Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<p>On Friday, the S&amp;P Dow Jones Global Index team <a href="https://www.spglobal.com/spdji/en/documents/indexnews/announcements/20210312-1336360/1336360_march2021-5146-shuf-pr.pdf" target="_blank" rel="noopener">announced</a> changes to the S&amp;P500 Index. </p><div><div><div><blockquote>
<p>NEW YORK, March 12, 2021: S&amp;P Dow Jones Indices will make the following index adjustments to the S&amp;P 500, S&amp;P 100, S&amp;P MidCap 400 and S&amp;P SmallCap 600 to ensure each index is more representative of its market capitalization range. The changes will be effective prior to the open of trading on Monday, March 22, 2021 to coincide with the quarterly rebalance:</p>
<p>NXP Semiconductors NV (NASD:NXPI) will replace Flowserve Corp. (NYSE:FLS) in the S&amp;P 500, Flowserve will replace Edgewell Personal Care Co. (NYSE:EPC) in the S&amp;P MidCap 400, and Edgewell Personal Care will replace Exterran Corp. (NYSE:EXTN) in the S&amp;P SmallCap 600. Exterran is no longer representative of the small-cap market space.</p>
<p>S&amp;P MidCap 400 constituents Penn National Gaming Inc. (NASD:PENN), Generac Holdings Inc. (NYSE:GNRC) and Caesars Entertainment Inc. (NASD:CZR) will all move to the S&amp;P 500, replacing SL Green Realty Corp. (NYSE:SLG), Xerox Holdings Corp. (NYSE:XRX) and Vontier Corp (NYSE:VNT), all of which will move to the S&amp;P MidCap 400.</p>
<p>S&amp;P 500 constituents Broadcom Inc. (NASD:AVGO), T-Mobile US Inc. (NASD:TMUS) and Linde plc (NYSE:LIN) will replace Allstate Corp. (NYSE:ALL), Kinder Morgan Inc. (NYSE:KMI) and Schlumberger NV (NYSE:SLB) in the S&amp;P 100. Allstate, Kinder Morgan, and Schlumberger will remain in the S&amp;P 500.</p>
</blockquote></div></div></div><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/535/original/Screenshot+2021-03-15+at+9.22.00+PM.png?1615814543" class="editor-image img-responsive" data-smartkarma-image-id="194535"></figure></section><hr><p>This should lead to US$17.7-21.3bn to buy of the four names based on prices at Friday's close, and US$3.2-3.9bn to sell of the outgoing names. Some of this will be crossed off internally, but a bunch of it will have to trade on the market. </p><p>There are five trading days to get this done, and the average buy is 11-13 days of ADV. The sells are slightly higher. Quiddity estimates are below.</p><section class="figure"><section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/537/original/Screenshot+2021-03-15+at+9.29.12+PM.png?1615815053" class="editor-image img-responsive" data-smartkarma-image-id="194537"></figure></section><p><a href="https://www.smartkarma.com/entities/penn-national-gaming-inc" target="_blank" data-smartkarma-citation="entities:5588:1" rel="noopener">Penn National Gaming (PENN US)</a> looks like it is the least-impacted by this move at only 4.3-5.1 days of ADV but I remind observers that passive funds will need to own the same percentage of the Voting Rights Float (i.e. if there are 100 shares out and there are 20 shares shorted, there would also be 20 shares additionally purchased on the long side, but the 97.6% float on PENN is 97.6% of 100, not of 120) for all companies in the basket. </p>
<p>PENN's impact in terms of ADV is low because average daily volume is a much higher percentage of float shares than the other companies. </p>
<p>PENN and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a> may end up seeing some non-negligible impact, and substantially higher-than-normal trading volume because of their recent history as speculative vehicles.</p>
<p>Both PENN and CZR trade at somewhat lofty multiples based on last year's EBITDA, but both get to the low to mid teens by two years from now.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/539/original/20210312+SP500+Inclusion+PENN+CompTable+4.png?1615815530" class="editor-image img-responsive" data-smartkarma-image-id="194539"></figure></section><section class="figure"><p>PENN has tracked an index (equal-weighted, daily-rebalanced) of the above-listed peers reasonably well over the past 12 months, but the 5-year log chart tells you that there have been moments of sustained underperformance. </p>
<figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/550/original/20210312+SP500+Inclusion+PENN+Price+1.png?1615815938" class="editor-image img-responsive" data-smartkarma-image-id="194550"></figure></section><p>It is easier to see this on a chart of the ratio, as below, which suggests that to revisit recent highs against its Peer Basket Index, the shares would have to gain a bit more than 10%.</p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/552/original/20210312+SP500+Inclusion+PENN+Ratio+2.png?1615816061" class="editor-image img-responsive" data-smartkarma-image-id="194552"></figure></section><p></p>
<p>Looking forward for the next few years, PENN trades at a slightly higher-than-Peer Basket average EV/EBIT ratio (using current EV and the average of FY+2 and FY+3 consensus EBIT).*</p>
<div class="content-remarks"><p>* Note that the two lines - green and light blue - represent different ways of looking at the same data. The light blue line is the average EV/EBIT ratio across the 10-name basket. The light green line is the average of the sum of the EVs and the sum of the EBITs, averaged over the two years. These two methods are shown because extreme numbers can cause dramatic changes in ratios ($50bn of EV and $100mm of EBIT is a multiple of 500. Move the EBIT to $10mm (a small move in the grand scheme of things) and the ratio moves to EV/EBIT of 5,000x which will impact a ratio of only 10-20 inputs.  </p></div>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/555/original/20210312+SP500+Inclusion+PENN+EVEBIT+3.png?1615816220" class="editor-image img-responsive" data-smartkarma-image-id="194555"></figure></section><p>Is this outperformance due to improving forecasts since last summer?  Not really. Kind of middle of the pack. </p>
<section class="figure"><figure class="editor-figure mceNonEditable"><img src="https://static-prod.smartkarma.com/images/media/000/194/575/original/Screenshot+2021-03-15+at+10.16.39+PM.png?1615817831" class="editor-image img-responsive" data-smartkarma-image-id="194575"></figure></section><p>If one uses the S&amp;P guidance as to tracking funds and the quantity to buy using the pre-announcement price of <a href="https://www.smartkarma.com/entities/tesla-motors-inc" target="_blank" data-smartkarma-citation="entities:20279:1" rel="noopener">Tesla Motors (TSLA US)</a>, there should be $3.2bn of PENN to buy using Friday's closing price. I expect it is more than that.</p>
<p>The options positioning does not seem to be substantial enough to drive a short gamma squeeze but keen observers know, that can change. Existing shorts across the four names could be covered out of care, but it is not clear that will be a big driver either, though the short on PENN is reasonably substantial as a portion of the inclusion buy quantity. There will be considerable crossing within shops as funds trade out of S&amp;P Midcap 400 and into S&amp;P500.</p>
<p>All in all, there are some interesting things to look at in this event. </p>
<p>Conclusions are below the fold.</p>
<p></p></section>

