Gaming

MGM wears best poker face in British M&A standoff

19 January 2021

The casino operator won’t raise its $11 bln bid for bookie Entain, which rejected an earlier approach. It leaves both sides stuck in an awkward U.S. joint venture. That should bring CEO Bill Hornbuckle back to the table, but his hand may be helped by a UK gambling clampdown.

Sheldon Adelson’s biggest bet keeps paying out

12 January 2021

The casino tycoon, dead at 87, parlayed a trade show into a new Las Vegas business model by acquiring the storied Sands in 1989. A bold punt on Macau secured his fortune. Part of Adelson’s legacy will be backing Donald Trump, but his gambling ideas are spreading in Asia.

Sea can pass on Southeast Asian deal frenzy

12 January 2021

The region’s hot tech companies, Tokopedia, Grab and Gojek, are mulling consolidation. Any of them could be swallowed by Singapore’s $106 bln gaming-to-shopping giant Sea which has a war chest of cash and rich stock. But boss Forrest Li has good reason to sit back.

Roblox float seeks to share public-listing love

7 January 2021

The gaming platform scrapped its IPO for a direct listing of its shares. That’s an easier financial decision with $520 mln of new funds raised at a valuation of nearly $30 bln – more than 7 times its worth a year ago. But it also offers more stakeholders a chance to participate.

A big Chinese backer would be roll of dice for MGM

7 January 2021

Investor Snow Lake wants the casino operator to sell 20% of its $6 bln Macau business to a local buyer. There are merits to the idea, including the edge it could provide for a new licence in the world’s biggest gambling hub. It would also, however, complicate other deals.

MGM’s $11 bln UK punt is close to maximum wager

4 January 2021

Entain rebuffed a merger proposal from the U.S. resorts-to-roulette group. The British bookie has good reasons to ask for more stock and a slug of cash from its sports-betting partner. But with no rival bidders, and a shrinking domestic business, its negotiating power is limited.

U.S. is promised land for online gambling

29 December 2020

Wagers will be a welcome source of tax dollars across Covid-scarred America, where the potential market for web-based sports betting could be worth up to $23 bln. As watchdogs ease rules in 2021, sites such as Flutter’s FanDuel and casino groups like Caesars and MGM will get lucky.

Big Tech’s gaming gamble will call for M&A

22 December 2020

Google and Amazon want to do to video games what Netflix has done to television. Their cloud-based gaming services face technical challenges, but the bigger test is luring gamers from established platforms like Microsoft’s Xbox. Acquisitions are the fastest way to the next level.

U.S. gaming giants find extra gear in UK developer

14 December 2020

Electronic Arts offered $1.3 bln in cash for London-listed Codemasters, overtaking rival Take-Two Interactive. The $40 bln group clearly sees scope to squeeze more value out of its target’s “F1” driving game. Shareholders can sit back and watch the race unfold.

Corona Capital: NFL’s ad fumble

14 December 2020

Concise views on the pandemic’s corporate and financial fallout: This year fewer people are watching the National Football League, and that means broadcasters like Comcast’s NBC are lowering prices for commercials or offering free ad space.

Instead of TikTok, Microsoft can strike a Discord

9 December 2020

The software giant lost out on a deal for the viral video app. But a better fit is gaming chat service Discord, valued at about $7 bln. User growth has jumped amid Covid and it’s expanding into education and other areas. That complements Microsoft as its rivals also turn to M&A.

Corona Capital: Gaming M&A, Beauty’s bold face

9 December 2020

Concise views on the pandemic’s corporate and financial fallout: Consolidation in video games reaches the next level as Sweden’s MTG buys Hutch Games for $375 million; and Spanish cosmetics, fashion and perfume group Puig predicts revenue will double by 2023.

Corona Capital: Chevron, Boeing, OPEC, Orange

3 December 2020

Concise views on the pandemic’s corporate and financial fallout: Chevron cuts spending, prudently; Boeing orders are a solid step; OPEC makes up its mind; and Orange’s Belgian deal has some juice.

Corona Capital: Dimon weighs in, Gen Z

18 November 2020

Concise views on the pandemic’s corporate and financial fallout: JPMorgan’s chief executive calls for U.S. politicians to “just split the baby” on stimulus; and Generation Z deals a new body blow to the idea that office life will emerge from the pandemic unscathed.

Corona Capital: DraftKings, Palantir Technologies

13 November 2020

Concise views on the pandemic’s corporate and financial fallout: DraftKings gets lucky; Palantir needs to hike faster.

Tencent’s super status can survive antitrust dig

12 November 2020

Dominance in gaming and messaging boosted quarterly sales 29%. Compared to e-commerce giant Alibaba, Tencent’s ubiquitous WeChat app depends less on subsidies and other practices singled out by regulators. The $681 bln tech giant benefits from boss Pony Ma’s low profile too.

Corona Capital: Netflix price hike

30 October 2020

Concise views on the pandemic’s corporate and financial fallout: The streaming-video service hiked the price on subscriptions as binge-watching booms during the pandemic.

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

28 October 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 October 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 October 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.