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MGM Resorts: Teams Up With NBA, GVC, and BYD

Worth Watching: 31 Jul 2018, 11:56 PM ET - MGM Resorts (Sr Unsec: Ba3/BB-) announced several agreements as it moves full steam toward the sports and online betting vanguard. Earlier this week, MGM announced an agreement with GVC, whereby both companies will contribute $100mn for 50/50 o ..

Euro HY Conference 2018: Relative Value Panel

Transcript: 27 Jun 2018, 9:21 PM ET - What is the biggest threat to European HY credit: Italy, Brexit, EM, commodities, tech or Donald Trump? 
Focused

GVC Holdings: Solid YTD 2018 Trading Update

Worth Watching: 27 May 2018, 11:30 PM ET - GVC Holdings (Issuer: Ba2/BB) released its year-to-date trading results, showing fairly broad-based gains across the online portfolio.  UK Retail remained weak, but European Retail helped to mitigate the trends. Management increased its targeted ..
Focused

UK Gaming: The Wait is Finally Over

Worth Watching: 17 May 2018, 12:04 PM ET - UK Gaming: The 18-month trauma is over, and while painful, the new regulations sought by the government fall short of the worst expectations. The new regulations take a butcher's knife to 25-30% of company earnings, but the companies should see ..
Focused

UK Betting: Regulator Reportedly Leans to £2 Limit

Worth Watching: 22 Jan 2018, 11:08 PM ET - UK Betting: A report in the Sunday Times suggested that culture secretary, Matt Hancock, would pursue a £2 limit on wagers as part of the ongoing triennial review. This would be the most severe limit under consideration by the regulator and woul ..

Euro HY Consumer Outlook 2018

Sector Outlook: 16 Jan 2018, 9:00 PM ET - We take a look at the key themes in play in evaluating prospects in the Euro HY Consumer space and aim to provide a fundamental framework to analyse available investment options within our coverage universe.
Focused

GVC Offers LCL Relief from Triennial Risk

Company Analysis: 07 Dec 2017, 2:17 PM ET - GVC and Ladbrokes Coral are in talks to merge, setting a new benchmark for M&A in the sector.  The deal creatively works around the Triennial Review risk.  
Focused

UK Betting: Regulator Holds Off Decision on FOBTs

Worth Watching: 01 Nov 2017, 12:43 AM ET - UK Betting: The Department for Digital, Culture, Media, and Sport published a statement that it will continue to study the issue of problem gambling and fixed odds betting terminals (FOBT).   The government is now giving itself 12 weeks for fur ..

European Consumer: 2017 YTD New IG Issuance

Sector Outlook: 28 Sep 2017, 11:41 PM ET - New issuance in IG European food & bev/HPC, a consolidating sector, is down year to date on 2016 whereas new issuance in IG European retail, a sector attempting deleverage, is up.   

Euro HY Conference 2017 – Gaming Transcript

Transcript: 20 Jun 2017, 5:20 AM ET - This is a transcript of the talk we gave at the CreditSights Euro High Yield Conference in London on June 13th. 
Focused

Ladbrokes: Apollo and Cerberus Reduce Equity Stake

Worth Watching: 11 May 2017, 3:32 PM ET - Ladbrokes (Ba2/BB): Bloomberg reports indicate LCL holders, Apollo and a Cerberus affiliate (Promontoria Holiding 196 B.V.), intend to sell 62mn shares (~3.2% of LCL share capital) through an accelerated offering to institutional investors. The ..
Focused

Ladbrokes: Soft YTD Wagering in OTC

Worth Watching: 04 May 2017, 11:20 PM ET - Ladbrokes (Ba2/BB) released trading results for the year-to-date through 23 April, showing fairly strong digital trends, but weak OTC trading in retail.   Digital net revenue was 22% on a slight uptick in win margin and 29% growth in stakes.   ..
Focused

Ladbrokes Coral: Downplays M&A,But Triennial Looms

Earnings Note: 28 Mar 2017, 11:13 PM ET - LCL integration is proceeding well, but the Triennial Review weighs on the story. 

Stonegate FY16: More Bolt-Ons

HY Note: 24 Jan 2017, 5:38 AM ET - We review STGATE FY16 results through the prism of the most recent bolt-ons.
Focused

Ladbrokes Coral: Provides 2016 Trading Update

Worth Watching: 18 Jan 2017, 11:53 PM ET - Ladbrokes Coral (Ba2/BB) provided a trading update, guiding to pro forma 2016 operating profit of £275-285mn.  This includes the performance of both Coral Group and legacy Ladbrokes on a full year basis, as well as the assets that have yet to b ..

December 2016 Europe Company Recommendation Change

Euro Recommendation Changes: 01 Jan 2017, 10:37 PM ET - Our monthly report provides executive summaries for the eighteen company recommendation changes made on European companies during the month of December.
Focused

UK Betmakers: MPs Seek Restrictions on Sector

Worth Watching: 08 Dec 2016, 11:45 PM ET - UK Betmakers: A group of five MPs published recommendations for the government in regards to Fixed Odds Betting Terminals (FOBTs). They recommend that the government reduce wager size limits from £100 to £2, the speed of wagering, and the number ..

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.
Focused

Ladbrokes Coral: Reportedly Eyeing Tabcorp

Worth Watching: 27 Nov 2016, 10:18 PM ET - Ladbrokes Coral (Ba2/BB) is reportedly looking to acquire Australian betmaker, Tabcorp Holdings (TAH), according to the Daily Mail.   TAH is involved with its own M&A efforts, with an agreement to merge with Australian peer Tatts Group. LCL ..
Focused

HY Note: Ladbrokes Markets Bonds for Coral Merger

HY Note: 01 Nov 2016, 4:57 AM ET - Ladbrokes Coral is seeking to place 7 year securities that will rank senior unsecured. We like the Ladbrokes integration and deleveraging story. 

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