On Friday, the S&amp;P Dow Jones Global Index team announced changes to the S&amp;P500 Index. 
NEW YORK, March 12, 2021: S&amp;P Dow Jones Indices will make the following index adjustments to the S&amp;P 500, S&amp;P 100, S&amp;P MidCap 400 and S&amp;P SmallCap 600 to ensure each index is more representative of its market capitalization range. The changes will be effective prior to the open of trading on Monday, March 22, 2021 to coincide with the quarterly rebalance:
NXP Semiconductors NV (NASD:NXPI) will replace Flowserve Corp. (NYSE:FLS) in the S&amp;P 500, Flowserve will replace Edgewell Personal Care Co. (NYSE:EPC) in the S&amp;P MidCap 400, and Edgewell Personal Care will replace Exterran Corp. (NYSE:EXTN) in the S&amp;P SmallCap 600. Exterran is no longer representative of the small-cap market space.
S&amp;P MidCap 400 constituents Penn National Gaming Inc. (NASD:PENN), Generac Holdings Inc. (NYSE:GNRC) and Caesars Entertainment Inc. (NASD:CZR) will all move to the S&amp;P 500, replacing SL Green Realty Corp. (NYSE:SLG), Xerox Holdings Corp. (NYSE:XRX) and Vontier Corp (NYSE:VNT), all of which will move to the S&amp;P MidCap 400.
S&amp;P 500 constituents Broadcom Inc. (NASD:AVGO), T-Mobile US Inc. (NASD:TMUS) and Linde plc (NYSE:LIN) will replace Allstate Corp. (NYSE:ALL), Kinder Morgan Inc. (NYSE:KMI) and Schlumberger NV (NYSE:SLB) in the S&amp;P 100. Allstate, Kinder Morgan, and Schlumberger will remain in the S&amp;P 500.
This should lead to US$17.7-21.3bn to buy of the four names based on prices at Friday's close, and US$3.2-3.9bn to sell of the outgoing names. Some of this will be crossed off internally, but a bunch of it will have to trade on the market. There are five trading days to get this done, and the average buy is 11-13 days of ADV. The sells are slightly higher. Quiddity estimates are below.Penn National Gaming (PENN US) looks like it is the least-impacted by this move at only 4.3-5.1 days of ADV but I remind observers that passive funds will need to own the same percentage of the Voting Rights Float (i.e. if there are 100 shares out and there are 20 shares shorted, there would also be 20 shares additionally purchased on the long side, but the 97.6% float on PENN is 97.6% of 100, not of 120) for all companies in the basket. 
PENN's impact in terms of ADV is low because average daily volume is a much higher percentage of float shares than the other companies. 
PENN and Caesars Entertainment (CZR US) may end up seeing some non-negligible impact, and substantially higher-than-normal trading volume because of their recent history as speculative vehicles.
Both PENN and CZR trade at somewhat lofty multiples based on last year's EBITDA, but both get to the low to mid teens by two years from now.
PENN has tracked an index (equal-weighted, daily-rebalanced) of the above-listed peers reasonably well over the past 12 months, but the 5-year log chart tells you that there have been moments of sustained underperformance. 
It is easier to see this on a chart of the ratio, as below, which suggests that to revisit recent highs against its Peer Basket Index, the shares would have to gain a bit more than 10%.

