MGM Execs, Including Murren, and Board - Casino.org
- MGM Execs, Including Murren, and Board - Casino.org
- MGM RESORTS INTERNATIONAL : Shareholders Board Members
- MGM | MGM Resorts International Company Profile
- MGM Growth Properties - About Us - Board of Directors
- Board of Directors - MGM Resorts Investor Relations
- MGM Resorts International Announces Board of Directors for
- MGM adds IAC executives to board of directors - CasinoBeats
- MGM Resorts Welcomes Leaders Of IAC To Board Of Directors
- Open Letter to Board of Directors, MGM Resorts
mgm casino board of directors
mgm casino board of directors - win
$ACAC Merging w/ Playstudios - Undervalued MGM-Backed Online Gaming/Gambling/Return to Normal Play?
 | Wondering what everyone's thoughts are regarding Playstudios merging with ACAC. Seems to have oddly dropped below even where it was when it was in the rumour stages. Here are some of the investment notes I've gleaned from my research. Please help provide more bear (or bull) cases if possible! Summary ⦁ Online gaming company with major backing and investments from MGM Group, Blackrock, Activision Blizzard, and Neuberger Berman ⦁ Playstudios' game profiles include: myVEGAS Slots, POP! Slots, myKONAMI Slots, myVEGAS Blackjack, and Kingdom Boss + myVEGAS Bingo coming soon ⦁ >100M lifetime app downloads ⦁ 4.2M monthly active users From PlayStudios investor deck ⦁ 56 minutes playtime/day (more than TikTok, YouTube, etc. as per Skillz' research), fairly comparable to Skillz as well (their data below) Skillz data on minutes per user per day - Playstudios is 56 minutes/day ⦁ Unique loyalty rewards program that engages sticky user base by providing free rooms, meals, drinks, at many Las Vegas resorts such as Bellagio, Aria, MGM, Luxor, Mandalay Bay, etc., as well as exclusive gambling room access in select casinos ⦁ Valued at $1B enterprise value at NAV ⦁ Using capital injection to develop new apps, M&A with other gaming companies Bull Cases ⦁ SPAC Management group is quite stacked and very heavy on online gaming, and gambling sectors ⦁ Co-CEO Edward King has experience at Morgan Stanley as Managing Director and Global Head of Gaming Investment Banking ⦁ Co-CEO Dan Fetters also has experience at Morgan Stanley as Managing Director of M&A ⦁ EVP of Acquisitions Chris Grove is a partner at Eilers & Krejcik Gaming ⦁ Chairman Jim Murren former CFO, Chairman, and CEO of MGM for over 20 years (12 years as Chairman, CEO) and led the recovery of MGM post-financial crisis. Currently also Chairman of COVID 19 Response in Neveda ⦁ Other Board members include the President and CEO of the Boston Red Sox and Chief Exec. of Fenway Sports Management, Senior VP of Monumental Sports and Entertainment, former CEO of ShooWin, and FoundeCEO of Sydell Group (lifestyle hotel chain) ⦁ Playstudios exec. team also all have long history of gaming, and gambling sectors ⦁ TAM of mobile gaming only set to continue to grow YOY ⦁ Loyalty program appears to be very sticky for Vegas visitors, as well as offering a clear value add for even non-gamers to participate (free drinks, hotel stays, etc.), and causing a virtous cycle from user app engagement -> real-life reward redemption -> resort app offers -> and back Virtuous Cycle - from PlayStudios investor deck ⦁ Undervalued in terms of PS ratios comp. to other mobile gaming companies (Zynga, Playtika, etc.), and EBITDA basis ⦁ History of strong app development and revenue growth without major capital injection ⦁ History of profitable business model, stronger revenues than a Skillz ($270M for Playstudios v. $255M for Skillz) Revenue Growth and DAU Chart - from PlayStudios investor deck ⦁ All apps have strong user experience and reviews are exceptional ⦁ Very large amount of shares set to exit lock-up 12 months after de-SPAC ⦁ During the lockdowns, the global market for social casino games grew 24%, indicating a strong hedge play against another locked down economy ⦁ Massive list of partners Partners List - from PlayStudios investor deck ⦁ Very valuable subset of audience From PlayStudios investor deck Bear Cases ⦁ Perhaps one of many entrants into an industry of very high competition ⦁ EBITDA near-term is not super strong ⦁ Some SPAC cash usage not ideal ($150M going into founder's pockets) ⦁ Not in a very hype sector like EV, Space, etc. TLDR: I think Playstudios is under-the-radar, competitively differentiated, and undervalued comp. to other mobile gaming companies right now at ~$11.20/share, and see near-term upside as a long-hold given the major partners and big names behind it (MGM primarily, Activision Blizzard secondarily). Disclosure: 5000 shares of ACAC Disclaimer: I am not a financial advisor... do your own due diligence. |
TEKKORP DIGITAL (TEKK): Unsung Hero of the Casino/Gaming SPAC World. Stellar Team!
