Five Gambling Stocks Investors are Increasing their Bets On
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Investors are betting big on gambling stocks again. After taking a hit with the pandemic, the casino industry is set to come back strong. In fact, according to analysts at Research and Markets, the global gambling market is expected to grow at a CAGR of about 10.8% to $516.04 billion this year, as reported by Insider Money. In addition, according to the Las Vegas Convention and Visitors Authority, as also noted by Insider Monkey, “over 2.8 million people visited Las Vegas in May, presenting an 11.8% growth from April. The hotel occupancy also surged to 70.9% in May.” With that growth, some of the top companies to watch include Jackpot Digital Inc. (TSXV:JJ)(OTCQB:JPOTF), Penn National Gaming (NASDAQ:PENN), Wynn Resorts (NASDAQ:WYNN), Draftkings (NASDAQ:DKNG), and MGM Resorts International (NYSE:MGM).
Jackpot Digital’s (TSXV:JJ)(OTCQB:JPOTF) Provides Update on Spinout of iGaming Company
Jackpot Digital Inc. just announced that further to the Company’s News Release dated June 16, 2021, shareholders and investors are reminded that that the record date to be eligible to receive Spinco shares as a dividend is Wednesday, July 21, 2021. The shares start trading ex-dividend Tuesday, July 20, 2021.
The Spinco’s name is Yo Eleven Gaming Inc. Yo Eleven has the same four directors as Jackpot, plus a fifth director Howard Blank of Vancouver, BC.
Mr. Blank is a 25 year veteran executive and industry leader in the gaming entertainment, media and NPO sectors and previously served for over two decades as Vice President Media Entertainment & Responsible Gaming at Great Canadian Gaming Corporation (TSX:GC). Mr. Blank currently is CEO of Point Blank Entertainment and lends his expertise as an advisor and Board member for many public and NPO Boards.
Mr. Blank is recipient of many honours including the Lifetime Achievement Display of Excellence award and Community, Volunteering and Philanthropic award from his peers at the Canadian Gaming Association. Mr. Blank is an advocate for philanthropy and volunteerism and has received the Paul Harris Fellow from Rotary International, The Barbara Stewart Heart Award from Variety BC, the Community Achievement Medal from the B.C. Lieutenant Governor in 2015 and most recently The OC Canada honours Sovereign Medal for Volunteers from the Governor General.
“I am very pleased to be joining Mr. Kalpakian and his stellar fellow Board of Directors with Yo Eleven” said Howard Blank. “I believe in always delivering upon the “WOW” factor and look forward to many exciting projects and offerings that this iGaming company will be providing to the growing consumer base.”
Jackpot President and CEO Jake Kalpakian said “We are extremely excited to be launching our new iGaming company. We expect to be live this Fall and offer traditional casino and sportsbook offerings and feature some very creative, exciting, fun and profitable weird, wild and whacky side bets that will be unique and proprietary to our site and not found anywhere else!”
Other related developments from around the markets include:
Penn National Gaming announced that it has received final approval from the Maryland Lottery and Gaming Control Commission to acquire the operations of Hollywood Casino Perryville. Penn National entered into a definitive agreement with Gaming and Leisure Properties, Inc. in December 2020 to acquire the operations of Hollywood Casino Perryville for $31.1 million in cash, subject to certain customary working capital adjustments. Simultaneous with the closing of the transaction, Penn National will enter into a lease with GLPI for the real estate assets associated with the Hollywood Casino Perryville facility with annual rent of approximately $7.77 million.
Wynn Resorts reported financial results for the quarter ended March 31, 2021. Operating revenues were $725.8 million for the first quarter of 2021, a decrease of 23.9%, or $227.9 million, from $953.7 million for the first quarter of 2020. Net loss attributable to Wynn Resorts, Limited was $281.0 million, or $2.53 per diluted share, for the first quarter of 2021, compared to net loss attributable to Wynn Resorts, Limited of $402.0 million, or $3.77per diluted share, in the first quarter of 2020. Adjusted Property EBITDA (1) at our integrated resort properties increased $17.2 million, $50.2 million, and $43.0 million at Wynn Palace, our Las Vegas Operations, and Encore Boston Harbor, respectively, and decreased $2.7 million at Wynn Macau, when compared with the first quarter of 2020.
Draftkings Inc. announced the addition of DK Craps to its mobile Casino suite in New Jersey with Pennsylvania, Michigan and West Virginia to follow pending regulatory approval. The game is a DraftKings-exclusive and built in house. The launch of DK Craps expands on 494 existing DraftKings Casino games across approved states, 50 of which have been built leveraging DraftKings in-house talent and technology. “As the most realistic craps game on the market, we are excited to offer a premier online experience within our top-rated Casino product,” said Jason March, DraftKings Vice President, iGaming. “Craps was a challenging game to develop given the seemingly endless paths players can take, so I could not be prouder of our internal teams taking on this game development to deliver an authentic experience.”
MGM Resorts International will release its financial results for the second quarter 2021 after the market closes on August 4, 2021. MGM Resorts will host a conference call that day at 5:00 p.m. Eastern Time, which will include a brief discussion of the results followed by a question and answer session. In addition, supplemental slides will be posted prior to the start of the call on MGM's Investor Relations website at http://investors.mgmresorts.com.
Legal Disclaimer / Except for the historical information presented herein, matters discussed in this article contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. Winning Media is not registered with any financial or securities regulatory authority and does not provide nor claims to provide investment advice or recommendations to readers of this release. For making specific investment decisions, readers should seek their own advice. Winning Media is only compensated for its services in the form of cash-based compensation. Pursuant to an agreement Winning Media has been paid three thousand five hundred dollars for advertising and marketing services for Jackpot Digital Inc. by Jackpot Digital Inc. We own ZERO shares of Jackpot Digital Inc. Please for full disclaimer.
