Yahoo Finance Digital Transformation of Sports, Gaming, and Entertainment: CEOs of Penn National Gaming (NASDAQ:PENN), ImagineAR (OTC: IPNFF) and DraftKings (NASDAQ:DKNG) Discuss Today’s New Growth Opportunities
NEW YORK, June 25, 2020 (GLOBE NEWSWIRE) -- Wall Street Reporter, the trusted name in financial news since 1843, has published reports on the latest comments and insights from leaders at Penn National Gaming, Inc. (NASDAQ:PENN), ImagineAR (IPNFF) (CSE:IP), and DraftKings Inc. (NASDAQ:DKNG).
Accelerating Digital Transformation is creating new opportunities in the casino and sports betting, and digital gaming business. With the imminent return of live sports, and casino re-openings, leaders are positioning their companies to achieve new peaks of success, in the post-COVID economy. Wall Street Reporter highlights tech and gaming leaders comments and insights from recent earnings calls.
Penn National Gaming, Inc. (NASDAQ:PENN) CEO, Jay Snowden: “Positioned to Thrive with Barstool Sports & Digital Transformation of Gaming”
“..It’s times like these that often accelerate innovation and reward disruptors. We have historically proven that is a comfortable place for us at Penn and will again thrive in an environment like this …Penn Interactive delivered similarly impressive results in the first quarter beating budgeted revenue and EBITDA despite the loss of retail sports book revenue for most of March.…Our real money online experience and early results in Pennsylvania has reinforced our view that our operating capabilities and significant casino database will be a true competitive advantage as additional states authorize iCasino which is something we expect to see accelerate as states seek new revenues to help offset the fallout from the coronavirus…When you combine this casino database monetization opportunity along with the ability to cross-sell the Barstool Sports database of sports betters to online casino products in states where it is legalized, our differentiated omnichannel strategy looks very promising for the future.”
“We've been able to continue the development of our Barstool Sports book app while the live sports world has been on an extended hiatus. We anticipate this will allow us to launch on schedule in the third quarter of 2020 on a more level playing field as sports are likely to be ramping back up around that time. We believe the Barstool brand and marketing engine should help drive meaningful market share as the product is introduced across our database of 20 million casino customers and Barstool's audience of over 66 million and growing fans…despite the lack of live sports Dave Portnoy, Erika Nardini and their team have continued to generate highly creative and engaging new content for their loyal followers stuck at home in April with meaningful growth in social media and online blog and video views. April also represented their best ever commerce month which I think speaks to the power of Barstool's brand and it being about more than just sports.”
PENN Earnings call highlights available at:https://www.wallstreetreporter.com/2020/06/penn-national-gaming-inc-nasdaqpenn-q1-2020-earnings-conference-call-summary-highlights/
ImagineAR (IPNFF) (CSE:IP): AR Technology Driving Consumer Engagement - Key Role in “Sports 2.0”, Retail, Casino Post-COVID re-openings. AR. Plus: AR + Celebrity TikTok videos = Massive Opportunities.
ImagineAR (IPNFF), a featured presenter at Wall Street Reporter’s “NEXT SUPER STOCK” investor conference series, CEO Alen Paul Silverrstieen, shared IPNFF’s latest progress, as the company’s Augmented Reality technology gains increasing traction. Casinos, retail, and sports teams are now using IPNFF’s AR technologies to re-engage their customers as they re-open post-COVID, and it is expected to play an increasing role for driving their consumer engagement, going forward.
TikTok+AR
IPNFF’s AR technology is now being used in TikTok videos, where it has the potential to go mainstream with millions of consumers. The Broward Florida school district recently deployed IPNFF’s AR technology, featuring celebrities Flo Rida and NBA start Dwayne Wade, in creating viral TikTok videos for the high school graduation class of 2020. In his investor presentation, IPNFF CEO Alen Paul Silverrstieen, hints at the massive potential for combining IPNFF’s AR tech with celebrities in TikTok videos.
Watch IPNFF NEXT SUPER STOCK livestream video (Plus:IPNFF investor Sheldon Inwentash interview):
https://www.wallstreetreporter.com/2020/06/imaginear-otc-ipnff-ar-sports-2-0-tiktok-next-super-stock-livestream-6-10-20/
DraftKings Inc. (NASDAQ:DKNG), CEO Jason Robins: “The Intersection of Digital Sports Entertainment and Gaming"
“DraftKings is uniquely positioned at the intersection of digital sports entertainment and gaming in a rapidly growing industry. This opportunity represents an estimated addressable market of over $30 billion in the U.S. alone when considering a combination of online sports betting, fantasy sports, and iGames. There may also be less-developed fantasy and betting markets that could grow significantly in the coming years, such as eSports….We believe the combination of a large currently underserved market along with strong momentum on the legislative front provides the potential to create an environment of continuous category expansion for many years to come. We see ourselves as the premier brand in digital sports entertainment. We are currently one of the leading U.S. digital sports books and have the number one rated daily fantasy sports and sports book apps in the country.
“Turning to current events, I want to provide an overview of how we are responding to COVID-19. Certainly the current environment of major sports leagues and major sporting events has created short term revenue headwinds for the business. However, we are now in a strong position with nearly $0.5 billion of cash on our balance sheet. Additionally, our long-term growth expectations remain unchanged and under certain scenarios may even accelerate. While no one can predict exactly how COVID-19 will affect the world and for how long, we are confident, and when sports return, DraftKings will be ready….. we have built a product that allows DraftKings' customers to engage in eSports events, such as simulated eNASCAR, Counter Strike, and Rocket League. We developed content for lesser known competitive sports, such as table tennis. We launched a plethora of pop culture free-to-play pools contests that covered everything from the democratic debates to TV shows like Survivor, The Last Dance and Top Chef.
We also want stimulated Madden games. And most recently we partnered with MLB on their new MLB Dream Bracket game. In parallel, we have continued to deliver on our state expansion roadmap successfully launching both iGaming in Pennsylvania and sports betting in Colorado in early May. The engagement numbers that we seeing across all of these products are a great validation that our customers are loving the content. And it also shows their passion for our products and loyalty to our brand.”
DKNG Earnings call highlights available at:https://www.wallstreetreporter.com/2020/06/draftkings-inc-nasdaqdkng-q1-2020-earnings-conference-call-summary-highlights/
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