Melco Resorts Leads the Pack

With gains of over 21%, Melco Resorts was the best-performing gaming stock in our coverage universe. 

The stock was also among the biggest gainers in the preceding week and has now extended its year-to-date gains to nearly 48%. Last week’s rise could be attributed to optimism over strong growth in the Macau market.

On Tuesday, Macau reported a 19% YoY increase in June gaming revenue, which was over twice what analysts were expecting. 

As a result, on July 1, JP Morgan Chase & Co. upgraded Melco from a “neutral” rating to an “overweight.” On July 7, Wall Street Zen upgraded the stock from a “hold” rating to a “buy” rating.

Outside Macau, another factor contributing to the surge in share price was Melco’s announcement on Monday that it will open its City of Dreams Sri Lanka resort in early August. 

Douyu Stock Rises, Still Down Year-To-Date

Douyu International Holdings was the second-largest gainer, with the stock adding 18% last week, thanks to an over 10% spike on Friday..

Despite recent gains, the stock is down over 32% for the year and approximately 62% lower than its 52-week high due to concerns over the company’s financial health.

Wynn, MGM, and Las Vegas Sands Ride Macau Wave

Wynn Resorts gained 14% last week, with the gains primarily attributable to the positive June revenue update from Macau. The stock is now up 22.6% for the year, which, although below BETZ, is well ahead of the broader market.

MGM Resorts also outperformed last week after the update from Macau, gaining more than 11%, which helped it bridge its year-to-date losses and turn positive for the year.

Also, with an 11% growth, Las Vegas Sands rounded out the top beneficiaries of the strong Macau Results.  

Bally’s Pops on Intralot Deal

Bally’s Corporation was among the major gainers last week, with the stock increasing by over 12%. 

On Tuesday, Bally’s Corporation shares rose almost 16% after Intralot S.A. announced that it would acquire the company’s International Interactive division for €2.7 billion, paid in a mix of cash and stock.

Despite the influx of cash to support mounting debt, Fitch Ratings placed Bally’s on rating watch negative, indicating Bally’s financial stability may deteriorate because it is selling a profitable unit and becoming more exposed to other risks.

Huya Continues to Sink, DraftKings Feel Big Beautiful Bill’s Effect

Huya lost a third of its market capitalization last week, continuing its dismal run from the previous two weeks. The stock was quite volatile last week, plummeting 36% on Monday, followed by a rise of over 13% on Tuesday.

Even a generous ex-dividend payout of $1.47 (part of a planned $400 million return to shareholders) could not save the stock from the Monday freefall.   

The NYSE applied “due bill” procedures for the dividend, which mandated that those who bought the stock on or before the record date of June 17 but before the payment date of July 1 were eligible for the dividend, even if the trades were settled after July 1. The procedure was implemented due to the high dividend yield compared to the stock price.

While the fat dividend is succor, considering the stock trades at under $2.50, Huya has been a long-term underperformer and trades at just about one-tenth of its all-time high. The tech crackdown in China, coupled with a structural slowdown in the world’s second-biggest economy, has taken a toll on the stock.

Moreover, Huya faces intense competition from Chinese rivals. It has also posted GAAP losses for three consecutive years, which has made the market apprehensive about the company’s future.

Sea Limited Struggles with E-Commerce Headwinds

Sea Limited was among the other prominent losers, losing 5.7% last week. 

The company is not a pure-play gaming company; while its subsidiary, Garena, is in the gaming business, it is a global tech conglomerate with a presence in e-commerce and the fintech space. 

The recent decline is attributed to concern over higher competition in the other two businesses, particularly e-commerce, where TikTok Shop is gaining ground.

Additionally, several institutions, including the Teacher Retirement System of Texas and Sumitomo Mitsui Trust, reduced their holdings, which triggered further pressure.

DraftKings Hit by New Gambling Tax Concerns 

DraftKings stock lost 3.5% last week, which is linked to the passage of President Trump’s signature tax and spending bill, dubbed the One Big Beautiful Big Act (OBBBA). 

The Act would raise taxes for the gambling industry, as it mandates a 90% deduction for losses, which could result in gamblers paying taxes even if they don’t make a profit. For context, under current regulations, all gambling losses can be deducted from income up to the total winnings.