TEKKORP DIGITAL (TEKK) is a NASDAQ-listed blank check company created to acquire and unlock the value of businesses poised for growth in the
digital media, sports, entertainment, leisure and/or gaming ecosystems, by coupling transformative expertise with access to the deepest, most liquid public capital markets in the world.
287.5M Trust; Jefferies / Macquarie Capital (runners) IPOed 10/21/2020 2021-0204 Near NAV: $10.62 https://www.tekkorpdigital.com/ S-1 Filing: https://www.sec.gov/Archives/edgadata/1822027/000121390020028479/fs12020_tekkorpdigitalacq.htm Team and Board of Directors: Matthew Davey — Chief Executive Officer and Director Mr. Davey has over 25 years of experience within the digital media, sports, entertainment, leisure and gaming ecosystems. CEO of
SG Digital, the Digital Division of
Scientific Games Corp. Oversaw seven acquisitions
OpenBet, Cryptologic/Chartwell; PokerStars and Intercasino Robin Chhabra — President Mr. Chhabra has been at the forefront of corporate acquisition activity within the digital gaming landscape for over a decade. Mr. Chhabra’s M&A experience is extensive and covers multiple global geographies across the digital gaming value chain and includes the following:
TSG/Flutter Entertainment;
TSG/Sky Betting and Gaming Eric Matejevich — Chief Financial Officer Mr. Matejevich is a seasoned gaming executive with extensive experience in both the online gaming and traditional casino industries. Interim-CEO of
Ocean Casino Resort (formerly
Revel Casino), CFO of NYX. CFO of
Resorts International Holdings; COO -
Atlantic Club Casino. Led acquisition of
Harrah’s Entertainment and
Caesars Entertainment. VP of High Yield Research for
Merrill Lynch.
Morris Bailey — Chairman Mr. Bailey has been a leader in turning around Atlantic City, Mr. Bailey partnered with two of the largest digital gaming companies in the world,
PokerStars, part of the
Stars Group, and
DraftKings. In 2010, Mr. Bailey bought
Resorts Atlantic City. Signed an agreement with
Mohegan Sun to manage the day-to-day operations of the casino. Established a platform to engage in online gaming by partnering with
PokerStars, now part of the $24 billion
Flutter Entertainment. Resorts announced deals with
DraftKings and
SBTech to open a sportsbook on-property and online.
Tony Rodio — Director Nominee Mr. Rodio has nearly four decades of experience in the gaming industry. CEO and director of
Caesars Entertainment Corporation. President, CEO and a director of
Tropicana Entertainment. Exec positions at
Trump Marina Hotel Casino,
Harrah’s Entertainment,
Atlantic City Hilton Casino Resort and
Penn National Gaming.
Marlon Goldstein — Director Nominee Mr. Goldstein is a licensed attorney with nearly 20 years of experience in the gaming space. Exec VP, Chief Legal Officer -
The Stars Group. Exec VP, Corporate Development and General Counsel of
TSG. Participated in numerous M&A transactions and capital markets offerings at TSG:
TSG/Flutter Merger,
TSG/Fox Bet;
TSG/Sky Betting & Gaming;
CrownBet,
PokerStars.
Sean Ryan — Director Nominee Mr. Ryan is a digital media and technology operator with extensive global experience in online payments, e-commerce, marketplaces, mobile ad networks, digital games, enterprise collaboration platforms, blockchain, real money gaming and online music. VP of Business Platform Partnerships at
Facebook, Inc. **Yeah, that Facebook!
Tom Roche — Director Nominee Mr. Roche has more than 40 years of experience in the gaming industry as a regulator, advisor and independent auditor. Mr. Roche joined
Ernst & Young as a partner in 2003 and opened its Las Vegas office. Mr. Roche has been integral to numerous transactions that have shaped the current gaming landscape, including
Wynn Resorts initial public offering. Mr. Roche headed the regulatory advisory services on the buyout of
Harrah’s Entertainment;
Dubai World/MGM Resorts. Mr. Roche headed the regulatory and due diligence advisory services to Dubai World in its approximately $5.1 billion investment in MGM.
