Companies that run casinos and betting — gaming floors, slot machines and online gambling where people play to win.
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FanDuel Outpaces DraftKings in Early NFL Season Engagement
Flutter Entertainment's FanDuel is outperforming DraftKings through the first four weeks of the NFL season, according to Wedbush analyst Matthew McCartney. FanDuel's average weekly daily active users rose approximately 9% year over year through Week 4, compared with a roughly 7% decline at DraftKings and 4% growth at other sportsbooks. FanDuel's growth reached 10% in Week 4 after slowing to 5% in Week 3, with McCartney pointing to promotions including Bet Protect+ and the new Rewards Club as possible drivers, noting FanDuel appears to be generating more activity per promotional dollar. The early season has seen a mixed hold rate, with Week 1 customer-friendly, Week 2 roughly neutral, and Weeks 3 and 4 favoring the books. McCartney added that same-day favorite parlays, which matter most for parlay-heavy FanDuel, hit roughly in line with their odds this September versus about 50% above them last September, and that October faces an easy comparison with management calling last October's NFL results customer-friendly.
DKNG · Competition · Negative DraftKings' average weekly daily active users fell ~7% YoY through Week 4, lagging FanDuel's ~9% growth.
FLUT · Demand · Positive Flutter's FanDuel grew average weekly daily active users ~9% YoY through Week 4, outpacing rivals.
FanDuel · Demand · Positive FanDuel's average weekly daily active users rose ~9% YoY, reaching 10% growth in Week 4 on promotions like Bet Protect+ and Rewards Club.
Churchill Downs Falls 5.2% After Mizuho Cuts Price Target to $125
Shares of Churchill Downs fell 5.2% in the afternoon session after Mizuho analyst Ben Chaiken lowered his price target on the stock to $125 from $157 while keeping an Outperform rating. Chaiken cited continued headwinds in Virginia from new gaming supply, and cut his full-year EBITDA estimate to $1.24 billion from $1.247 billion, below the Street's $1.252 billion. The stock is down 33.9% since the start of the year and trades at $73.99, 37.1% below its 52-week high of $117.59 set in December 2025.
CHDN · Capital · Negative Mizuho cut its price target on Churchill Downs to $125 from $157 and lowered full-year EBITDA estimates, citing Virginia gaming supply headwinds.
Deutsche Bank Upgrades Boyd Gaming to Buy After Strong Q2 FY26 Earnings
Deutsche Bank analyst Carlo Santarelli upgraded Boyd Gaming from Hold to Buy following the company's Q2 FY26 earnings per share result, which came in ahead of estimates and was supported by solid profitability metrics. The upgrade reflects confidence in Boyd Gaming's near-term earnings resilience, underpinned by its multi-jurisdictional casino footprint and growing online operations. Boyd Gaming's Q2 FY26 EPS beat and profitability metrics support the near-term catalyst of ongoing expansion in Las Vegas locals and online operations, with projects like Norfolk and Suncoast modernization expected to contribute more meaningfully to earnings and cash flow. The company's narrative projects $4.4 billion in revenue and $212.8 million in earnings by 2029, requiring 2.5% yearly revenue growth and an earnings decrease of about $1.6 billion from $1.8 billion today. Three fair value estimates from the Simply Wall St Community span roughly US$0.39 to about US$149.86 per share, while the narrative forecasts a $95.94 fair value, a 36% upside to the current price.
Neogen raised its fiscal year guidance, sending shares up 11% premarket, with the food safety company now projecting revenue of $885 million to $890 million versus its earlier range of $880 million to $885 million and the FactSet consensus of $883.2 million. Penguin Solutions climbed more than 4% after fourth quarter adjusted earnings of $1 per share on revenue of $566.7 million beat the 77 cents per share and $521 million analysts polled by FactSet expected. Constellation Brands fell 5% even after reporting better-than-expected fiscal second quarter results, with earnings of $3.74 per share on revenue of $2.63 billion against analyst expectations of $3.56 per share on revenue of $2.54 billion, as beer operating margins decreased 160 basis points year on year and depletions fell slightly. Flutter Entertainment rose nearly 3% after Citi upgraded the FanDuel parent to buy from neutral, saying recent share price weakness on Brazil and September US sports results concerns are overblown.
Sportradar to Sell Atrium Sports for $170M in Cash
Sportradar Group AG announced Wednesday that it struck a deal to sell Atrium Sports for $170M in cash, a transaction the company said represents an accretive double-digit EBITDA multiple relative to Sportradar's market valuation. The sale of the sports technology business is expected to close in Q4, subject to satisfaction of customary closing conditions. CEO Carsten Koerl said the transaction optimizes and streamlines the business as the company focuses on its core betting, gaming, and media priorities, while enabling it to retain key technology assets and capabilities that will support growth and innovation, and that the proceeds will further strengthen the balance sheet and support capital allocation priorities. Sportradar acquired Atrium Sports in 2021. Going forward, Sportradar will retain certain technology assets, capabilities, and revenue that underpin its core offerings and are already integrated into its business, including automated video production cameras, automated graphics solutions, certain computer vision capabilities, and competition management products.
SRAD · Capital · Positive Sportradar is selling Atrium Sports for $170M cash at an accretive double-digit EBITDA multiple, strengthening its balance sheet and capital allocation.
Atrium Sports · · Neutral Atrium Sports is the business being sold by Sportradar for $170M; no independent impact on Atrium itself is described.
