Good Morning. Light & Wonder, formerly Scientific Games, sold sports betting platform OpenBet last year to Endeavour for $1.2 billion. The company now sees itself as well-positioned to take advantage of the growing convergence between sports betting and entertainment to drive further growth. โEndeavor owns UFC and all of the data that comes along with it and weโre a leading sports betting engine,โย Alan Brown, VP of commercial Asia Pacific, told AGB in todayโs Deep Dive article. โI think itโs pretty clear that weโll be able to develop some exciting products when those two teams get to work together.โ
What you need to know
- Genting Singaporeโs gross gambling revenue isnโt likely to return to its pre-Covid levels due to an expected lack of Chinese gamblers and greater regional competition: Maybank.
- Macauโs GGR surged 108 percent during the past week as visitation improved over the May Golden Week holiday, but ongoing China Covid restrictions mean the outlook remains subdued: Bernstein.
- Wynn Resorts has revealed plans to revamp its former VIP rooms at its two Macau properties, whilst revealing that its holding three undeveloped land parcels to โexpand our business considerablyโ in Macau.
On the radar
- Wynn Macau Q1 results fall on subdued visitation.
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- Studio City gets 6-month extension to complete Phase 2 expansion.
- HKS Architects appointed to develop Wynnโs UAE project on Al Marjan Island.
What the papers say
- CCCโs Yeom saysย IPIโs non-complianceย with local laws ‘intolerableโ.
- Starย non-exec directorย says board should have done more.
AGB Intelligence
DEEP DIVE
OpenBet capitalizing on convergence with Endeavor
OpenBet, one of the worldโs largest sports betting platforms, sees its tie-up with Endeavor Group Holdings as a key opportunity to capitalize on the growing convergence between sports betting and entertainment. Endeavor, a global sports and entertainment company and owner of the UFC mixed martial arts company, agreed to buy OpenBet from then Scientific Games last year for $1.2 billion. The acquisition is expected to be completed in the third quarter of this year. The combination puts together OpenBetโs sports betting ecosystem with access to sports rights, content, and data. The companies said the two are uniquely positioned to โdefine the future of sports betting entertainment.โ
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