submitted by jorlev to SPACs [link] [comments]
26 Capital Corp (ADERU) is a new at-NAV SPAC with world-leading online gambling expertise - worth a bet
EDIT - one week after i posted this, Britain's most successful hedge fund manager Michael Platt has taken a 6.5% stake
tl;dr At-NAV new SPAC with world-leading expertise in online gambling. Worth a bet on potential to be next DKNG on the hype train +++++++
Hi all - have had a lot of great tips from this sub. Hopefully this pays some of you back. I have been watching and researching this since 23 December when it first filed S1, awaiting the units to be listed - they are available today trading as ADERU Positions - 500 units @ 10.42 to start. Will be monitoring and building position below $15, especially if attention starts to build ahead of units and warrants splitting and shares coming available to Robinhood. (My other SPAC positions are OPEN, IPO-E-F, PSTH, FUSE, PIPP, ACTC, CCIV and DMYD, 100 to 1000 shares each mostly around NAV and numerous warrants and options around these.) As ever, this is not investment advice and do your own research +++++++
26 Capital Acquisition Corp or ADER is a 240m SPAC with usual terms - 10$ units, 1/2 warrants. Seeking a merger in "gaming and gaming technology, branded consumer, lodging and entertainment, and Internet commerce sectors".
I think this is highly worth a play on the online gambling hype if you can get in at near NAV, based entirely on the
management which is unbeatable in its knowledge of the gambling industry CEO Jason Ader has held director level positions at Las Vegas Sands Corp. ($42bn one of biggest casino groups in world), IGT (£3.72bn multinational gambling firm specialised in software and slot machines) and Playtech (£1.4bn multinational gambling software firm)
Before starting his own fund in 2013 he was regularly ranked Wall Street's top analyst on the gambling and leisure sector
His fund,
Spring Owl Capital, is a small activist fund focused on gambling and leisure. They are probably most famous for ousting the CEO of Viacom in 2016 and a
crusade against Yahoo CEO Marissa Meyer in 2015.
Ader knows the gambling - and online gambling - industry inside out. He drove bWin to a £1.1bn takeover by gambling giant GVC (now Entain) in 2016, and has been driving similar change and demands for improvement at board level at Playtech
The fund mostly manages money for a select group of wealthy families, which
could be a positive sign for the SPAC (although I don't know how much skin in the SPAC the fund has, if any)
Here is a video of Ader from November talking about how he's excited about SPACs.
He talks about how he has been advising certain States about legalising sports betting and how to maximise value and liquidity by linking up with European companies in the space (Playtech e.g.??). Ader is extremely bullish on US legalising online casino and more sports betting options, accelerated by need for revenue because of pandemic
Rafi Ashkenazi One of the most highly respected names in the online gambling world, including COO and CEO positions at major online gambling firms such as Playtech and Stars Group (a world leader in online poker and casino). At Stars he led the $4.7bn takeover of Sky Betting to create the world's largest publicly listed online betting firm in 2018. Most recently he led the £10bn merger between Flutter (biggest gambling company in world by revenue, market cap £26bn), and Stars Group (Ader also involved). Also has connections into the booming Israel tech space which is interesting
Joseph Kaminkow Special Advisor to the Chief Product Officer at Aristocrat, a leading gambling software provider and games publisher, previously Vice President of Game Design at Zynga Inc. This guy is a
former video game / pinball designer who is credited with revolutionising the slots industry after moving into gambling software from video games in 1999. Regarded as a "legend" and "hall of famer" in this niche. At Zynga he designed so-called 'social casino games' which don't involve real-money gambling but are otherwise basically gambling apps (revenue from microtransactions etc). 130 patents on gambling/gaming design inventions
Greg Lyss This is a very interesting but extremely low profile person. He was Bill Ackman a.k.a SPACman's right hand man at Gotham Capital.
Ackman respected him so much that when Ackman set up a personal hedge fund to invest the Ackman family's money, he put Lyss in charge of it. To repeat -
Bill Ackman thinks this guy is such a good investor and trustworthy that he put him in charge of investing his family's money. Don't know anything more about him, but I like this association with Ackman, which suggests to me some integrity around management of this SPAC, especially as the gambling world can be very murky.
The other member of the team is the CFO of SpringOwl with 20+ years' hedge fund experience and not notable (although clearly competent)
Thesis / potential targets Based on the above experience and many public comments by Ader over the past year, I would be very surprised if ADER is not looking to merge with an online gambling technology provider / existing online betting website / social casino app / possibly a supporting technology provider
They are activist inventors, and specifically say in the IPO prospectus that they could look for businesses that can benefit from turnaround or are not being run well. I speculate that their deep knowledge of the European / global online gambling industry means they have a target in mind that they think would benefit from their expertise and US liberalisation of gambling legislation.