BofA Upgrades DraftKings to Buy, Lifts 2027 EBITDA Estimate to $1.15 Billion
Bank of America upgraded DraftKings from Neutral to Buy, sending shares up 5%, with analyst Julie Hoover keeping a $27 price target that implies 45% upside. Hoover called the stock's 47% year-over-year pullback an attractive entry point, citing DraftKings' position as the third-largest player in prediction markets. BofA estimates prediction markets could generate roughly $400 million in fees for DraftKings by 2027, plus $200 million to $400 million from market-making, while a regulatory shutdown would remove the terminal value overhang. The firm lowered its 2026 EBITDA estimate from $625 million to $500 million but raised its 2027 EBITDA estimate from $1.05 billion to $1.15 billion, and said DraftKings could guide 2027 EBITDA in the $1.0 billion to $1.2 billion range. The $27 target is based on a 12x multiple of 2027 EV/EBITDA, and BofA said it wants stronger cost discipline in the core business to support 2028 margins.
DKNG · Capital · Positive BofA upgraded DraftKings to Buy and raised its 2027 EBITDA estimate to $1.15 billion, citing an attractive entry point after a 47% pullback.
PTC to Be Acquired by Schneider Electric for $205 Per Share
PTC agreed to be acquired by Schneider Electric for $205 per share, valuing the software company's equity at more than $22 billion, with the transaction expected to close by the third quarter of 2027. PTC shares surged 36% premarket on the news. Brazilian stocks rallied after right-wing presidential candidate Flavio Bolsonaro edged out incumbent Luiz Inacio Lula Da Silva by around 2 percentage points in Sunday's election, sending the iShares MSCI Brazil ETF up 12% and U.S.-listed shares of Itau Unibanco and Banco Bradesco up more than 13% each. Wells Fargo gained 1% after a Morgan Stanley upgrade to overweight from equal weight, while DraftKings popped over 5% on a Bank of America upgrade to buy from neutral, with analyst Julie Hoover expecting prediction markets to generate $400 million in fees for 2027 and between $200 to $400 million in market making. Estee Lauder rose 2.8% after Barclays upgraded the stock to overweight from equal weight, citing its growth and earnings profile over the next several years.
Entain cuts online sales outlook after Brazil bans online gambling
Entain, the owner of Ladbrokes and Sportingbet, has cut its online sales outlook and said earnings will land at the lower end of guidance after Brazil moved to ban online gambling. The FTSE 250 firm said it was disappointed by Brazilian President Luiz Inacio Lula da Silva's sudden decision on Friday to sign an order prohibiting all sports betting and online casinos, a move made without consultation of industry stakeholders. Entain said it will comply with the provisional ban, which must secure congressional approval within 120 days to become permanent. As a result, the group downgraded its full-year online net gaming revenues outlook to between 4% and 6% and said underlying earnings are now expected at the lower end of its guidance range of between £910 million and £960 million. Brazil was expected to account for around 5% of Entain's total online net gaming revenues this year, though the company said the earnings contribution was forecast to be modest given the challenging and highly competitive operating environment there. Earlier this month, Entain revealed around 400 jobs were being cut worldwide as it blamed increased gambling taxes, and said a consultation could see a fifth of its 2,000-strong customer care jobs go across 11 countries including the UK.
ENT.LSE · Regulation · Negative Brazil's sudden ban on online gambling forces Entain to cut its online sales outlook and guides earnings to the lower end of guidance.
Caesars Shareholders Approve Fertitta's $31-Per-Share Buyout as FTC Review Extends
Caesars Entertainment shareholders voted decisively to approve Tilman Fertitta's $31-per-share cash buyout, with 65.4% of outstanding shares in favor on September 22, 2026, even as the Federal Trade Commission issued a standard second request for more information that can extend the regulatory timeline. Fertitta intends to make Caesars a wholly owned subsidiary once regulators sign off, keeping CEO Tom Reeg and the existing leadership team in place, and would combine more than 50 properties into a broader gaming and hospitality portfolio. The FTC requested more information rather than suing to block the transaction, and both companies said they would cooperate, though the second request can delay closing by months while the $31-per-share agreement remains in place. Fertitta is assuming nearly $12 billion in debt as part of the deal, and because he already controls the Golden Nugget casino chain and other hospitality assets, the FTC can examine overlap in specific gaming and regional markets, with possible demands for asset sales. Caesars' hedge fund count rose to 64 in the second quarter of 2026 from 56 in the first, with position value climbing to $1.66 billion from $913.2 million, while MGM Resorts saw holders increase to 63 from 57, with position value rising to $1.38 billion from $1.21 billion.
CZR · Capital · Positive Shareholders approved Fertitta's $31-per-share cash buyout, a valuation/M&A event for Caesars.
CZR · Regulation · Neutral FTC issued a second request for more information, potentially delaying the deal closing by months.
Golden Nugget · Regulation · Neutral Fertitta's existing Golden Nugget chain creates gaming-market overlap the FTC may examine, with possible asset sales.
Caesars Shareholders Approve Fertitta Gaming Merger, Putting DraftKings in Focus
Caesars Entertainment shareholders approved a multibillion dollar merger with Fertitta Gaming at a special meeting held ahead of the transaction's completion. Tilman Fertitta, who controls Fertitta Gaming and drove the Caesars deal, is also the largest shareholder in DraftKings. The approval is only part of the full picture for DraftKings, according to the analysis, which points to three other big wins for the company. The link keeps DraftKings close to one of the largest gaming empires by scale, which may shape future marketing partnerships, cross promotion and customer funnel sharing across retail casinos and online betting. Investors are watching DraftKings' upcoming conference appearances and its first quarterly results after the Caesars and Fertitta transaction closes for signs of co-branded promotions or higher cross-sell between casino and online channels.
CZR · Capital · Positive Caesars shareholders approved the multibillion-dollar merger with Fertitta Gaming, a financial/M&A event.
DKNG · Demand · Positive Fertitta's control of Caesars keeps DraftKings linked to a large gaming empire, potentially enabling marketing partnerships, cross-promotion and customer funnel sharing.