“I’ve spoken to many clients, and they’re very concerned,” said Zachary Zimbile, an accountant with experience in gambling regulations. He added, “If you add a 10% penalty, it’s going to eat into a lot of their profit.”

Separately, last week, DraftKings announced the launch of its Responsible Gaming tool named “My Budget Builder,” which lets players set customized limits and receive easy reminders.

Genius Sports Sees Volatility Despite Index Inclusion

Genius Sports also closed in the red last week despite its inclusion in the Russell 3000 Index. Inclusion in any index means that passive funds tracking that index must necessarily buy the stock in the same percentage as the index.

While usually stocks rise on inclusion – and Genius Sports did gain on Monday (the day it was included in the index) – it subsequently pared gains amid concerns over the impact of Trump’s tax bill provisions on gambling revenues.

The 3% decline for the week showcases the recent volatility of the stock. In the past few weeks, it has posted growth followed by declines and vice versa. 

Still, Genius Sports’ stock is performing well for the year. It’s up almost 8% over the past month, primarily driven by a new NFL deal, and for the year, it has grown over 18%. 

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With the backing of the Macao Government Tourism Office and the Sports Bureau of the Macao SAR Government, the masters is set to return at the Wynn Palace from December 25 to 28, 2024. 

Linda Chen, President and Vice Chairman of the Board of Wynn Macau, stated during a press conference to announce the event: “Wynn is committed to hosting premier international sporting events, establishing a diverse global perspective for Macao. ‘Wynn Presents – 2024 Macau Snooker Masters’ not only advances Macao’s “Tourism + Sports” strategy but also offers a diversified travel experience for locals and visitors, contributing to the development of Macao as a ‘City of Sports’.” 

The 2024 Macau Snooker Masters will have a new play format for the upcoming tournament,  with a challenge match to be conducted with “Wynn Brand Ambassador” O’Sullivan, who will take on the world’s best players in the format Best-of-7 frames in a bid to further elevate excitement for the tournament.

The tournament has extended the invitation to a total of nine world elite snooker players to compete at Wynn Place, including O’Sullivan, Ding Jun Hui, Marco Fu, Judd Trump, Jack Lisowski, Stuart Bingham, Jak Jones, Kyren Wilson, and Si Jia Hui.

O’Sullivan commented on the upcoming tournament and his recent deal: “I would like to thank our organiser, Wynn, for inviting me back for the tournament again. As the Wynn Brand Ambassador, I am very honoured to be working alongside Wynn in promoting and increasing the popularity of snooker around the world. 

“Meanwhile, I can’t wait to have fantastic games with all these outstanding players in Macao by the end of this year, while celebrating the festive season with our fans.”

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Speaking at a broadcast of the J.P. Morgan Gaming, Lodging, Restaurant & Leisure Access Forum, Hornbuckle emphasised that the market within the Middle East is ‘fascinating’. 

It comes amid proposals for a lottery and digital gambling bill in Abu Dhabi, something that Hornbuckle believes could lead to a quick expansion of the region. 

Hornbuckle also praised the regulators involved in forming the framework for the UAE, which he believes is a ‘fascinating’ market and can be driven by the robustness of the individuals that are building the regulations. 

The official body to oversee a regulated gaming industry in the region was officially appointed at the end of last year, it was described as “a team of internationally credentialed leaders”.

The General Commercial Gaming Regulatory Authority appointed Kevin Mullally as Chief Executive Officer and Jim Murren as Chair of the board of directors.

Hornbuckle expressed optimism that, following Ramadan, there will be developments and further discussions around the regulatory framework. 

Furthermore, during an update last year Wynn Resorts CEO Craig Billings described the region as the “most exciting new market opening in decades.”

He added: “We believe it highly unlikely that every emirate will ultimately avail themselves of the right to host an integrated resort.

“There’s a whole bunch of reasons for this, ranging from cultural nuances to population density, to varying degrees of need for the additional visitation. Our view is that it will likely be us and us alone for a multiyear period given that we are well underway on construction now. 

“And of course, we all know the advantages of being first as we have seen in other markets. After that, it may be a duopoly or an oligopoly of three, but I find either ultimate market structure undaunted given the database advantages of being first and the fact that we very successfully operate in the two most competitive markets in the world, Vegas and Macau.”