1) Ader believes the listing of UK-listed gambling companies in US is immediately big in terms of market cap because of the premium on online gambling stocks in US.
He has pitched DraftKings to takeover Playtech and
called on Playtech to spin off non-core business. This makes me wonder if he would
spin off some element of Playtech to list in US to cash in on gambling hype.
This might be
Finalto.com / TradeTech which is an online financial platform owned by Playtech.
Playtech has been trying to sell this for 200 - 240m since August so it fits. This company provides liquidity and trading to brokerages and runs markets.com a trading site. I wouldn't be that excited although apparently the business has been booming during COVID and there could be a decent pop just on fintech hype.
2) This could be a 'picks and shovel' type data/B2B betting software play a la DMYD, or something like e.g. Israel based CRM software
Optimove which works with some of biggest online gambling cos and has links to Ashkenazi. This would be interesting but probably not a huge pop
3) Possibly - given Ader's links to Sands -
an online gambling tie-up with one of the big Vegas casinos who are desperate to get into the online betting space (see MGM's attempt to buy Entain for $8bn last week). Interestingly, Sands' owner Sheldon Adelson, previously a major opponent of online betting, has just died. Ader predicted a few months ago that Sands would be moving in this direction.
“There’s no stopping online gaming,” Ader said [before Adelson's death]. “(Las Vegas Sands’) initiatives to stop online gaming, at this stage, are largely historic. There hasn’t been a lot of spending recently to do that, especially post-pandemic.”
“I think the company will see the value created by DraftKings and FanDuel and Penn (National) Gaming and others. They’re not foolish,” Ader added. source
4) Ader is very confident that Macau will legalise online gambling in next year or two. Sands is big in Macau, the biggest gambling market in the world.
A SaaS-type product positioned to capitalise on Asian gambling would be MASSIVE - at present however, China's attitude to gambling and local regulations mean this is unlikely
5) I also wonder if they might try to take legitimate one of the offshore bookmakers with big customer databases and brand recognition but which have been grey-area/illegal under US gaming legislation. For example,
Five Dimes recently announced a settlement with the FBI to attempt to transition into newly legalised US markets. This might have the most hype potential
Potential upside This is entirely a play on management experience and the meme factor / hype around online gambling in the US. I think if they pick a good target - which given their experience and connections seems likely - and get the right publicity and attention from retail investors looking for the next DKNG this could easily 3x and maybe 5-6x if on DKNG-type hype levels.
There is currently little spotlight on this and it is a good time to get in at NAV
Potential Downside - Ader has been vocal that he thinks US online betting is overvalued and in a bubble - why is he starting his own SPAC in the space then? Does he just want to cash in while the hype is at all-time high or does he have a legitimate business goal?
- If he just wants to dump a part of Playtech which he does not like onto retail investors, this is a bad deal.
- Other targets could be e.g. hotel industry or other leisure sector which would be zero sexiness to retail. Given Ashkenazi and Kaminkow's background this seems unlikely though
- Usual SPAC caveats apply about potential difficulty finding a target, locking up your money for unspecified period of time, and the fact I may have completely misread the potential and my above thesis might be totally wrong
Anyone looking at ACAC?
I will throw a new one out there no one is talking about: ACAC
Acies Acquisition Corp.
https://aciesacq.com/ Specific sectors that we will target span live events, family entertainment, casino gaming, destination hospitality, sports, sports betting and iGaming, and social and casual mobile games. We will pursue both consumer facing operators as well as the business-to-business platforms that support them.
They have some big names behind them, including Jim Murren, former Chairman and CEO of MGM Resorts International; Edward King, former Managing Director and Global Head of Gaming at Morgan Stanley; Dan Fetters, former Managing Director and Head of Western Region Mergers and Acquisitions at Morgan Stanley; and Chris Grove, partner at Eilers & Krejcik Gaming. Andrew Pascal, founder and CEO of PlayStudios, is a co-founder and Advisor to the Board.
They are also trading cheap, with commons at 10.10. I think this is a great one to get in on the ground floor of. Likely target is something online gambling related, obviously, which is super hot right now.
This looks pretty good, I am in for 300 shares at 10.10.
TEKK - Tekkorp Digital Acquisition Corp: Who's Who of Gaming Mgmt Teams!
Team has been involved in a substantial number of the digital media, sports, entertainment, leisure and gaming industries’ most significant merger and acquisition transactions, holding key positions at, and transacting with Scientific Games Corp, Inspired Gaming Group, FOX Bets, Ocean Casino Resort, Resorts International Holdings, PokerStars, DraftKings, Mohegan Sun, Caesars Entertainment Corporation, Harrah’s Entertainment, Tropicana Entertainment, Inc., TSG/Sky Betting & Gaming, Facebook, Inc, Wynn Resorts, Dubai World/MGM Resorts
Here's all the Bios. These guys are stellar! TEKK closed at $10.30 today. Still cheap!