Looking forward for the next few years, PENN trades at a slightly higher-than-Peer Basket average EV/EBIT ratio (using current EV and the average of FY+2 and FY+3 consensus EBIT).*
* Note that the two lines - green and light blue - represent different ways of looking at the same data. The light blue line is the average EV/EBIT ratio across the 10-name basket. The light green line is the average of the sum of the EVs and the sum of the EBITs, averaged over the two years. These two methods are shown because extreme numbers can cause dramatic changes in ratios ($50bn of EV and $100mm of EBIT is a multiple of 500. Move the EBIT to $10mm (a small move in the grand scheme of things) and the ratio moves to EV/EBIT of 5,000x which will impact a ratio of only 10-20 inputs.  
Is this outperformance due to improving forecasts since last summer?  Not really. Kind of middle of the pack. 
If one uses the S&amp;P guidance as to tracking funds and the quantity to buy using the pre-announcement price of Tesla Motors (TSLA US), there should be $3.2bn of PENN to buy using Friday's closing price. I expect it is more than that.
The options positioning does not seem to be substantial enough to drive a short gamma squeeze but keen observers know, that can change. Existing shorts across the four names could be covered out of care, but it is not clear that will be a big driver either, though the short on PENN is reasonably substantial as a portion of the inclusion buy quantity. There will be considerable crossing within shops as funds trade out of S&amp;P Midcap 400 and into S&amp;P500.
All in all, there are some interesting things to look at in this event. 
Conclusions are below the fold.


TMT & Consumer Independent Equity Research Analyst, Obex Capital Research

Aaron Gabin

TMT & Consumer Independent Equity Research Analyst

TMT & Consumer Independent Equity Research

Obex Capital Research

“Obex” is Latin for Barriers to Entry. Obex Capital Management’s investment philosophy is driven by an intense focus on which business model’s Barriers to Entry are able to withstand the ever increasing competitive disruption in the TMT and Consumer Sectors.

