Leisure/Hotels

Corona Capital: Record Dow, Basketball, GoCompare

25 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: Vaccine optimism shunts the blue-chip Dow Jones index through 30,000; U.S. college basketball gets back on the court; and UK publisher Future snaps up the bargain-hunting website.

Corona Capital: Cash stockpiles, Empty real estate

23 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. companies hoard money; retailer rout causes real estate double whammy.

Blackstone suited to be Crown buyer of last resort

23 Nov 2020

Regulators suspended the Aussie casino operator’s gaming licence for a new luxury Sydney complex. That darkens the clouds over James Packer’s embattled $5 bln empire. The buyout shop is already an investor and knows a thing or two about buying and breaking up real estate groups.

Cineworld debt horror show points to gory finale

20 Nov 2020

The world’s second-largest cinema chain wants to cut rents at its UK venues, the FT says. That would barely dent borrowings of $8 bln. Even if lockdowns end and viewers return, CEO Mooky Greidinger may need shareholders to inject as much as $2 bln, or risk lenders taking control.

Airbnb’s IPO doesn’t require head-in-sand moment

16 Nov 2020

The home-sharing app’s revenue fell 30% in the first nine months of the year as Covid cut into travel. That isn’t great, but it forced Airbnb to rein in unnecessary spending just as similar firms’ stocks rose. An IPO valuation above $31 billion – its last marker – isn’t a stretch.

Corona Capital: GM earnings, Third-quarter readout

5 Nov 2020

Concise views on the pandemic’s corporate and financial fallout: General Motors swerves around Covid-19 potholes; and U.S. companies look to have emerged from a difficult three months in better shape than expected.

Corona Capital: Utah Jazz, Comcast, Kraft

29 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Utah Jazz’s owners sign off with a respectable return; Comcast shoots the light out on broadband; and Kraft rides the stay-at-home wave.

Corona Capital: Drugmaker’s pick-me-up, Golf M&A

28 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Drugmaker GSK sees a recovery in vaccinations against old-school ailments; meanwhile Covid-19 turns out to be a handy driver when it comes to golf-related dealmaking.

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: Quibi

22 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Video streaming company Quibi’s failure is in spite of – not because of – the Covid-19 pandemic.

Crown Resorts disabused of gambler’s conceit

22 Oct 2020

A protest vote by shareholders has belatedly targeted the $4 bln casino operator’s cosy and inexperienced board. At least it’s forcing the Australian company to concede a shakeup is needed to clean up its mess. It’s a good reminder about why the right sorts of directors matter.

Could Bill Ackman’s SPAC buy Bloomberg or Airbnb?

21 Oct 2020

The media firm and the home-sharing app have both been reported as possible targets for the activist hedge fund manager’s blank-check company. His $5 billion hook could land a big fish by taking a small stake. But large, well-known private firms don't need a SPAC to go public.

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.

Corona Capital: NBA, Polish e-commerce, Tesco

12 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: A major basketball bake-off fails to pull in the online crowds; Poland’s biggest e-commerce company flies from the shelves; and UK grocer Tesco wrestles with supply chain problems.

Macau casinos now playing for an inside straight

8 Oct 2020

China’s long holiday break has brought few visitors to the Asian gambling hub. That makes it hard to accept rosy forecasts that revenue at Sands, SJM and Galaxy will reach more than 85% of pre-pandemic levels next year. It’ll take consumer exuberance and policy help to get there.

Corona Capital: Donald Trump, Kenzo Takada

5 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: U.S. President Donald Trump’s fight with the coronavirus could lead to a less fiercely contested election result; the death of Japanese designer Kenzo Takada comes at a bad time for the global fashion industry.

Corona Capital: U.S. jobs, Real estate

2 Oct 2020

Concise views on the pandemic’s corporate and financial fallout: Americans slowly get back to work; New York City real estate sales fly to Florida.

Corona Capital: U.S. sports’ virus-bubble success

29 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: Professional hockey and basketball associations scored victories keeping infection rates low or at zero in spectator-free games. And less traveling and more sleep helped players up their game. Wall Street take note.

Corona Capital: Vaccines, Olive Garden, Oil

24 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: Vaccine concerns are bad for the economy; cravings for never-ending pasta bowls return; and oil practitioners tell sad truths.

Corona Capital: LVMH and Macron, Eyewear deals

23 Sep 2020

Concise views on the pandemic’s corporate and financial fallout: LVMH has friends in high places; 1-800 Contacts has semi-disposable owners.