If you don't like to read... you don't like to make money!!!!
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Matthew Davey — Chief Executive Officer and Director
Mr. Davey has over 25 years of experience within the digital media, sports, entertainment, leisure and gaming ecosystems, as well as experience in the public sector. He is an experienced public company executive officer and board member. He has served in executive management positions across the gaming technology arena. Over the course of Mr. Davey’s career, he oversaw more than ten mergers and acquisitions and over $1.2 billion in debt and equity capital raised to support the companies he has led.
Most recently, Mr. Davey was Chief Executive Officer of SG Digital, the Digital Division of Scientific Games Corp. (“Scientific Games”) (Nasdaq: SGMS). SG Digital was established following the purchase by Scientific Games of NYX Gaming Group Limited (“NYX”) (formerly TSXV: NYX), where Mr. Davey served as Chief Executive Officer and Director. The NYX acquisition provided Scientific Games with a vehicle to significantly accelerate the scale and breadth of its existing digital gaming business, including the strategic expansion into sports betting. In his capacity as Chief Executive Officer of NYX, Mr. Davey developed and implemented a corporate strategy that generated strong revenue growth. Mr. Davey shaped company strategy to focus on digital gaming supplier platforms and content that provided various gaming operators with the underlying gaming and sports betting systems for their online gaming business. In 2014, Mr. Davey oversaw the initial public offering of NYX, and his experience in the digital media, sports, entertainment, leisure and gaming industries helped NYX recognize momentum as a public company. After the public offering, from 2014 to 2018, Mr. Davey oversaw seven acquisitions which helped establish NYX as one of the fastest growing global B2B real-money digital gaming and sports betting platforms. These acquisitions included:
• OpenBet: In 2016, NYX completed the $385 million acquisition of OpenBet. This was one of the more complex and transformative acquisitions that Mr. Davey oversaw at NYX. Through securing co-investments from William Hill (LSE: WMH), Sky Betting & Gaming and The Stars Group (formerly Nasdaq: TSG, TSX: TSGI), Mr. Davey was able to get the acquisition from Vitruvian Partners completed successfully, winning the deal against much larger and well capitalized competitors. By combining two established and proven B2B betting and gaming suppliers, NYX was well positioned to provide customers with exciting player-driven solutions across all major product verticals and distribution channels. This allowed NYX to become the leading B2B omni-channel sportsbook platform in the market and the supplier to over 300 gaming operators globally with an extensive library of desktop and mobile game titles, including more than 700 on NYX platforms and more than 2,000 on the OpenBet platform.
• Cryptologic/Chartwell: In 2015, NYX completed the $119 million acquisition of Cryptologic and Chartwell. The acquisition provided NYX with more than 400 titles of additional leading gaming content, a broader customer base, and direct exposure to PokerStars and Intercasino, part of the Gamesys Group (LSE: GYS) — two of the world’s largest online casino offerings.
• OnGame: In 2014, NYX completed the distressed acquisition of OnGame, a premier poker content, platform and service provider. This acquisition provided NYX with one of the best poker products in the industry, access to several regulated jurisdictions, and a valuable talent pool that was instrumental in the growth of NYX. The addition of OnGame further established a path for NYX to continue its growth in both European and U.S. markets.
These acquisitions, together with meaningful organic growth, increased NYX’s revenue from $24 million in 2014 to $184 million annualized in 2017. During that time, Mr. Davey helped build NYX to have over 200 customers in the global gaming industry and a team of 1,000 employees. Mr. Davey’s success at NYX ultimately led to its sale to Scientific Games for $631 million in 2018.
Mr. Davey joined Next Gen Gaming, the predecessor to NYX, in 2000 as the Vice President of Technology, was appointed as Executive Director in 2003 and named Chief Executive Officer in 2005. Prior to that, he was the Senior Consultant for Access Systems, a company that specializes in the provision of back-end software for licensed online casinos. Prior to joining Access, Mr. Davey worked for the Northern Territory Government specializing in matters pertaining to the internet and e-commerce along with roles in the Department of Racing and Gaming. Mr. Davey received a Bachelor of Electrical & Electronic Engineering from Northern Territory University, Australia (also known as Charles Darwin University).
