We remain confident in the way VICI Properties (VICI) operates. VICI has the most efficient overhead of any REIT VICI has favorable leasing structure in which tenants pay for property upgrades at mandatory intervals Acquisitions have high cap rates and long lease terms Today we will be exploring factors outside of VICI’s control that could potentially change its outlook. VICI Properties (VICI) stock has declined substantially as investors fear the rapidly changing gaming environment. Travel to Vegas is do ...

Company Overview - Caesars Entertainment is a leading U.S. gaming and hospitality company with a diversified portfolio of casinos, hotels, and digital platforms, leveraging geographic presence and brand recognition to attract a wide customer base [6] - The company generated revenue of $11.37 billion over the trailing twelve months (TTM) but reported a net income loss of $241 million [4] - As of the latest report, Caesars has a market capitalization of $4.87 billion and shares priced at $23.39 [4] Recent Developments - Quaker Capital Investments increased its stake in Caesars Entertainment by acquiring an additional 279,390 shares, bringing its total holdings to 1.08 million shares valued at approximately $29.28 million, which represents 7.88% of the fund's reported U.S. equity assets [2][3] - Caesars shares have declined about 30% over the past year, underperforming the S&P 500, which has risen approximately 16% during the same period [3] Financial Performance - In the third quarter, Caesars reported flat revenue of $2.9 billion but experienced a net loss of $55 million, compared to a $9 million loss in the previous year, with adjusted EBITDA decreasing to $884 million from nearly $1 billion [10] - The company ended the quarter with total debt of $11.9 billion but generated sufficient cash flow to retire high-cost notes and repurchase $100 million in stock, indicating management's confidence in the company's underlying value [11] Strategic Positioning - Caesars operates a business model that generates revenue from gaming operations, hospitality services, entertainment venues, and digital wagering platforms, targeting leisure travelers, gaming enthusiasts, and online bettors [9] - The company is focusing on reducing leverage while expanding its digital footprint, which is crucial for long-term investors considering a potential turnaround [12]

DraftKings Inc. (NASDAQ:DKNG) is one of the stocks Jim Cramer was asked about. Answering a caller’s query about the stock during the episode, Cramer said: “Okay, DraftKings is down… right now just because it’s had some highly unusual losses, but those are going to end. The statistics favor them coming back to, even when it comes to those losses. And I think DraftKings is a very well-run company, and I think the industry’s in consolidation. And I like it very much.” Photo by Adam Nowakowski on Unsplash ...

Group 1 - Codere Online Luxembourg, S.A. is a leading online gaming operator in Spain and Latin America, participating in upcoming investor conferences [1] - Key management attendees for the conferences include CEO Aviv Sher, former CFO Oscar Iglesias, CFO Marcus Arildsson, and Head of Investor Relations Guillermo Lancha [1] - Codere Online was launched in 2014 as part of the Codere Group, offering online sports betting and casino services through its website and mobile applications [3] Group 2 - Codere Group is a multinational entertainment and leisure company with over four decades of experience in the private gaming industry, operating in seven countries across Europe and Latin America [4] - The company operates in core markets including Spain, Mexico, Colombia, Panama, and Argentina, with a strong omnichannel presence combining online and physical gaming [3][4] - Upcoming investor conferences include the Annual Craig-Hallum Online Gaming Conference on December 2, 2025, and the BTIG Digital GameDay on December 10, 2025, both held virtually [5]

Core Insights - Codere Online reported its preliminary unaudited financial results for Q3 2025, indicating stable net gaming revenue of €51.6 million, unchanged from Q3 2024, with a total revenue of €47.7 million [1][4] - The company anticipates meeting its net gaming revenue outlook of €220-230 million and adjusted EBITDA outlook of €10-15 million for the year [4][8] Financial Performance - Net Gaming Revenue by Region: - Spain: €22.0 million, up 5% from €20.9 million in Q3 2024 - Mexico: €26.8 million, flat compared to €26.7 million in Q3 2024 - Other: €2.8 million, down 32% from €4.1 million in Q3 2024 - Total: €51.6 million, unchanged from Q3 2024 [2][4] - Average Monthly Active Players: - Spain: 50.2 thousand, up 4% from 48.5 thousand in Q3 2024 - Mexico: 88.3 thousand, up 39% from 63.7 thousand in Q3 2024 - Other: 20.7 thousand, down 34% from 31.2 thousand in Q3 2024 - Total: 159.2 thousand, up 11% from 143.4 thousand in Q3 2024 [2][4] Recent Developments - Marcus Arildsson has been appointed as the new Chief Financial Officer, succeeding Oscar Iglesias, who is expected to join the Board [3][8] - The company has repurchased $1.7 million of its shares under an increased share buyback plan, now totaling $7.5 million [8][4]

Core Viewpoint - Codere Online has appointed Marcus Arildsson as the new Chief Financial Officer, succeeding Oscar Iglesias, who will assist in the transition and is expected to join the Board of Directors pending shareholder approval [1][5]. Company Overview - Codere Online is a leading online gaming operator in Spain and Latin America, offering online sports betting and casino services through its website and mobile applications [6]. - The company operates in key markets including Spain, Mexico, Colombia, Panama, and Argentina, and is part of the Codere Group, which has a strong physical presence in these regions [6][7]. Leadership Background - Marcus Arildsson brings over 25 years of international finance experience, having worked in investment banking and corporate finance, including significant roles at Lehman Brothers and Merrill Lynch [2]. - He has executed over €9 billion in cross-border M&A, IPO, and equity-linked transactions and has advised on more than €5 billion in M&A, debt, and equity transactions during his tenure at Arcano Partners [2]. - Arildsson has held CFO and executive roles at various companies, including Millenium Hospitality Real Estate, Sonae Sierra, and Ladorian [3]. Executive Statements - Arildsson expressed enthusiasm about joining Codere Online, highlighting the company's strong execution and vision [4]. - CEO Aviv Sher emphasized the value of Arildsson's leadership and experience in executing the company's plans, while also acknowledging Oscar Iglesias's contributions during the transition [5]. - Chairman Gonzaga Higuero welcomed Arildsson, noting his extensive experience in corporate finance and investment banking as a significant asset to the leadership team [5].

