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What is Vampy Party?
Chumba Casino, VGW’s flagship brand, says in its Sept. 16 updated terms and conditions that the platform is not available in California, Connecticut, Delaware, Idaho, Indiana, Louisiana, Maine, Michigan, Mississippi, Montana, Nevada, New Jersey, New York, Tennessee, Washington, and West Virginia.
While Alabama ranks 27th among the 50 states in population, the limited availability of gaming makes the state attractive to companies like VGW.
Alabama has only parimutuel betting, small games of chance for charitable purposes, and electronic bingo machines at three tribal casinos in Atmore, Montgomery, and Wetumpka.
What is Vampy Party?
The company is placing an increased focus on efficiency and margins, with plans for a “lower-cost, more centralised operating model” with the profitability of Sun International’s underperforming assets in mind.
A formal consultation process relating to Section 189A of South Africa’s Labour Relations Act has commenced. THis governs large-scale retrenchments by companies with over 50 employees.
“In addition, we have started consultations in certain head office functions as we roll out productivity initiatives across the group,” Sun International said.
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According to Multiples.VC, the average enterprise multiple (EV/EBITDA) of top US-listed gaming companies is currently 10x. Data from New York University last updated in January pegged the overall market average at 23.9x and 19.7x among EBITDA-positive firms, suggesting the sector is undervalued relative to other industries. In a report released Monday, Fitch Ratings said most North American gaming companies hold “Stable” outlooks with “adequate rating headroom” despite consumer headwinds.
Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.
“It’s certainly not lost on us that this sector has underperformed for several years in a row just because it doesn’t have either the growth of say, tech companies, or the perceived free cash flow-insulated businesses, which we believe it does…We’ve thought there’s been value in the sector for a few years, particularly this year,” he told iGB.