Robin Chhabra — President
Mr. Chhabra has been at the forefront of corporate acquisition activity within the digital gaming landscape for over a decade. His prior experience includes leading corporate strategy, M&A, and business development at two of the global leaders in the digital gaming industry, The Stars Group (“TSG”) and William Hill, and a leading supplier, Inspired Gaming Group (Nasdaq: INSE). Mr. Chhabra served on the Group Executive Committees of each of these companies. From 2017 to May 2020, Mr. Chhabra served as Chief Corporate Development Officer at TSG and, from 2019 to August 2020, he also served as the Chief Executive Officer of Fox Bet, a leading U.S. online gaming business which is the product of a landmark partnership between TSG and FOX Sports, a transaction which he led. During that period, Mr. Chhabra led several transactions which transformed TSG into the largest publicly listed online gambling operator in the world by both revenue and market capitalization and one of the most diversified from a product and geographic perspective with revenues of over $2.5 billion. Mr. Chhabra’s M&A experience is extensive and covers multiple global geographies across the digital gaming value chain and includes the following:
• TSG/Flutter Entertainment Merger: In 2019, Mr. Chhabra led the TSG M&A team that was responsible for TSG’s $12.2 billion merger with Flutter Entertainment (LSE: FLTR). The merger between TSG and Flutter Entertainment is the largest transaction in the digital gaming industry to date. The combination created the largest publicly listed online gaming company with approximately 13 million active customers and leading product offerings, which include sports betting, online casino, fantasy sports and poker. The combined entity includes some of the world’s most iconic digital gaming brands such as Fanduel, Fox Bet, Sky Bet, PaddyPower, Betfair, PokerStars and SportsBet. TSG/Flutter Entertainment is one of the most geographically diverse digital gaming and media companies with leading positions in the United States, United Kingdom, Australia, Ireland, Italy, Spain, Germany and Georgia.
• TSG/Sky Betting and Gaming (“SBG”): In 2018, Mr. Chhabra led the acquisition of SBG from CVC Capital Partners and Sky plc, Europe’s largest media company, in a transaction valued at $4.7 billion. At the time of the acquisition SBG was the largest mobile gambling operator in the United Kingdom and one of the fastest growing of the major operators having doubled its online market share in three years. The acquisition of SBG provided TSG with (a) greater revenue diversification, significantly enhanced expertise and exposure to sports betting just ahead of the judicial overturn of The Professional and Amateur Sports Protection Act of 1992 (PASPA) by the U.S. Supreme Court, (b) a leading position within the United Kingdom, the world’s largest regulated online gaming market, (c) improved products and technology as a result of the addition of SBG’s innovative casino and sports book offerings and a portfolio of popular mobile apps, and (d) expertise in deeply integrating sports betting with leading sports media companies, positioning TSG to create more engaging content, deliver faster growth and decrease customer acquisition costs.
• William Hill (LSE: WMH): At William Hill, from 2010 to 2017, Mr. Chhabra served as Group Director of Strategy and Corporate Development where he led several transactions which contributed to William Hill’s transformation from a land-based gambling operator in the United Kingdom to a leading online-led international business. Mr. Chhabra led William Hill’s entry into the U.S. sports betting and online lottery markets with the acquisition of four businesses, including the simultaneous acquisitions of three U.S. sportsbooks, Cal Neva, American Wagering and Brandywine Bookmaking, in 2011 for an aggregate purchase price of $55 million. These businesses ultimately led William Hill to achieve a leading position in the U.S. sports betting market with a market share of 24% in 2019. Additionally, Mr. Chhabra played a key role in structuring William Hill’s successful joint venture with PlayTech Plc (LSE: PTEC) in 2008. The combined entity created one of the largest online gambling businesses in Europe at the time of its formation and led to William Hill’s buyout of Playtech’s interest for $637 million in 2013. Prior to the transaction, William Hill had struggled in its attempt to establish a strong online gaming platform and a meaningful presence outside the United Kingdom.
Mr. Chhabra has also successfully completed four transactions worth over $1.2 billion in Australia, the world’s second largest regulated online gambling market, and various partnerships in Asia. Additionally, he completed several technology and media related transactions, including William Hill’s investment in NYX, where he worked with Mr. Davey on NYX’s transformational acquisition of OpenBet.
Prior to working in the gaming sector, Mr. Chhabra was an equities analyst and a management consultant. Mr. Chhabra received a Bachelor of Science in Economics from the London School of Economics and Political Science.