Core Insights - Banijay Group reported a revenue increase of 4.0% to €3,224 million for the first nine months of 2025, with adjusted EBITDA rising by 9.8% to €597 million, reflecting strong performance across its diversified business model [7][12][40]. Financial Performance - Revenue for 9M 2025 reached €3,224 million, up from €3,125 million in 9M 2024, marking a 4.0% increase [12][25]. - Adjusted EBITDA increased to €597 million, a 9.8% rise compared to €546 million in the same period last year, with an adjusted EBITDA margin improvement of 100 basis points to 18.5% [7][40]. - Adjusted net income rose by 9.3% to €271 million, compared to €248 million in 9M 2024 [12][43]. - Adjusted free cash flow reached €465 million, up 6.4% year-on-year, with a conversion rate of 78% [8][44]. Business Segments Banijay Entertainment & Live - Revenue from Banijay Entertainment & Live grew by 1.7% to €2,094 million, driven by live experience activities and a robust pipeline of scripted content [7][25]. - The segment experienced low-single digit organic revenue growth, impacted by the postponement of some deliveries [23][27]. - Live experiences revenue surged by 15.1% to €248 million, reflecting the consolidation of Lotchi and strong performance at Balich Wonder Studio [33][34]. Banijay Gaming - Banijay Gaming's revenue increased by 8.5% to €1,130 million, with a notable 23% growth in Unique Active Players [7][36]. - Online poker revenue saw a significant rise of 32.7%, while online casino revenue grew by 16.4% [38][39]. - The segment's organic revenue growth was around 10%, despite temporary impacts from adverse sports results in September 2025 [23][36]. Strategic Developments - The acquisition of Tipico Group was announced, positioning Banijay as a leader in sports betting in Continental Europe, expected to double revenue and free cash flow at Banijay Gaming [10][17]. - The company continues to focus on digital transformation and AI integration to enhance content distribution and monetization capabilities [13][9]. Outlook - The company confirmed its FY 2025 guidance on adjusted EBITDA growth and free cash flow conversion, while adjusting revenue growth expectations due to adverse sports results and delivery postponements [20][6].

Core Insights - Deep-pocketed investors are showing a bullish sentiment towards DraftKings, indicating potential significant developments ahead [1] - The options activity for DraftKings is unusually high, with 57% of investors leaning bullish and 38% bearish [2] - The projected price targets for DraftKings range from $20.0 to $50.0 based on recent options trading [3] Options Activity - The mean open interest for DraftKings options trades is 5,557.75, with a total volume of 8,433.00 [4] - Significant options trades include both puts and calls, with notable bearish and bullish sentiments observed [9] Company Overview - DraftKings, established in 2012, has expanded into online sports and casino gambling, holding a strong market position in various states [10] - In 2024, the revenue breakdown shows sports revenue at 61%, i-gaming at 32%, and fantasy and lottery at 7% [10] Analyst Ratings - Recent analyst ratings suggest an average target price of $49.6 for DraftKings, with several analysts maintaining or upgrading their ratings [12][13] Current Market Performance - DraftKings' stock price is currently at $30.92, reflecting a 1.08% increase, with upcoming earnings expected in three days [15]

Group 1 - DraftKings Inc. is viewed positively by Jim Cramer, who believes in the company's integrity and potential for growth, especially if it expands into states like Texas, Florida, and California [1] - The company operates in the digital sports entertainment and gaming sector, providing online sports betting, fantasy sports, iGaming, and retail sportsbooks, along with developing gaming software and a digital collectibles platform [2] Group 2 - There is a recognition of DraftKings' investment potential, but some analysts suggest that certain AI stocks may offer greater upside potential and lower downside risk [3]

Financial Performance - Consolidated net revenues increased by 2% in the third quarter of 2025[14] - MGM China achieved a record 3Q Segment Adjusted EBITDAR and a market share of 15.5%[20] - BetMGM's total net revenue from operations increased by 23% year-over-year, reaching $667 million in 3Q 2025[36] - BetMGM's EBITDA increased by $57 million year-over-year in 3Q 2025[36] Segment Performance - Las Vegas Strip Resorts' net revenues were $1.088 billion in 3Q 2025, a 17% increase compared to 3Q 2024[28] - Regional Operations' net revenues were $957 million in 3Q 2025, consistent with 3Q 2024[30] - MGM Digital's net revenues were $174 million in 3Q 2025, a 23% increase compared to 3Q 2024[32] BetMGM Performance - BetMGM's iGaming net revenue was $454 million in 3Q 2025, a 21% increase year-over-year[36] - BetMGM's Online Sports net revenue was $202 million in 3Q 2025, a 36% increase year-over-year[36] - BetMGM expects to distribute at least $200 million to parents before the end of 2025[40] Strategic Initiatives - MGM Resorts withdrew its application for a New York commercial casino license[21] - MGM Resorts announced the sale of MGM Northfield Park operations for $546 million[21] - MGM Resorts repurchased nearly 45% of its shares since the beginning of 2021[71]