Equity Bottom-Up

<p>Last week, New York Governor pointed towards legalizing online gambling to try to plug the budget gaps that COVID has blown open. He wants to raise $500M in revenues annually. We don't think he will get there, but we do think NY is a $700M TAM.</p><p>At $52, is it time to re-engage on Draft Kings even after an 11% rally?</p><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Last week, New York Governor pointed towards legalizing online gambling to try to plug the budget gaps that COVID has blown open. He wants to raise $500M in revenues annually. We don't think he will get there, but we do think NY is a $700M TAM.At $52, is it time to re-engage on Draft Kings even after an 11% rally?Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

NY State To Legalize Gambling, Double Down on DraftKings?

European Event-Driven Analyst

Jesus Rodriguez Aguilar

<p><a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a> agreed last Wednesday a takeover offer of <a href="https://www.smartkarma.com/entities/william-hill-plc" target="_blank" data-smartkarma-citation="entities:22210:1" rel="noopener">William Hill (WMH LN)</a> for an amount of c. GBP2.9 bn, or GBp 272 per share of WHM in cash. This is to be effected by a Scheme of Arrangement.</p>
<p>The US group, which owns Caesars Palace, will focus on integrating the British group's American business into CZR. With William Hill's board backing the Caesars deal, the company's sale is virtually complete, and Apollo, whose two bids were turned down, is virtually out of the game.</p>
<p>Nevertheless, the deal has to be voted in December by William Hill's shareholders (75% required).</p>
<p>Wiliam Hill's shares closed at 278p on Friday, vs the offer of 272p.</p>
<ul class="">
<li>a spread of 2.2% above indicated offer terms.</li>
<li>The market does not completely rule out the possibility of a higher bid, although CZR has a poison pill in case anybody else dares to bid for William Hill, and has signalled its willingness to dispense it.</li>
</ul>
<p>If you really believe there is an outstanding opportunity in online gambling and sportsbetting in the USA, just as CZR and most analysts do, you should be <strong>switching from William Hill into CZR</strong>.</p>
<ul>
<li>“William Hill’s sports betting expertise will complement Caesars’ current offering.”
<ul>
<li>CZR will dispose the most troublesome bits of William Hill, those exposed to the regulatory vagaries in both Australia and the UK. And there are buyers for them.</li>
<li>The potential William Hill acquisition is likely to create value for shareholders with little risk, up to $2.5 bn, or $12.25 per share of CZR (22% upside from last close). And there's the upside risk of consensus revisions.</li>
<li>CZR could integrate its own online business with that of William Hill, spin it off and list it. DraftKings is trading at an EV/Forward EBITDA (Cap IQ consensus) of 33.8x. </li>
</ul>
</li>
<li>The mean target price of CZR on Capital IQ is $67, an 18% upside vs. last close.</li>
</ul>

Caesars Entertainment (CZR US) agreed last Wednesday a takeover offer of William Hill (WMH LN) for an amount of c. GBP2.9 bn, or GBp 272 per share of WHM in cash. This is to be effected by a Scheme of Arrangement.
The US group, which owns Caesars Palace, will focus on integrating the British group's American business into CZR. With William Hill's board backing the Caesars deal, the company's sale is virtually complete, and Apollo, whose two bids were turned down, is virtually out of the game.
Nevertheless, the deal has to be voted in December by William Hill's shareholders (75% required).
Wiliam Hill's shares closed at 278p on Friday, vs the offer of 272p.

a spread of 2.2% above indicated offer terms.
The market does not completely rule out the possibility of a higher bid, although CZR has a poison pill in case anybody else dares to bid for William Hill, and has signalled its willingness to dispense it.

If you really believe there is an outstanding opportunity in online gambling and sportsbetting in the USA, just as CZR and most analysts do, you should be switching from William Hill into CZR.

“William Hill’s sports betting expertise will complement Caesars’ current offering.”