Eric Matejevich — Chief Financial Officer
Mr. Matejevich is a seasoned gaming executive with extensive experience in both the online gaming and traditional casino industries. From February to August 2019, he served as Trustee and Interim-Chief Executive Officer of Ocean Casino Resort (“Ocean”) (formerly Revel Casino, which had a construction cost of $2.4 billion) in Atlantic City, where he successfully led the management team through an ownership change and operational turnaround effort. Over the course of seven months, Mr. Matejevich managed to reduce the property’s weekly cash burn of $1.5 million to an annualized cash flow run rate in excess of $20 million.
Prior to Ocean, from 2016 to 2018, Mr. Matejevich served as the Chief Financial Officer of NYX. At NYX, he focused his efforts on integrating the company’s many acquisitions and multiple debt refinancings to simplify its capital structure and provided liquidity for growth initiatives. Additionally, Mr. Matejevich was instrumental to the executive team that sold NYX to Scientific Games for $631 million.
Prior to NYX, from 2004 to 2014, Mr. Matejevich was the Chief Financial Officer of Resorts International Holdings and later, from 2011, also the Chief Operating Officer of the Atlantic Club Casino, a property under the Resorts International Holdings umbrella — a Colony Capital (NYSE: CLNY) entity. As Chief Financial Officer, he provided managerial oversight for all finance functions for a six-property casino company with annual gaming revenue exceeding $1.3 billion, 10,000 gaming positions, 7,000 hotel rooms and over 11,000 staff members during his tenure. Mr. Matejevich led the transition effort to integrate a four-casino, $1.3 billion acquisition from Harrah’s Entertainment and Caesars Entertainment (Nasdaq: CZR). As Chief Operating Officer of Atlantic Club, he lobbied for and was successful in obtaining the first internet gaming legislation passed in the United States. The Atlantic Club was the sole New Jersey casino proponent of the legislation.
Prior to serving in various gaming positions, Mr. Matejevich was a Vice President of High Yield Research for Merrill Lynch, where he managed the corporate bond research effort for the gaming and leisure sectors and marketed high yield and other debt transactions totaling $4.8 billion. Mr. Matejevich received a Bachelor of Science in Economics from The Wharton School and a Bachelor of Arts in International Relations from The College of Arts and Sciences at the University of Pennsylvania.
Our Board of Directors
Morris Bailey — Chairman
Over the past 10 years, Mr. Bailey has been a leader in turning around Atlantic City, as well as being among the first gaming executives to embrace online gaming and sports betting in the United States. In his efforts, Mr. Bailey partnered with two of the largest digital gaming companies in the world, PokerStars, part of the Stars Group, and DraftKings (Nasdaq: DKNG). In 2010, Mr. Bailey bought Resorts Atlantic City (“Resorts”) and initiated a comprehensive renovation which allowed for the property to be rebranded and repositioned. In 2012, Mr. Bailey signed an agreement with Mohegan Sun to manage the day-to-day operations of the casino. In addition to Mohegan Sun’s operational expertise and ability to reduce costs via economies of scale, Resorts gained access to their robust customer database. Soon thereafter, Mr. Bailey and his team focused on bringing online gaming to the property. In 2015, Resorts established a platform to engage in online gaming by partnering with PokerStars, now part of the $24 billion Flutter Entertainment, PLC (LSE: FLTR), to operate an online poker room in Atlantic City. In 2018, Resorts announced deals with DraftKings and SBTech to open a sportsbook on-property and online. For 2020 year-to-date, Resorts has performed in the top quartile in internet gross gaming revenue in New Jersey. Mr. Bailey’s efforts in New Jersey helped set the framework for expansion of online sports and gaming throughout the United States.
In addition to his gaming interests, Mr. Bailey has over 50 years of experience in all facets of real estate development, asset M&A, capital markets and operations and is the founder, Chief Executive Officer and Principal of JEMB Realty, a leading real estate development, investment and management organization. Mr. Bailey has notable investment experience within the energy, finance and telecommunications sectors through investments in the Astoria Energy Plant, Basis Investment Group and Xentris Wireless.