BlackBerry Beats Estimates, MGM Plunges on Withdrawn Bid, Starboard Takes Knife River Stake
BlackBerry Limited reported second-quarter fiscal 2027 earnings of $0.07 per share, beating the Zacks Consensus Estimate of $0.04 per share, sending its shares up 4.2%. Darden Restaurants posted first-quarter fiscal 2027 earnings of $2.05 per share, missing the Zacks Consensus Estimate of $2.06 per share, and its shares fell 3%. MGM Resorts International shares plummeted 11% after Barry Diller's People Incorporated withdrew its takeover bid for the casino chain. Knife River Corporation shares gained 1.9% on reports that activist investor Starboard Value had acquired a significant equity stake in the company.
MGM Resorts Weighs Acquisition of Media Company People, WSJ Reports
MGM Resorts International, which operates casino hotels and other properties in Las Vegas, is considering a takeover offer for the U.S. media company People, The Wall Street Journal reported on the 24th. People, led by U.S. billionaire Barry Diller, had just withdrawn its own acquisition proposal for MGM Resorts the previous day, and People's shares rose 9% in after-hours trading. According to the Journal, citing people familiar with the matter, MGM could make an offer within days if it decides to move ahead with the acquisition process. People is MGM's largest shareholder, holding roughly 27% of its stock, and the value of that stake is nearly equal to People's own market capitalization. If a deal is completed, it would be an unusual move in which MGM seeks to acquire its longtime largest shareholder. People is a holding company engaged in the digital media business, owning brands such as People, Food & Wine, Southern Living, and The Daily Beast, and its second-quarter earnings showed improving profitability in its publishing business.
MGM Resorts Weighs Takeover Bid for Barry Diller's People Inc.
MGM Resorts International is weighing a potential takeover bid for Barry Diller's People Incorporated, according to The Wall Street Journal, just one day after People withdrew its own proposal to buy the casino giant. People Incorporated currently holds a roughly 27% stake in MGM worth approximately $2.5 billion, and the company commands a market capitalization of around $2.7 billion against MGM's $8.5 billion valuation. Analysts said the near-identical value of People's total market capitalization and its MGM stake points to a deep conglomerate discount, with equity markets assigning minimal value to People's publishing titles and secondary investments, which include People, Food & Wine, and Southern Living magazines, plus stakes in the Daily Beast and Turo. MGM shares fell nearly 11% in regular trading Thursday after People abandoned its go-private attempt, then stabilized after-hours with a modest 0.3% decline, while People stock surged 8.5% in extended trading. Diller had previously pursued a long-shot takeover of MGM in June that valued the gaming company at roughly $12.4 billion, but formally walked away on Wednesday, citing difficulty assembling an optimal partner group while saying People remains open to future strategic transactions with MGM.
MGM · Capital · Neutral MGM is considering a takeover of People Inc. one day after People withdrew its own bid for MGM, a mixed M&A development; MGM shares fell 11% after People abandoned its go-private attempt.
PPLI · Capital · Positive MGM is weighing a takeover bid for People Inc., a potential M&A event that sent People shares up 8.5% after-hours.
Akamai Jumps on $12 Billion Anthropic AI Computing Deal
Akamai shares surged about 13% in after-hours trading after Anthropic struck a $12 billion deal with the company for AI computing, with Akamai also discussing longer-term capital expenditure plans. The move made Akamai the biggest after-hours mover, climbing roughly 14%. In the regular session, Oracle fell 3.5% after sending a force majeure notice to a project developer, a unit of Blue Owl Capital, regarding a massive data center being built in New Mexico, a step tied to meeting power commitments that could delay rent for Oracle even as it would still owe the rent for the full lease term once payments begin. GoDaddy rose about 4.6% after the Financial Times reported that Gen Digital, the maker of Norton 360 antivirus, made an offer for the company in a deal that would roll up a number of major legacy software brands, though the talks are in early stages and may not lead to a deal; Gen Digital shares fell more than 12%. MGM Resorts dropped 11% after Barry Diller's People Inc dropped plans to acquire the rest of the casino giant, with Diller saying the mix was not coming together as hoped. Everpure was the top S&P 500 gainer, closing up about 11% after the data storage company forecast 2028 revenue above the average analyst estimate, drawing price target hikes from Citi to 160 from 130 a share and from B of A to 180 from 150 a share.
AKAM · Demand · Positive Anthropic struck a $12 billion deal with Akamai for AI computing, a concrete order for its services.
MGM · Capital · Negative Barry Diller's People Inc dropped plans to acquire the rest of MGM Resorts, ending a buyout bid.
ORCL · Regulation · Negative Oracle sent a force majeure notice on a New Mexico data center project, a legal/contractual step that could delay rent.
P · Capital · Positive Everpure was the top S&P 500 gainer after forecasting 2028 revenue above analyst estimates, drawing price target hikes from Citi and BofA.
GDDY · Capital · Positive Gen Digital made an acquisition offer for GoDaddy, an M&A event that lifted GoDaddy shares.
GEN · Capital · Negative Gen Digital's offer for GoDaddy is an M&A move that sent its own shares down more than 12%.
MGM Resorts Shares Fall After Barry Diller Drops Buyout Bid
Barry Diller has withdrawn his offer to buy the rest of MGM Resorts International and take the casino operator private, sending the company's stock down about 10% in Tuesday's pre-market trading. Diller's people, the parent company of People Magazine, already own roughly 26% to 27% of MGM and had proposed acquiring the remainder, but he has now backed off the bid, according to Bloomberg. The retreat may reflect difficulty raising the debt needed to finance the purchase, as well as investor skepticism about the outlook for casino and entertainment companies. MGM's online sports betting arm, Bet MGM, had been cited as part of the appeal of the deal.
MGM · Capital · Negative Barry Diller withdrew his buyout bid to take MGM Resorts private, sending shares down about 10% pre-market.
