MGM Resorts (MGM), Penn National (PENN), Boyd Gaming (BYD), and Churchill Downs (CHDN) were among notable companies in the space that reported earnings this week. MGM reported a slight earnings miss, reporting Q3 adjusted EPS of ($1.08), compared to analyst consensus of ($1.04), and revenue of $1.1 billion, compared to a consensus of $1.24 billion.
Penn National, on the other hand, reported a Q3 earnings beat and CEO Jay Snowden said, “…In addition to the record results of our brick and mortar operations, one of the highlights of the quarter was the launch of our much-anticipated Barstool Sportsbook app in Pennsylvania, which has been well received. As we look ahead, we continue to see solid results across the portfolio in October, which is being driven not only by our margin improvement, but also our sustained revenue performance as we have continued to manage the ongoing COVID-19 restrictions. In sum, we believe we can close out the year with positive momentum.”
Churchill Downs and Boyd gaming reported Q3 earnings beats, as well. Outside of earnings reporting, DraftKings (DKNG) announced it will officially be launching its mobile sportsbook app in Tennessee, on November 1. Tennessee will become the ninth state to offer DraftKings’ mobile and online sports betting product, more than any other legal sports betting operator in the United States, the company said.
COME ON VIRGINIA DON’T LET ‘EM WAIT
John Domen of WTOP News reported Virginia is moving quickly to launch sports betting throughout the commonwealth, with applications for mobile betting licenses flowing into the Virginia Lottery ahead of the deadline. It’s expected that about a dozen different companies will be granted licenses sometime in mid-January, which, compared to some states, is on the small end of things, WTOP noted.
“We understand that the black market has existed for centuries, right?” Prince William County state Senator Jeremy McPike told WTOP, who sponsored the legislation that ultimately became law earlier this year. “Billions of dollars are exported overseas right now because people are still going to place bets, or [use] bookies in different cities and neighborhoods.”
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Disclaimer: TheFly’s news is intended for informational purposes only and does not claim to be actionable for investment decisions. Read more at TheFly.com.
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