Gaming

It’s time for Sheldon Adelson to leave Las Vegas

28 Oct 2020

His $37 bln casino company may sell U.S. assets for $6 bln to double down on fast-growing Asian markets. That would thin its hedge against risks in Chinese Macau, but Nevada contributes barely 10% of earnings. Las Vegas Sands could use the cash for deals – and debts.

Corona Capital: Binge-watching, Gaming

27 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Streaming viewers like to binge-watch, but they are being stingy; a fresh surge of Covid-19 cases could be a boon for gaming developers.

Roblox IPO has just enough buzzwords

21 Oct 2020

The online video game for kids isn’t just something that entertains. It combines social media, unique content and even a cryptocurrency. The mooted $8 billion value may be a stretch, especially given the faddish nature of gaming. But Roblox is unique enough to justify it for now.

Corona Capital: U.S. state budget woes

20 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Some conservative U.S. states are hurting as much as liberal New York.

Corona Capital: Kazakhs, Norwegians, Airlines

15 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Kaspi gives ECM bankers something to smile about; Norway’s sovereign wealth fund has a so-so third quarter; and United Airlines has more bad news on jobs.

Australia’s Crown trapped inside its gilded cage

15 Oct 2020

The $4 bln casino empire is facing intense regulatory scrutiny for allegedly dodgy dealings involving Chinese high-rollers. It puts a new resort licence in jeopardy. Billionaire James Packer also has conceded the ownership structure may need changing, but it could be a hard sell.

Corona Capital: Bankers, Virus vices, Student digs

8 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Japan’s Mizuho tries to get its employees to take it easy; smokers and gamblers struggle to kick the habit during lockdown; UK landlord Unite Group finds even student property is not immune to Covid-19.

David Beckham’s e-sports IPO is speculative effort

2 Oct 2020

Guild Esports, backed by the former soccer star, raised $26 mln in a London listing. Its plan is to recruit pro gamers and tap into a $1 bln market flush with fervent fans and eager advertisers. Making money out of real-world sports teams is hard enough. This looks even tougher.

UK bookie bidding war may have two winners

25 Sep 2020

William Hill shares rose 38% after it said Caesars Entertainment and Apollo made rival approaches. Neither will make a decent return at its current market value of $4 bln. Better to opt for a carve-up, with the casino operator taking the U.S. unit and the buyout group the rest.

Microsoft launches $7.5 bln gaming war of addition

21 Sep 2020

That’s what CEO Satya Nadella is paying for ZeniMax, owner of games like “Fallout.” The aim is to persuade more users to enlist in Microsoft’s subscription service and force providers like Apple to stream content on its terms. Success would make Microsoft look unstoppable.

Corona Capital: Bumble IPO, SPACs

2 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: The Blackstone-backed dating site may be eyeing an $8 bln valuation if it goes public next year, more than twice its pre-virus price tag. Ex-MGM exec Harry Sloan adds online gaming to his blank-check company empire.

Corona Capital: KFC ditches finger lickin’

25 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The Yum Brands’ fast-food chain made eating fried chicken synonymous with cleaning your digits with your mouth. KFC has at last realized that’s a no-no in a pandemic.

“Fortnite” battle is the new TV blackout

14 Aug 2020

Owner Epic is suing Apple and Alphabet after the tech firms kicked the popular game out of stores. Like U.S. cable and network fights, the problem is a lock on distribution. There, battles are often public but end with small wins for content. Epic could expect the same.

Tencent encapsulates new challenge for China tech

12 Aug 2020

The $635 bln giant derives most of its value from video games, ads and payments units that don’t rely much on foreign partners. But any restrictions on working with U.S. firms might have an outsize effect on its growth. Boss Pony Ma will have to sweat his company harder.

Barry Diller takes virtual bet on casino gambling

11 Aug 2020

The mastermind behind internet conglomerate IAC has taken a 12% stake in MGM, calling it a “once in a decade” chance. That’s true if he can bring online expertise to the e-roulette tables. With a minority stake, though, that’s no sure thing. The price gives him good odds.

Investors make $17 bln bet on “Fortnite” longevity

11 Aug 2020

That’s the price tag implied by Epic Games’ $1.8 bln fundraising. The maker of the cult shoot-‘em-up game is now valued in line with bigger rivals Activision and Electronic Arts. Software and a nascent online store may diversify revenue, but survival depends on finding new fans.

Corona Capital: Aviva’s restructuring

6 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: New CEO Amanda Blanc is reinstating the UK insurer’s dividend and is even open to selling its Asian and European businesses. That’s music to investors’ ears.

Corona Capital: Disney movie magic, “Call of Duty”

5 Aug 2020

Concise views on the pandemic’s corporate and financial fallout: The Magic Kingdom’s decision to send “Mulan” straight to streaming impressed investors, but is bad news for cinema chains; Activision Blizzard’s shoot-‘em-up game brings a profit surge.

Corona Capital: Lockdown diets, Beating the Fed

14 Jul 2020

Concise views on the pandemic’s corporate and financial fallout: Covid-19 is prompting diets for both animal and human; and the Fed takes a hit on a garbage deal.

Ubisoft’s #MeToo blindness leaves it in M&A bind

13 Jul 2020

Shares in the $10 bln French video game developer tumbled after senior managers left amid allegations of harassment. In 2017, other shareholders helped CEO Yves Guillemot ward off suitor Vivendi. Recent underperformance means the “Assassin's Creed” maker has fewer lives left.