BetMGM · Capital · Negative BetMGM was cited as part of the appeal of the withdrawn buyout deal, so the collapsed bid removes a potential catalyst for the sports betting arm.
MGM Falls 9% as Diller's People Withdraws $18 Billion Buyout Bid
Barry Diller's People Inc. withdrew its proposal to acquire the remaining outstanding shares of MGM Resorts International, sending the casino operator's stock down 8.82% in premarket trading. People, which already holds about 27% of MGM, had offered $48.30 a share in cash in June, valuing the company at more than $18 billion. Diller said People had decided not to pursue taking the company private at this time because the deal's structure hadn't come together as hoped, though he left the door open to a possible strategic transaction and said People will consider alternatives. MGM's board said it is ready to continue as a standalone company. The company owns properties covering roughly 40% of the Las Vegas Strip but has struggled with sluggish visitor traffic, leaning on its China assets, including Macau, and its digital business for growth in recent quarters.
MGM Shares Tumble 9% as Diller's People Withdraws Buyout Proposal
Barry Diller's People withdrew its proposal to buy MGM Resorts International, sending the casino giant's shares down more than 9% in premarket trading. Diller said, "We didn't feel the mix was coming together in the way we had hoped," but expressed his faith in the company, in which he still holds 66.8 million shares. Darden Restaurants shed 6.6% after its fiscal first-quarter earnings of $2.05 per share came in line with estimates, while revenue of $3.20 billion fell just shy of the $3.21 billion expected from analysts polled by FactSet; the company also reaffirmed its full-year guidance. BlackBerry added 2% after reporting adjusted earnings of 7 cents per share, topping the 4 cents expected, on revenue of $163.3 million versus the $142.5 million consensus estimate. Meta slipped 2% following its nearly 12% move higher so far this week on optimism around its Muse AI agent, after CEO Mark Zuckerberg introduced the company's $1,299 Meta VR Glasses and Muse Charm, its handheld device that works with Muse, late Wednesday. Knife River rose 5% following a Wall Street Journal report that activist investor Starboard Value has acquired a substantial equity interest in the construction materials and contracting services company, reportedly pushing for improved margins or a potential sale, while Everpure moved 6.7% higher on positive takeaways from its financial analyst meeting and preliminary 2028 guidance of $7 billion to $7.3 billion in revenue, topping the $6.19 billion anticipated from analysts polled by FactSet.
MGM · Capital · Negative Barry Diller's People withdrew its buyout proposal for MGM Resorts, sending shares down more than 9%.
BB · Capital · Positive BlackBerry reported adjusted EPS of 7 cents and revenue of $163.3M, both topping consensus estimates.
DRI · Capital · Negative Darden's fiscal Q1 revenue of $3.20B fell just shy of the $3.21B expected, though EPS matched estimates.
KNF · Capital · Positive Activist investor Starboard Value acquired a substantial equity interest in Knife River, pushing for improved margins or a potential sale.
P · Capital · Positive Everpure rose 6.7% on positive takeaways from its analyst meeting and preliminary 2028 revenue guidance of $7-7.3B, topping the $6.19B consensus.
META · Capital · Negative Meta slipped 2% after its nearly 12% weekly gain tied to optimism around its Muse AI agent and new VR/handheld devices.
Churchill Downs Proposes $500 Million Term Loan B Refinancing
Churchill Downs is refinancing its balance sheet through a proposed $500 million senior secured Term Loan B due 2033 and related debt actions. The move comes as the company's share price has fallen 11.3% over the past 30 days and 28.1% year to date, with a 1 year total shareholder return down 17.6%. Churchill Downs also plans a strategic review and potential sale of nine regional gaming properties, aiming to recycle capital into higher return projects at Churchill Downs Racetrack, core HRM assets, and share repurchases. Under the most followed analyst view, the stock is seen as 39% undervalued, with a fair value of $130.83 per share against a last close of $80.46. Risks to that narrative include weaker performance from regional casinos or slower HRM venue expansion.
CHDN · Capital · Positive Churchill Downs proposes a $500M Term Loan B refinancing and plans a strategic review/potential sale of nine regional gaming properties to recycle capital into higher-return projects and buybacks.
MGM Resorts Falls 11% After Diller's People Inc. Withdraws Takeover Bid
Barry Diller's People Inc. withdrew its takeover offer for MGM Resorts, sending the casino operator's shares down 11% in after-hours trading while People rose 4%. People had disclosed in June a non-binding proposal to acquire all outstanding MGM shares it did not already own for $48.30 per share in cash. Diller said the mix of ingredients for the proposal was not coming together as hoped, but that he remains open to and interested in a strategic transaction with MGM and looks forward to considering a range of alternatives. People continues to hold 66.8 million MGM shares, roughly 27% of the company, and Diller said his belief in MGM's future is undimmed. MGM confirmed the withdrawal, and board chairman Paul Salem said the board remains excited to lead MGM Resorts as a standalone company, citing its Las Vegas position, regional properties and BetMGM's momentum.
DraftKings Denies New York Times Report on Targeting Losing Gamblers
DraftKings is pushing back against a New York Times report alleging the sportsbook used data science to target promotional incentives at customers most likely to lose money. According to a former data analyst interviewed by the Times, DraftKings built a machine learning model from customer betting records that assigned each gambler a score, with higher scores indicating more money likely lost per promotion offered, while the company resisted using similar technology to identify and protect gamblers at risk of addiction. The report said DraftKings spent $3B in promotions while taking in $8.7B in gross revenue, and that an internal 2023 memo found slots revenue was more elastic than earnings from other games, making promotions more effective there. In a statement to Seeking Alpha, a DraftKings spokesperson called the Times story built on false premises and based on the limited accounts of a few former employees, saying the company does not use AI to target anyone based on losses and does not market to customers based on indicators of potential problem gaming. The company said its promotions are designed to reward loyal customers and that it uses data science to customize offers based on customer preferences, and it noted it offers responsible-gambling tools such as cool-off periods and self-exclusion lists.