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This will see the operator gain receipt of a casino licence in the near future as Wynn’s multibillion dollar integrated resort on the man-made Al Marjan Island in Ras Al Khaimah, United Arab Emirates, progresses.

In addition to heavily praising the future prospects for the group, Billings, in a Q2 earnings call, confidently predicted that a 40 per cent equity ownership and management licence fees “will drive a very healthy ROI for Wynn Resorts shareholders”.

In addition to noting that the firm will bring its “’A’ game to this development”, ongoing construction currently sees over 40 per cent of the required hotel piles in the ground.

Furthermore, Billings was also quizzed on if everything is in place to execute on the full plan that was laid out in its initial projections.

“We have everything we need to operate gaming in Al Marjan,” he commented. “And I think there’s confusion here because there’s a lack of understanding regarding individual Emirates versus the UAE as a whole. It’s clearly a 10, as I think I’ve talked about before to a state and federal system.

“I see tremendous value in our business, and I know our brightest days are ahead of us”

“So while there may be conversation in other Emirates about legalisation or legalisation at the federal level, thereby covering all Emirates, I expect that we will have our licence for Ras Al Khaimah actually imminently. 

“But there should be no concern that there is a legalisation process that needs to occur in order for a broader legalisation process in order for gaming to occur in that property.” 

In addition to the UAE, the company also addressed Wynn’s other operational markets, with Las Vegas’ Formula 1 and Super Bowl expected to “definitely play to the strengths of our brand”.

Elsewhere, in Macau, Billings is said to be “deep into design and planning for our concession-related capex commitments”, which it is believed will help support the region’s long-term diversification goals and be additive to its business over the coming years. 

Billing concluded: “We have a more diversified business with the addition of Encore Boston Harbor; we have a business in Macau that is running structurally higher margins into a resurging market; a business in Las Vegas that is more relevant than ever and is producing nearly double its 2018 EBITDA on much higher margins; and we have a very substantial growth opportunity in the UAE, the most exciting new gaming market in decades. 

“I see tremendous value in our business, and I know our brightest days are ahead of us.”

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The year thus far has been “very different in Macau than it has been in North America” noted Billings in a Q2 earnings call, with the “very difficult market” seeing gross gaming revenue in July only reaching around two per cent of levels encountered in July 2019.

Overall, EBITDA loss for the group through April to June was $90m, while post Q2, due to an almost two-week marketwide casino closure in July, that loss “has been comparable at approximately $1m per day quarter to date in Q3”.

“Our folks in Macau have endured what I know is a difficult period of isolation and volatility while our teams in Las Vegas and Boston have responded admirably to meaningfully elevated business volumes,” said Billings.

Adding: “Our team has done a fantastic job controlling costs in a very challenging operating environment through a combination of decreases in payroll and fixed opex.”

However, with Wynn currently working through a response to the concession tender RFP, the group’s stance from the first quarter remains as confidence in the region’s recovery is stressed.

“Longer term, we remain excited about the prospects for Macau with so much pent-up demand for travel and tourism in Asia,” it is added. 

“Our market-leading assets and strong liquidity position us well to thrive as visitation returns to the market over time.”

“…we remain excited about the prospects for Macau with so much pent-up demand for travel and tourism in Asia”

This comes as Wynn details an 8.21 per cent revenue decrease to $908.8m (2021: $990.1m), as net loss lowered fractionally from $131.4m one year ago to $130.1m, and adjusted EBITDA dropped 13.38 per cent to $179.2m (2021: $206.9m).

For the three months ending June 30, 2022, revenue increases to $561.1m (2021: $355.1m) and $210.2m (2021: $165.2m) were felt across Las Vegas operations and Encore Boston Harbor.

This offset drops at Wynn Palace and Wynn Macau, which closed at $58.7m (2021: $270.4m) and $58.6m (2021: $184m).

Elsewhere, Billings also reiterated trust in a long-term digital strategy that was implemented last year, with fresh entrants to the US’ online ecosystem a cause for optimism at the company.

“At Wynn Interactive, the strategy we implemented late last year to manage the business with a long-term shareholder-friendly view is working with our overall EBITDA burn rate declining to $21m in Q2 from $32m in 1Q, despite a three per cent quarter-over-quarter decline in total turnover due to the seasonally weak second quarter sports calendar. 

“We are looking forward to the potential for a significant catalyst for WynnBET in Massachusetts both in digital and retail sports betting.”

