Shaun Kelley said Thursday regional U.S. casino operators have a golden opportunity to take advantage of the crisis climate.” data-reactid=”19″>Las Vegas is struggling to recover from the coronavirus shutdown, but Bank of America analyst Shaun Kelley said Thursday regional U.S. casino operators have a golden opportunity to take advantage of the crisis climate.
“Sports/iGaming and margin expansion are the two most transformative themes in our coverage and Regional Gaming companies are uniquely positioned to enjoy the most upside,” Kelley said.
PENN) is the best way to play sports betting and iGaming. Penn and Boyd Gaming Corporation (NYSE: BYD) also have relatively low exposure to the Las Vegas market, which is struggling due to a severe slowdown in air travel and major events.
For the month of July, gross gaming revenue from reporting states is down roughly 13% year-over-year as pent-up initial reopening demand subsides. Looking ahead, Kelly is projecting third-quarter GGR will decline 25% from a year ago and fourth-quarter GGR will drop 15%.
DKNG) and the rest of the sports betting industry. However, Kelley estimates college football accounts for only about 10% of sports betting, and he suspects those gamblers will likely just move to other sports and leagues if the NCAA football season is canceled.
2 Reasons To Own DraftKings Despite Risk Related To College Football Hiatus ” data-reactid=”42″>2 Reasons To Own DraftKings Despite Risk Related To College Football Hiatus
Latest Ratings for PENN
| Date | Firm | Action | From | To |
|---|---|---|---|---|
| Aug 2020 | Goldman Sachs | Initiates Coverage On | Buy | |
| Aug 2020 | Morgan Stanley | Maintains | Overweight | |
| Jul 2020 | SunTrust Robinson Humphrey | Maintains | Buy |
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