DKNG · Regulation · Negative NYT report alleges DraftKings used data science to target promotional incentives at likely-losing gamblers, drawing regulatory/legal scrutiny that the company denies.
NYT · Demand · Positive The New York Times produced the investigative report at the center of the story, drawing attention to its journalism.
DraftKings Falls 4% on Pulled-Forward Prediction-Market Spending
DraftKings shares fell 4% to $20.92 in Wednesday morning trading after chief executive Jason Robins signaled the company will lift marketing and customer promotions behind its prediction-markets business, potentially pulling forward investment previously contemplated for next year. Speaking with a Wells Fargo analyst on Tuesday, Robins said sportsbook handle rose 15% year over year month-to-date at the start of the National Football League season, that DraftKings still expects roughly $1 billion in adjusted EBITDA for the current year, and that its prediction-markets product is approaching a double-digit share of consumer volume in sports prediction markets. Flutter Entertainment, the parent of FanDuel, slipped 1% to $87.60 on the same spending concern, while Robinhood Markets rose 0.8% to $125.27, a split that separates platforms paying to acquire prediction-market customers from those whose customers arrive through an existing brokerage app. Robins also said the regulatory and legal position of prediction markets remains unsettled and outside the company's control. DraftKings is building the business against established venues including Kalshi and Polymarket, and Flutter is pursuing its own push through FanDuel Predicts.
DKNG · Capital · Negative DraftKings will pull forward marketing and promotion spending behind prediction markets, lifting costs and pressuring near-term profitability.
FLUT · Capital · Negative Flutter slipped on the same spending concern as it pursues its own FanDuel Predicts push, implying similar customer-acquisition costs.
HOOD · Competition · Positive Robinhood rose as the split favors platforms whose prediction-market customers arrive via an existing brokerage app rather than paid acquisition.
Sharplink Stakes $200 Million of Ether Through Lido After $394.3 Million Quarterly Loss
Sharplink Inc. said on August 13 it would stake $200 million of its Ether through Lido, the largest liquid staking protocol on Ethereum, receiving wstETH in return and holding it in custody with Anchorage Digital. The move extends a treasury strategy that has made Sharplink one of the largest corporate holders of ETH, with roughly 888,938 ETH as of August 3, up from about 886,881 ETH on June 30. In the second quarter of 2026, revenue climbed to $11.5 million from $0.7 million a year earlier, while the company posted a net loss of $394.3 million, more than triple the $103.4 million loss a year earlier, driven largely by $321.0 million in unrealized losses on ETH price swings and a $76.1 million impairment charge on its LsETH and weETH holdings. Sharplink was added to the Russell 2000 and Russell 3000 indexes in the June reconstitution and repurchased about 2.1 million shares for roughly $10.0 million in the quarter, close to $41.7 million worth since August 2025, while hedge fund ownership fell to 21 funds from 25 and short interest sits at 16.17% of the float.
SBET · Capital · Negative Sharplink posted a $394.3M quarterly net loss driven by $321M unrealized ETH losses and a $76.1M impairment on its LsETH/weETH holdings.
PENN Entertainment to Spend $195 Million Relocating New Orleans Casino
PENN Entertainment announced on August 17 that it plans to spend roughly $195 million tearing down one of its own casinos to build a new one next door, relocating the Boomtown Casino & Hotel New Orleans riverboat to a landside site in Jefferson Parish, Louisiana, where it will reopen as Hollywood Casino New Orleans. The project is PENN's fourth landside relocation, following Hollywood Casino Aurora and Hollywood Casino Joliet in Illinois, both of which opened in June 2026, with Hollywood Casino Council Bluffs in Iowa slated for 2028. The announcement followed strong second-quarter results reported on August 6, when PENN swung to net income of $32.6 million, reversing an $18.3 million loss a year earlier, while Consolidated Adjusted EBITDA climbed $52.5 million year over year to $312.6 million. The company retired the remaining $106.7 million of its 2.75% convertible notes in May, removing roughly 4.6 million potentially dilutive shares, and refinanced credit facilities to push maturities out to 2031 and 2033, with traditional net leverage improving from 4.5x to 2.9x. Hollywood Casino New Orleans is not scheduled to open until 2029 and still requires approvals from the Louisiana Gaming Control Board and the Jefferson Parish Council, while PENN carries $2.8 billion in traditional debt against $887.2 million in cash as of June 30 and its Interactive segment posted a $9.5 million Adjusted EBITDA deficit during the quarter.
PENN · Capital · Positive PENN plans a $195M landside casino relocation and reported strong Q2 results with net income of $32.6M, debt reduction, and leverage improving from 4.5x to 2.9x.
DraftKings Pursues 30% Adjusted EBITDA Margin Via Predictions Vertical Integration
DraftKings Inc. is advancing a vertical integration strategy in its Predictions business as it works toward a long-term companywide adjusted EBITDA margin target of at least 30%. The company launched its DKeX exchange in June 2026 and obtained Futures Commission Merchant approval in July, and now operates the brokerage, exchange and market-making components of Predictions internally, allowing it to capture more of the economics across the platform. The approach builds on DraftKings' Sportsbook experience, where approximately 95% of sports content is priced and traded in-house, and the company expects to apply the same model to Predictions to improve retention and monetization over time. DraftKings expects the shift to support unit economics through 2026 and into 2027, though Predictions is expected to generate lower revenue per customer than Sportsbook, and near-term spending remains significant with $200 million to $300 million of Predictions investment expected in 2026. The company's shares have declined 12.6% in the past three months compared with the industry's 9.7% fall, and the Zacks Consensus Estimate for DraftKings' 2026 earnings per share has declined in the past 60 days, while the company is projected to report a 50% surge in 2026 earnings.