To close, attention was once again shifted towards the UAE, which will see a multibillion dollar integrated resort developed on the man-made Al Marjan Island in Ras Al Khaimah.  

“The design and programming for our project in the UAE are really coming along, and I grow more excited about the opportunity every day,” he concluded.

“The project parking along a beautiful white sand beach will contain a 200,000 square foot casino, an extensive food and beverage portfolio and numerous forms of entertainment and spectacle. The more time I spend in this project, the more I’m convinced in our ability to build robust gaming and non-gaming businesses.”

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Speaking on the group’s first quarter earnings call, Craig Billings, CEO of Wynn Resorts, suggests that the market is going to reopen as a “more mass-centric market and with the best product and the best service in the market.”

“We feel good about our ability to compete,” he continued. “What I find fascinating is we’ve seen throughout the course of COVID, we’ve seen new customers come to Macau, different customer motivations than perhaps historically we’ve seen, shopping motivation, leisure motivation, things like that. 

“Part of the reason that that’s the case is because Hong Kong hasn’t been accessible. And that really piques our interest when we think about what the future development of Macau might be from a non-gaming perspective.”

Adding: “Longer term, we remain excited about the prospects for Macau with so much latent demand in the region. The market is evolving and we are prepared to adapt and grow our businesses. We embrace those changes. 

“The concession process continues to move forward according to the pre-established timeline with the amended gaming law currently progressing through the legislative assembly. We continue to be pleased with the process and with the content of the amended law.”

Elsewhere, the casino and entertainment operator has also “quickly” shifted into design on its project in the UAE, which will see a multibillion dollar integrated resort developed on the man-made Al Marjan Island in Ras Al Khaimah.

“I grow more excited about the opportunity with each iteration of that design,” continues Billings amid an assertion that the group will punch well above its weight as talk of potential competition in the region rises.

“The island which is really a blank canvas for us presents amazing opportunities to do what we do best. From offshore large-scale water and light spectacles akin to the Lake of Dreams in Las Vegas, to a room product that takes advantage of the unique aspects of a beach side setting, 

“I’m confident we are going to deliver something special to a market that is accustomed to paying a premium for luxury experiences.”

These comments come as the company reports its financial performance through the year’s first quarter, which saw revenue increase 22.72 per cent to $953.3m (2021: $736.7m).

For the three months ending March 31, 2022 increases to $441.2m (2021: $178.7m) and $190.8m (2021: $130.1m) were felt across Las Vegas operations and Encore Boston Harbor, which offsets drops at Wynn Palace and Wynn Macau which closed at $163.3m (2021: $237.3m) and $135.1m (2021: 179.7m).

At Wynn Interactive, net gaming revenue increased 23 per cent sequentially despite materially lower user acquisition spend, with the passage of a sports betting ill in Massachusetts causing optimism.

Net loss attributable to Wynn dropped to $183.3m (2021: $281m) during the quarter, with adjusted EBITDA up 66.83 per cent to $177.6m (2021: $58.9m).

“Our first quarter results reflect continued strength at both Wynn Las Vegas and Encore Boston Harbor where our teams’ unrelenting focus on five star hospitality and world class experiences combined with very strong customer demand to deliver a new first quarter record for Adjusted Property EBITDA at both properties,” ended Billings.

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Representing “the first transaction where Wynn Resorts is being paid for its know-how and service excellence via a management agreement,” once complete the operator says that 95 per cent of the world’s population will be within an eight-hour flight of a Wynn resource property.

“The UAE is already a substantial destination for not only the region but for Europe, for Brits, for Germans, for really folks from all over the place. So this is a significant customer acquisition opportunity and a really material extension of our brand,” stated Craig Billings, CEO of Wynn Resorts.

Before aiming to provide some clarity on topics evidenced in analyst notes and media reports regarding the project: “In any new jurisdiction, there are three things that need to happen to have an integrated resort with gaming,” he explained. 

“The first is enabling legislation is gaming legal? The second is regulation, how will gaming be conducted? The third is licensure, who can operate a gaming establishment? 

“With respect to this project, no further enabling legislation is required. We’re not looking at a multiyear process for legalisation like we have seen in some other markets.

“Regulations are well advanced, having been modeled on those of Singapore and the United States. The tax rate and license structure are very reasonable. 

