Fortune Rewind

What is Fortune Rewind?

“Publicly traded valuations are a reflection of the current interest rate environment,” Chad Beynon, lead gaming analyst for Macquarie, told iGB. “Whether it’s a long-term financial model on a growth company, you’re going to discount that back at a higher rate, or if it’s just a standard four-wall business, the cash flows in a higher interest rate environment are worth less.”

According to data from Yahoo Finance, the resort and casino sector is -41% over the last five years, and the overall gambling sector, which includes major sportsbooks and online operators, is +7%; the benchmark S&P 500 index, by comparison, is +71% during that span.

Two blockbuster developments in the casino space earlier this year seemed to indicate an increasingly bullish bet on the sector, including Fertitta Entertainment’s acquisition of Caesars Entertainment in May. The other is a subsequent takeover offer of MGM Resorts from its largest shareholder, Barry Diller’s People Inc. But a negative shift in market conditions could affect both deals.

What is Fortune Rewind?

Playtech revenue increased 10% year-on-year in its H1 to €425.1 million, powered by what the company described as “exceptional growth” for its B2B business in North America.

Revenue from the US and Canada surged 161% year-on-year to €56.9 million.

The company’s adjusted EBITDA also rose 77% to €162.5 million, with B2B accounting for €128.1 million of that total.

What is Fortune Rewind?

Grant has maintained that advantage play is not “dishonest or cheating” ever since his first legal brush with Star Casino.

However, he may have indeed been able to spot the imperfection in the cards, which is an outcome completely different than what was ruled in the case of Phil Ivey, a popular poker pro who ended up using edge sorting to win millions of dollars, but had to forfeit or repay his winnings in the end.

Grant said, at the time of his own case against Star Casino, that he had noticed cards being asymmetrical, but that he had no way of knowing what the next card on his table would be – just like other players there.