DKNG · Capital · Positive DraftKings is vertically integrating its Predictions business (DKeX exchange, FCM approval, in-house brokerage/exchange/market-making) to pursue a 30% adjusted EBITDA margin target.
New York Times Alleges DraftKings Used AI to Target Its Biggest Losers
A new New York Times investigation alleges that sports betting platform DraftKings is using AI to target the gamblers who are most likely to lose and most susceptible to the app's promotions. According to the report, which drew on anonymous and named sources, DraftKings used a type of AI to find patterns in data and identify which bettors responded to promotions such as free bets, and found that some of the biggest losers were the most driven by those offers. Sources said DraftKings stalled efforts to look into whether those same people were more prone to addiction, and the company denies the allegations in a statement to the New York Times. DraftKings stock is down 37% year to date, in part because of the rise of prediction markets and competition, and in part because, as CEO Jason Robins has acknowledged, some of the games have not gone DraftKings' way.
DKNG · Regulation · Negative NYT investigation alleges DraftKings used AI to target its biggest losers and stalled addiction checks, raising regulatory/legal scrutiny.
SHR closes full 1.7 billion baht bond sale with 4.50% annual coupon
S Hotels and Resorts Public Company Limited, or SHR, a subsidiary of Singha Estate, announced that it has fully closed the offering of its bonds totaling 1.7 billion baht, meeting its target in full. This bond series has a tenor of 2 years and 9 months with a fixed interest rate of 4.50% per annum. It was offered to the general public between 14 and 16 September 2026 and received a very good response from investors. Mr. Michael Marshall, Chief Executive Officer of SHR, said this response reflects confidence in the company's business fundamentals and growth potential, and he thanked its five financial partners: Krungthai Bank, Kasikornbank, Asia Plus Securities, Krungthai XSpring Securities, and Land and Houses Securities. The proceeds from the bond issuance will be used to repay maturing bonds and to invest in projects to renovate and upgrade hotel assets. This bond series has been assigned a credit rating of BBB-, which is at investment grade, by TRIS Rating Company Limited.
SHR.BK · Capital · Positive SHR fully closed its 1.7 billion baht bond offering, securing financing to repay maturing bonds and fund hotel renovations.
Caesars and Fertitta Entertainment receive FTC second request on merger
Caesars Entertainment and Fertitta Entertainment each received a request for additional information from the Federal Trade Commission about their transaction. The companies received the second request on Monday, according to an 8-K filing on Thursday, and Caesars and Fertitta Entertainment intend to continue to work cooperatively with the FTC in its review of the merger. Caesars also announced that Jesse Lynn and Ted Papapostolou will exit Caesars' board effective immediately, with Icahn Group waiving its right to name replacement directors. Caesars holders are scheduled to vote on the deal on Tuesday. Shares of Caesars ticked down by 0.08% on Thursday.
CZR · Regulation · Negative FTC issued a second request for additional information, prolonging regulatory review of the Caesars-Fertitta merger
Fertitta Entertainment · Regulation · Negative Fertitta Entertainment received an FTC second request for additional information on its merger with Caesars
SHR debuts 1.7-billion-baht bond offering at 4.50% interest
S Hotel & Resort Public Company Limited, or SHR, disclosed through the Stock Exchange of Thailand that on 17 September 2026 the company issued and offered its 1/2026 series bonds, due for redemption in 2029, with a total value of 1.7 billion baht, offered to the general public. The bonds carry a term of 2 years and 9 months, maturing on 17 June 2029, comprising 1,700,000 units with a par value of 1,000 baht each, a fixed interest rate of 4.50% per annum, with interest paid every three months, no early redemption right, and a credit rating of BBB- with a Stable outlook from TRIS Rating Company Limited as of 8 July 2026. Isarin Pattaramai, Chief Financial Officer of SHR, stated that the proceeds will be used to repay debt from a roll-over debenture issuance within October 2026, as well as for asset acquisition, investment, or working capital in activities related to the company's current business operations, within December 2027. The underwriters for this offering are Krungthai Bank, or KTB, Kasikornbank, or KBANK, Krungthai XSpring Securities Company Limited, Land and Houses Securities Public Company Limited, and Asia Plus Securities Company Limited, with KTB acting as both the bond registrar and the bondholders' representative. This bond issuance falls under a total limit of not more than 8 billion baht as approved by the shareholders' meeting, and SHR has currently issued and offered bonds totaling 3 billion baht.
SHR.BK · Capital · Positive SHR issued 1.7 billion baht of 4.50% bonds to repay debt and fund asset acquisition, investment, and working capital.
KTB.BK · Capital · Neutral Krungthai Bank is an underwriter, bond registrar, and bondholders' representative for SHR's 1.7-billion-baht bond, a routine mandate.
SHR closes 1.7 billion baht bond sale at 4.50% interest, fully subscribed
S Hotels & Resorts Public Company Limited, or SHR, a subsidiary of Singha Estate, announced the successful offering of bonds worth a total of 1.7 billion baht, with a maturity of 2 years and 9 months and a fixed interest rate of 4.50% per year. The bonds were offered to the general public between 14 and 16 September 2026 and drew a strong response from investors, allowing the company to close the offering in full as targeted. Chief Executive Officer Michael Marshall said the strong reception reflects confidence in SHR's business fundamentals and growth potential, and thanked its five financial partners: Krungthai Bank, Kasikornbank, Asia Plus Securities, Krungthai XSpring Securities, and Land and Houses Securities. The proceeds will be used to support the repayment of maturing bonds and to fund investment in projects to renovate and upgrade the company's hotel assets. The bonds received a credit rating of BBB-, which is at investment grade, from TRIS Rating.