CZR will dispose the most troublesome bits of William Hill, those exposed to the regulatory vagaries in both Australia and the UK. And there are buyers for them.
The potential William Hill acquisition is likely to create value for shareholders with little risk, up to $2.5 bn, or $12.25 per share of CZR (22% upside from last close). And there's the upside risk of consensus revisions.
CZR could integrate its own online business with that of William Hill, spin it off and list it. DraftKings is trading at an EV/Forward EBITDA (Cap IQ consensus) of 33.8x. 


The mean target price of CZR on Capital IQ is $67, an 18% upside vs. last close.


William Hill - Caesars (Almost) Done Deal, Trading Above Terms

<p>British bookmaker <a href="https://www.smartkarma.com/entities/william-hill-plc" target="_blank" data-smartkarma-citation="entities:22210:1" rel="noopener">William Hill (WMH LN)</a><a href="https://www.williamhillplc.com/investors-centre/regulatory-news/item?rnsid=3819908" target="_blank" rel="noopener">confirmed on 25 September </a>that it has received separate cash proposals from <a href="https://www.smartkarma.com/entities/apollo-global-management-inc" target="_blank" data-smartkarma-citation="entities:28770:1" rel="noopener">Apollo Global Management Inc (APO US)</a> ("Apollo") and <a href="https://www.smartkarma.com/entities/caesars-entertainment-corp" target="_blank" data-smartkarma-citation="entities:15532:1" rel="noopener">Caesars Entertainment (CZR US)</a> ("Caesars").</p>
<p>Apollo submitted its first takeover offer on Aug. 27, then upgraded it, while Caesars joined the bidding for a company that has been hit hard by the coronavirus.</p>
<p>Today, press reports that Caesars in is advanced talks on a £2.9 bn takeover bid, at <span title="Share Price as of Sep-25-2020 FY: 2020 Period End Date: Jun-30-2020 Period Type: LTM Value: £ 3.12, Currency: GBP">£272p per share, which would value the equity of William Hill at 2,855 mn. <strong>The shares of William Hill have adjusted downwards</strong> and at 15.30 (GMT) were trading at 275, above the indicated level for Caesar's prospective offer.</span></p>
<p><span title="Share Price as of Sep-25-2020 FY: 2020 Period End Date: Jun-30-2020 Period Type: LTM Value: £ 3.12, Currency: GBP">Caesars is undertaking an <strong>equity capital raising</strong> (30 mn shares, at $57.07 the closing price of Friday, could raise $1.7bn) with the aim of using its proceeds, together with existing cash and $2 billion (£1.6 billion) of new non-recourse debt facilities to fund the offer. The transaction would be <strong>subject to approval of William Hill shareholders and customary antitrust and regulatory gaming approvals</strong>. Caesars expects that the <strong>transaction would close in the second half of 2021</strong>.</span></p>
<p><span title="Share Price as of Sep-25-2020 FY: 2020 Period End Date: Jun-30-2020 Period Type: LTM Value: £ 3.12, Currency: GBP">I estimate that a <strong>private equity buyer could pay 300p per share</strong> (10% premium to Caesar's offer) and achieve an <strong>IRR of 20.3% between years 7 and 8</strong>. Apollo would seek to launch a friendly offer.</span></p>
<p><em><span title="Share Price as of Sep-25-2020 FY: 2020 Period End Date: Jun-30-2020 Period Type: LTM Value: £ 3.12, Currency: GBP">I believe that the first move by Caesars makes it more difficult for Apollo to present an offer and enter into a bidding war for William Hill, but this should not be ruled out.</span></em></p>
<p><span title="Share Price as of Sep-25-2020 FY: 2020 Period End Date: Jun-30-2020 Period Type: LTM Value: £ 3.12, Currency: GBP"><strong>Recommendation is LONG William Hill. There may be further upside from an Apollo offer.</strong></span></p>