“And finally, with the regulatory framework taking shape and the regulator in place, we will be licensed to conduct gaming in Ras al-Khaimah.

“In other words, where we go with these projects. We’re commencing master planning now and will begin mobilising architecture and design in due course.”

The comments came as the group, which earlier detailed a divestment of all of the land and real estate assets of Encore Boston Harbor to Realty Income for $1.7bn, dissects its performance through the fourth quarter and year ended December 31, 2021.

Operating revenue through Q4 soared 53.5 per cent to $1.05bn (2020: $686m), due to increases in the group’s Las Vegas operations to $493.9m (2020: $172.5m) and Encore’s $204m (2020: $130.9m).

This offset decreases felt in the Macau market by the group due to the impacts of the evolving COVID pandemic, with Wynn Palace’s revenue dropping to $194m (2020: $221.5m) and Wynn Macau closing at $131.7m (2020: $181.9m). 

Wynn Interactive, which the company says has received an “encouraging” response by customers in the newly launched regions of New York and Louisiana, generated approximately $785m in total turnover, a 20 per cent sequential increase from Q3.

Net loss during the quarter narrowed to $177.2m (2020: $269.5m), with adjusted EBITDA climbing 113.6 per cent to $149.1m (2020: $69.8m).

“I’m proud of our teams at both Wynn Las Vegas and Encore Boston Harbor for delivering record adjusted property EBITDA at both properties during the fourth quarter,” added Billings.

“Our relentless focus on five-star hospitality and world class experiences allowed us to further extend our leadership positions in Las Vegas and Massachusetts in 2021. In Macau, we remain confident that the market will benefit from the return of visitation over the coming quarters.”

For the year, revenue increased 79.6 per cent, to $3.76bn (2020: $2.1bn), with upticks of $377.6m, $151.4m, $755.7m, and $329.9m, recorded at Wynn Palace, Wynn Macau, Las Vegas operations, and Encore Boston Harbor, respectively.

Net loss for the year finished up at $755.8m versus the $2.07bn recorded through 2020, with adjusted EBITDA closing at $569.4m compared to a loss of $324.3m from one year earlier.

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The planned destination, which will be developed “with significant foreign direct investment by Wynn,” will feature a hotel with more than 1,000 rooms, shopping, meeting and convention facility, exclusive spa, more than 10 restaurants and lounges, entertainment choices, a gaming area, and other amenities

Lauded as “the largest project of its kind in the Emirate’s growing hospitality sector,” the IR, which is set to be completed by 2026, aims to drive value to the local economy by accelerating tourism, creating jobs, and energising the growth of related sectors.

The resort is in the initial stages of design and development and will be applying for an integrated resort licence from Ras Al Khaimah Tourism Development Authority.

Craig Billings, CEO of Wynn Resorts, commented: “Al Marjan Island is a pristine setting and an ideal greenfield location for us to create the one-of-a-kind guest experiences for which Wynn Resorts is renowned.  

“The region offers tremendous potential for the hospitality and tourism industry, and we are excited about the prospect of developing an integrated resort in Ras Al Khaimah.”

Al Marjan, which comprises four islands, spans an area of 2.7 million square metres of reclaimed land extending into the Arabian Gulf, is poised to house a facility that spans 250,000 square metres.

The represents the first beach resort being developed by Wynn Resorts globally, and will be situated 15 minutes from the Ras Al Khaimah International Airport and 45 minutes from the Dubai International Airport.

Eng Abdulla Al Abdooli, CEO of Marjan, explained: “The integrated development, featuring a world-class hotel, entertainment and gaming amenities, will add to the Emirate’s destination strategy to attract tourists from across the world. 

“We are partnering with Wynn Resorts, one of the world’s most renowned integrated resort companies, which has a strong track record of developing luxury destinations with exceptional accommodation, dining, entertainment concepts and gaming facilities. 

“By leveraging Wynn Resorts’ expertise in developing luxury hospitality destinations, the new development will raise the benchmark in luxury hospitality in the region. 

“It will also create exceptional value to the Ras Al Khaimah economy and boost the leisure, business, and MICE tourism sectors.”

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National Council on Problem Gambling

The National Council on Problem Gambling has hired Cait Huble as director of communications, where will be responsible for managing national information campaigns including public service announcements and the www.responsibleplay.org site.