SHR closes 1.7 billion baht bond sale at 4.50% interest, hitting target
S Hotel and Resort Public Company Limited, or SHR, successfully offered bonds with a total value of 1.7 billion baht, with a term of 2 years and 9 months and a fixed interest rate of 4.50% per year. The offering closed after fully meeting its target, with the bonds sold to the general public between September 14 and 16, 2026. Michael Marshall, Chief Executive Officer of SHR, said the strong response from investors reflects confidence in the company's business fundamentals and growth potential. The proceeds will be used to support repayment of bonds due for redemption and to fund investment in projects to renovate and upgrade hotel assets. The bonds received a credit rating of BBB-, an investment-grade level, from TRIS Rating Company Limited, with five financial partners supporting the offering: Krungthai Bank Public Company Limited, Kasikornbank Public Company Limited, Asia Plus Securities Company Limited, Krungthai XSpring Securities Company Limited, and Land and Houses Securities Public Company Limited.
SHR closes 1.7 billion baht bond sale at 4.50% interest to fund hotel upgrades
S Hotels and Resorts Public Company Limited, or SHR, a subsidiary of Singha Estate, successfully offered and sold bonds worth a total of 1.7 billion baht, with a term of 2 years and 9 months and a fixed interest rate of 4.50% per year. The bonds were offered to the general public between 14 and 16 September 2026, and the offering closed fully subscribed in line with the target. Chief Executive Officer Michael Marshall said the strong response from investors reflects confidence in the company's business fundamentals and growth potential, and thanked its five financial partners: Krungthai Bank, Kasikornbank, Asia Plus Securities, Krungthai XSpring Securities, and Land and Houses Securities. The proceeds will be used to support repayment of maturing bonds and to fund investment in projects to renovate and upgrade hotel assets in order to improve asset quality and competitiveness. The bonds received a credit rating of BBB-, which is at investment grade, from TRIS Rating.
SHR.BK · Capital · Positive SHR closed a fully subscribed 1.7 billion baht bond sale at 4.50% to repay maturing bonds and fund hotel renovation/upgrade investment.
SHR closes full 1.7-billion-baht bond sale at 4.50% interest
S Hotel & Resort Public Company Limited, or SHR, a subsidiary of Singha Estate, announced that its offering of bonds worth a total of 1.7 billion baht was fully subscribed, meeting its target, after receiving a strong response from investors. The bonds carry a term of 2 years and 9 months and a fixed interest rate of 4.50% per year. They were offered to the general public from 14 to 16 September 2026 and were assigned a credit rating of BBB-, which is at investment grade, by TRIS Rating Company Limited. Michael Marshall, Chief Executive Officer of SHR, said the strong response reflects investor confidence in the company's business fundamentals and growth potential, and thanked its five financial partners: Krung Thai Bank Public Company Limited, Kasikornbank Public Company Limited, Asia Plus Securities Company Limited, Krungthai XSpring Securities Company Limited, and Land and Houses Securities Public Company Limited. The proceeds will be used to support the repayment of maturing bonds and to fund investment in projects to renovate and upgrade hotel assets, in order to raise asset quality and competitiveness, alongside prudent management of the financial structure and liquidity.
SHR.BK · Capital · Positive SHR fully sold its 1.7-billion-baht BBB- bond offering at 4.50%, securing financing for debt repayment and hotel renovations.
Entain to cut 400 jobs and warns Burnham tax raid risks 1,470 betting shops
Entain, the gambling giant behind Ladbrokes and Coral, is consulting on cutting around 400 customer-service roles, mainly in the UK, out of a total of around 2,000, after already shedding 500 jobs this year. The company warned Andy Burnham that a tax raid on the sector could lead to more than 1,000 betting-shop closures. In an open letter, Entain chief executive Stella David said doubling the rate of machine games duty would land the company with an additional £100m annual bill, and cited independent modelling from EY indicating that a 40pc MGD rate could lead to up to 1,470 betting shop closures and 15,900 job losses, ultimately resulting in a net loss to the Exchequer of around £120m. Burnham and his Chancellor, John Healey, are understood to believe slot machine venues open 24 hours a day are wrecking lives and high streets. The warning comes as inflation-busting minimum wage rises and a £26bn National Insurance tax raid on employers have been blamed for an economy-wide slowdown in hiring, with 145,000 fewer people employed on payroll in August compared with a year earlier, according to the Office for National Statistics.
ENT.LSE · Regulation · Negative Entain warns a potential doubling of machine games duty could cost £100m annually and force up to 1,470 betting-shop closures.
ENT.LSE · Capital · Negative Entain is consulting on cutting around 400 customer-service roles after already shedding 500 jobs this year.
Entain to cut 400 customer care jobs worldwide amid UK gambling tax pressure
Ladbrokes owner Entain is cutting around 400 jobs worldwide, roughly a fifth of its 2,000-strong customer care workforce across 11 countries including the UK, as it blamed increased gambling taxes. The group, which also owns Coral and Sportingbet, said the consultation is set to end by November and did not reveal how many UK roles would go. Chief executive Stella David wrote to Prime Minister Andy Burnham warning that doubling the standard rate of machine games duty to 40% would add around £100 million to the annual cost of running Entain's UK retail business. The company has previously cautioned that new UK gambling taxes will have a massive impact worth around £250 million, with remote gaming duty rising from 21% to 40% from the start of April and a new general betting duty rate due next year. The cuts come two months after Entain reportedly confirmed 500 jobs were being cut worldwide in product technology and group corporate roles.