British bookmaker William Hill (WMH LN)confirmed on 25 September that it has received separate cash proposals from Apollo Global Management Inc (APO US) ("Apollo") and Caesars Entertainment (CZR US) ("Caesars").
Apollo submitted its first takeover offer on Aug. 27, then upgraded it, while Caesars joined the bidding for a company that has been hit hard by the coronavirus.
Today, press reports that Caesars in is advanced talks on a £2.9 bn takeover bid, at £272p per share, which would value the equity of William Hill at 2,855 mn. The shares of William Hill have adjusted downwards and at 15.30 (GMT) were trading at 275, above the indicated level for Caesar's prospective offer.
Caesars is undertaking an equity capital raising (30 mn shares, at $57.07 the closing price of Friday, could raise $1.7bn) with the aim of using its proceeds, together with existing cash and $2 billion (£1.6 billion) of new non-recourse debt facilities to fund the offer. The transaction would be subject to approval of William Hill shareholders and customary antitrust and regulatory gaming approvals. Caesars expects that the transaction would close in the second half of 2021.
I estimate that a private equity buyer could pay 300p per share (10% premium to Caesar's offer) and achieve an IRR of 20.3% between years 7 and 8. Apollo would seek to launch a friendly offer.
I believe that the first move by Caesars makes it more difficult for Apollo to present an offer and enter into a bidding war for William Hill, but this should not be ruled out.
Recommendation is LONG William Hill. There may be further upside from an Apollo offer.

William Hill - Caesars: Entertainment Prospective Bid

<div><p>Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs. Even the largest TAMs in the world – groceries, entertainment, autos, commerce, finance, real estate, etc. are still incredibly early in the long term re-platforming of how the global economy functions, but <span>COVID has turbocharged these trends. Gambling has been online in Europe and Australia and parts of Asia for a few years now, but the US is jusssst scratching the surface. We think DraftKings is a great long term holding and had a good tactical entry point yesterday when we wrote this...it was up 9% today on news that Illinois (~4% of the US population) had reinstated remote registration for online gambling, just ahead of the start of NFL season. We think there's still 15%+ upside in our base case, and 56% in our bull case. </span></p></div><div></div><div class="content-highlight"><p>Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.</p></div>

Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs. Even the largest TAMs in the world – groceries, entertainment, autos, commerce, finance, real estate, etc. are still incredibly early in the long term re-platforming of how the global economy functions, but COVID has turbocharged these trends. Gambling has been online in Europe and Australia and parts of Asia for a few years now, but the US is jusssst scratching the surface. We think DraftKings is a great long term holding and had a good tactical entry point yesterday when we wrote this...it was up 9% today on news that Illinois (~4% of the US population) had reinstated remote registration for online gambling, just ahead of the start of NFL season. We think there's still 15%+ upside in our base case, and 56% in our bull case. Obex’s fundamental research process is focused on secular change in the TMT and Consumer sectors. We seek to differentiate between fundamental business analysis and security analysis. Before deciding if a security’s pricing and positioning merit a long or short position, we analyze the four pillars of business fundamentals (Secular Factors, TAM, Competitive Advantage, Business Model) in order to determine if this is a “good” or “not so good” opportunity.

United States

Caesars Entertainment Corp., is a gaming company. The Company operates casino resorts on multiple continents. Caesars' also owns an on-line gaming business, providing for real money casino, bingo and poker games in the United Kingdom and play for fun offerings in other jurisdictions.

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Caesars Entertainment (CZR US)

S&P500 March Rebalance: $18-21bn 1-Way

The S&P 500 March 2021 rebalance sees $18-21bn to buy and 20% of that to sell = a $15-20bn funding sell on Friday's close. A few hours in, I see...

Travis Lundy

NY State To Legalize Gambling, Double Down on DraftKings?

After New York's Governor signaled he would legalize gambling, we revisit our previous bullish thesis on DraftKings to see if now is the time to re...

Aaron Gabin

William Hill - Caesars (Almost) Done Deal, Trading Above Terms

Caesars Entertainment (CZR US) agreed last Wednesday

Jesus Rodriguez Aguilar

William Hill - Caesars: Entertainment Prospective Bid

Apollo and Caesars Entertainment present separate bids for the British bookmaker William Hill.

Jesus Rodriguez Aguilar

DraftKings: First Round Pick

Our investment philosophy attracts us to investing behind THE major secular trend in the world today…offline to online transition of massive TAMs....

Aaron Gabin

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