Huble was previously NCPG’s first communications manager from 2017 to 2019 and now returns to the group to lead its strategy, including public awareness and education, media relations, and brand partnerships.

Keith Whyte, NCPG executive director, commented: “We are excited to have Cait Huble back at NCPG leading our communications efforts.

“The organisation is currently experiencing a period of unprecedented growth and achievement, and Cait is the ideal choice to connect with external audiences and enhance awareness around responsible gambling and problem gambling.”

Wynn Resorts

Julie Cameron-Doe is to become chief financial officer of Wynn Resorts, which will become effective during the second quarter of 2022 on completion of her notice period with her current employer.

She will succeed Craig Billings in the position, who was recently announced as successor to Matt Maddox in the CEO role. He will take up this position during the early stages of next year.

Cameron-Doe will join Wynn Resorts from Aristocrat Leisure where she has served as CFO since 2018. She also boasts senior finance roles at Aristocrat since 2013 as well as in global businesses, including Orbitz, The Walt Disney Company, and KPMG.

Billings said: “Julie is a proven leader and is a sitting public company CFO. Coming from the gaming industry, she understands many aspects of our business and she has diverse international experience. 

“She is the clear choice for this position and her appointment rounds out our senior executive team. We are indeed fortunate to have her join us next year.”

Huddle

Josipa Marenić and Mário Silva have joined igaming technology developer Huddle as head of people and culture and senior product manager, respectively.

The former will use her understanding of human resources to further enhance the company’s positive culture of team-based development, while Silva’s knowledge of product development will see him add further potency to Huddle’s portfolio of gaming solutions.

“I’m delighted to welcome Josipa and Mário to Huddle. They have both immediately tapped into our forward-thinking culture, and their experience in the industry will be highly valued in our growing team, noted Francesco Borgosano, CEO and co-founder, Huddle. 

“The qualities that Huddle offers and the culture we are creating is attracting some amazing industry talent, and with this currently at a premium, these recent appointments set Huddle apart as one of the most attractive propositions in the betting and gaming sector. I’m really looking forward to working with Josipa and Mário, and our many new hires.”

PointsBet

PointsBet has hired Liam Roecklein as senior vice president of content, where he will oversee the online gaming operator’s overall content strategy.

Roecklein will manage the group’s content strategy for digital, social, and traditional media, with a view to improving the customer experience with the assistance of the operator’s key partners such as NBC Sports.

Commenting on his appointment, Roecklein remarked: “PointsBet’s stable of talent and sports partnerships offers a treasure trove of untapped resources. 

“The industry is just starting to embrace the assets available to create extraordinary content for use in traditional, online, and social media. We are at the precipice of what’s to come.

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Wynn Resorts, the controlling shareholder of Wynn Macau, had previously communicated that Billings will occupy the role of group-wide CEO following a “unanimous request by the board of directors”. Maddox will remain on the Wynn Macau and Wynn Interactive boards through to the end of next year. 

In addition to absorbing CEO duties, Billings will be re-designated from a non-executive director to an executive director. Maddox will be re-designated from an executive director to a non-executive director, with this latter appointment to end on December 31, 2022. 

This sees Maddox end a two decade tenure at Wynn Resorts, where he is lauded as steering the group “through a very difficult period of time in its history”. He has been CEO since February 2018.

Furthermore, Maddox confirmed that he has “no disagreement with the board, and there is no matter relating to his CEO resignation and his director re-designation that needs to be brought to the attention of the shareholders or the stock exchange”.

Billings, CEO of Wynn Interactive, and who has also served as president and CFO of Wynn Resorts, was unanimously selected by the board to become CEO and a member of the Wynn Resorts board last month.

“Subject to the completion of certain Macau regulatory procedures, Mr Billings will become the chairman of the board of directors of WRM,” Wynn Macau noted in a media statement.

Alongside its CEO transition, Wynn last month delivered an update on its performance through the year’s third quarter, which saw group-wide revenue increase 59.3 per cent year-on-year to $994.6m (2020: 624.2m).

Breaking down this figure further, each reporting segment of casino; rooms, food and beverage, and entertainment, retail and other; again demonstrated significant improvements to $496.2m (2020: $201.8m); $173.8m (2020: $61.4m), $217.5m (2020: $76.5m), and $107m (2020: $30.8m) respectively.

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