraftKings looks overvalued right now. But in this market, it’s risky to bet against the momentum.

Capital Calls: Corporate America blowback

15 Jun 2021

Concise views on global finance: An investor lawsuit against Trump-era rules on shareholders' proposals is the latest sign of the tables turning.

Capital Calls: AMC craziness, Pro lacrosse

2 Jun 2021

Concise views on global finance: The movie-theater chain raised $230 million from a hedge fund, which promptly sold the shares at a profit; New England Patriots owner Robert Kraft and Alibaba's Joe Tsai are betting on the latest U.S. effort to professionalize the preppy sport.

Star’s stack looks too short to win Crown deal

31 May 2021

The Aussie casino operator’s $7 bln offer interested its larger rival, unlike the Blackstone bid that was dubiously spurned. Star’s proposal is less than it’s cracked up to be, however, and there’s little wiggle room to improve it. Only gaming regulators can help its cause.

Capital Calls: Airbus signals liftoff, Bill Gates

27 May 2021

Concise views on global finance: The global aircraft industrial complex got a boost after the European plane maker said it hopes to churn out more of its A320 short-haul workhorses per month than expected; Microsoft founder’s huge private investment vehicle under scrutiny.

Capital Calls: BlackRock/Exxon, Media deals, SPACs

25 May 2021

Concise views on global finance: The giant asset manager will vote for three dissident nominees for Exxon Mobil’s board; boutique adviser LionTree has benefited from a rash of media deals; Lordstown Motors show why blank-check merger projections can’t be relied upon.

Sea has a new reason to play a smart game

18 May 2021

The success of the $114 bln Southeast Asian giant’s gaming unit is tied to third parties like backer Tencent. Developing more of its own hits like “Free Fire” will provide a more stable core to offset losses in areas like e-commerce as rivals Gojek and Tokopedia tie up to compete.