DraftKings and Flutter Jump After Ninth Circuit Rules Prediction Markets Are Gambling
The Ninth Circuit Court of Appeals ruled that sports-related event contracts offered by prediction-market platforms are sports bets rather than swaps under federal commodities law, clearing the way for Nevada to apply its gaming regulations to them. Shares of DraftKings Inc. gained up to 10% and Flutter Entertainment plc rose up to 8% on August 28 following the decision. The court denied requests for injunctive relief from Kalshi, Crypto.com, and Robinhood, all of which had sought to block the Nevada Gaming Control Board from shutting down their sports-related event contract offerings in the state. Prediction-market platforms and the Commodity Futures Trading Commission have argued that such contracts fall under exclusive federal jurisdiction as swaps, while 44 states have countered that the products are sports betting disguised in financial terms and should face the same state-level gambling regulations as licensed sportsbooks. The ruling reduces a significant structural threat to DraftKings and Flutter, though Kalshi's September 9 petition for rehearing and any eventual Supreme Court review remain key developments to watch.
DKNG · Regulation · Positive Ninth Circuit ruling that prediction-market event contracts are sports bets clears Nevada to apply gaming regulations, reducing a structural threat to DraftKings' licensed sportsbook business.
FLUT · Regulation · Positive Same Ninth Circuit ruling reduces the regulatory threat from prediction-market platforms to Flutter's licensed sports betting operations.
HOOD · Regulation · Negative Court denied Robinhood's request for injunctive relief, allowing Nevada to shut down its sports-related event contract offerings.
Crypto.com · Regulation · Negative Crypto.com's request for injunctive relief was denied, clearing Nevada to shut down its sports-related event contract offerings.
Kalshi · Regulation · Negative Kalshi's request for injunctive relief was denied, clearing Nevada to shut down its sports-related event contracts.
Wynn Resorts Subsidiaries Price $900M Senior Notes at 6.875%
Wynn Resorts announced that its indirect wholly-owned subsidiaries, Wynn Resorts Finance, LLC and Wynn Resorts Capital Corp., have priced a private offering of $900M aggregate principal amount of 6.875% senior notes due 2035. The transaction is expected to close on or about September 22, 2026. Net proceeds from the offering, alongside existing cash on hand, will be contributed or loaned to Wynn Las Vegas, LLC to fund the full redemption of its 5.250% senior notes due 2027 and cover associated transaction expenses.
WYNN · Capital · Neutral Wynn subsidiaries price $900M 6.875% senior notes due 2035 to fund redemption of 5.250% notes due 2027 — a refinancing that raises interest costs but extends maturities.
DraftKings CEO Jason Robins Touts Nationwide Prediction Product as 'Fertile New Ground'
DraftKings co-founder and CEO Jason Robins said the company's prediction product is breaking new ground as it becomes available nationwide for the first time this NFL season. In an interview on Market Domination, Robins said customers in states such as California, Texas, Florida and Georgia who previously could not place such plays can now do so. He said the product, launched toward the end of December last season, has improved dramatically in just nine months and could be twice as good or more by the end of the season. Robins described customer acquisition as healthy and said the company is getting great ROI on its marketing investment, adding that DraftKings will remain data driven and lean in where it sees success. He also addressed rising competition from rival sportsbooks and prediction markets, saying DraftKings spends heavily on marketing and promotions but treats them as disciplined investments with acceptable returns.
DKNG · Demand · Positive DraftKings' prediction product is now available nationwide, expanding its addressable customer base and driving healthy customer acquisition.
Brightstar Lottery launches €500M tender offer and new 2032 notes
Brightstar Lottery has launched a tender offer for its outstanding €500 million 2.375% senior secured notes due 2028 and announced a benchmark offering of new euro-denominated senior secured notes due 2032. The company will offer €990 per €1,000 principal amount for any and all Regulation S interests in the existing notes, plus accrued and unpaid interest. Proceeds from the new notes will fund the tender offer, repay borrowings under its senior revolving credit facilities, and cover related fees and expenses, with the aim of extending the weighted average maturity of its debt. The tender offer is expected to complete on September 18.
Wynn Resorts Doubles Profit but Three Properties Lose Ground
Wynn Resorts reported second quarter 2026 net income of $140.1 million, more than double the $66.2 million a year earlier, with revenue rising to $1.86 billion and diluted earnings per share jumping to $1.32 from $0.64. However, the results were uneven: Wynn Palace drove the quarter with revenue up $113.8 million to $653.4 million and Adjusted Property EBITDAR climbing to $201.5 million, while Las Vegas Operations, Encore Boston Harbor, and Wynn Macau all saw EBITDAR decline. The company declared a quarterly dividend of $0.25 per share payable August 28, and repurchased 741,098 shares at an average price of $101.20, spending $75.0 million, leaving $326.1 million under its authorization. Total debt stood at $10.72 billion as of June 30, and Wynn continues to fund the Wynn Al Marjan Island project in the UAE, contributing another $48.1 million in the quarter toward a resort that will not open until September 2027. Hedge fund ownership dipped slightly to 43 funds, and short interest is at 9.64% of the float, reflecting cautious sentiment despite the profit surge.
Red Rock Resorts Q2 Profits Slide 29% as Dividend Holds
Red Rock Resorts reported second-quarter results for the period ended June 30, with net revenue slipping 3% to $510.3 million, net income falling 29.3% to $76.6 million, and adjusted EBITDA dropping 9.3% to $208 million compared with the same quarter a year earlier. Despite the declines, the board declared a dividend of $0.26 per Class A share, payable September 30 to stockholders of record as of September 15. Las Vegas operations, which account for nearly all of the company's revenue, saw net revenue decline just 2% to $503.2 million and adjusted EBITDA fall 5% to $227.5 million, while the Native American segment saw revenue collapse 62% to $3.8 million and adjusted EBITDA drop 72% to $2.8 million. The company ended the quarter with $136.5 million in cash against $3.6 billion in total principal debt, and short interest stands at 11.47% of float.
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