Tony Rodio — Director Nominee
Mr. Rodio has nearly four decades of experience in the gaming industry. Most recently, Mr. Rodio served as the Chief Executive Officer and director of Caesars Entertainment Corporation (“Caesars”) (Nasdaq: CZR), one of the world’s most diversified casino-entertainment providers and the most geographically diverse U.S. casino-entertainment company, from April 2019 until its acquisition by Eldorado Resorts, Inc. in July 2020. Mr. Rodio led Caesars through its $17.3 billion merger with Eldorado Resorts, one of the largest transactions in the gaming industry to date. Additionally, Mr. Rodio was instrumental to Caesars’ expansion into the digital gaming industry and oversaw the implementation of new digital segments such as its Scientific Games powered retail sportsbook solution that now operates in various states throughout the U.S. From October 2018 to May 2019, Mr. Rodio served as Chief Executive Officer of Affinity Gaming. Prior to Affinity Gaming, he served as President, Chief Executive Officer and a director of Tropicana Entertainment, Inc. (“Tropicana”) for over seven years, where he was responsible for the operation of eight casino properties in seven different jurisdictions. During his time at Tropicana, Mr. Rodio oversaw a period of unprecedented growth at the company, improving overall financial results with net revenue that increased more than 50% driven by both operational improvements and expansion across regional markets. Mr. Rodio led major capital projects, including the complete renovation of Tropicana Atlantic City and Tropicana’s move to land-based operations in Evansville, Indiana. Each of these initiatives, among others, generated substantial value for Tropicana. Ultimately, Mr. Rodio’s efforts at Tropicana led to its sale to Eldorado Resorts in 2018 for $1.85 billion. Prior to Tropicana, Mr. Rodio held a succession of executive positions in Atlantic City for casino brands, including Trump Marina Hotel Casino, Harrah’s Entertainment (predecessor to Caesars), the Atlantic City Hilton Casino Resort and Penn National Gaming. He has also served as a director of several professional and charitable organizations, including Atlantic City Alliance, United Way of Atlantic County, the Casino Associations of New Jersey and Indiana, AtlantiCare Charitable Foundation and the Lloyd D. Levenson Institute of Gaming Hospitality & Tourism. Mr. Rodio brings extensive knowledge of and experience in the gaming industry, operational expertise, and a demonstrated ability to effectively design and implement company strategy. Mr. Rodio received a Bachelor of Science from Rider University and a Master of Business Administration from Monmouth University.
Marlon Goldstein — Director Nominee
Mr. Goldstein is a licensed attorney with nearly 20 years of experience in the gaming space. He joined The Stars Group (Nasdaq: TSG)(TSX: TSGI) in January 2014 as its Executive Vice-President, Chief Legal Officer and Secretary until his retirement from the company in July 2020 following the merger of TSG with Flutter Entertainment, PLC (LSE: FLTR). Mr. Goldstein also previously served as the Executive Vice-President, Corporate Development and General Counsel of TSG. Mr. Goldstein was also the senior TSG executive based in the United States and was one of the primary architects of TSG’s strategic vision for its U.S.-facing business. During his tenure, TSG grew from an approximately $500 million market-cap company to an approximately $7 billion market-cap company through a combination of organic growth and strategic mergers and acquisitions. Mr. Goldstein participated in numerous M&A transactions and capital markets offerings at TSG, including several transformational transactions in the digital gaming industry. Notable transactions in which Mr. Goldstein was involved include:
• TSG/Flutter Merger: In 2019, TSG merged with Flutter for a $12.2 billion transaction value, the largest transaction in the digital gaming industry to date.
• TSG/Fox Bet Partnership: In 2019, TSG entered into a partnership with FOX Sports to create FOX Bet in the U.S., a leading U.S. online gaming business. Wall Street Research estimates an approximate $1.1 billion valuation for Fox Bet post-partnership with The Stars Group.
• TSG/Sky Betting & Gaming: In 2018, TSG acquired Sky Betting & Gaming, the largest mobile gambling operator in the United Kingdom at the time, for $4.7 billion.
• TSG/CrownBet and William Hill: In 2018, TSG simultaneously acquired CrownBet and William Hill, two Australian operators, for a total of $621 million in a multi-part transaction.
• TSG/PokerStars and Full Tilt Poker: In 2014, TSG acquired The Rational Group, which operated PokerStars and Full Tilt and was the world’s largest poker business, for $4.9 billion.
Through his ability to legally structure large and complex transactions, Mr. Goldstein was integral to TSG’s vision of becoming a full-service online gaming company. Additionally, he assisted in structuring TSG’s capital markets activity, which generated liquidity for acquisitions and strengthened its balance sheet.
Prior to joining TSG, Mr. Goldstein was a principal shareholder in the corporate and securities practice at the international law firm of Greenberg Traurig P.A., where he practiced for almost 13 years. Mr. Goldstein’s practice focused on corporate and securities matters, including mergers and acquisitions, securities offerings, and financing transactions. Additionally, Mr. Goldstein was the founder and co-chair of the firm’s Gaming Practice, a multi-disciplinary team of attorneys representing owners, operators and developers of gaming facilities, manufacturers and suppliers of gaming devices, investment banks and lenders in financing transactions, and Indian tribes in the development and financing of gaming facilities.
Mr. Goldstein brings experience and insight that we believe will be valuable to a potential initial business combination target business. Mr. Goldstein received a Bachelor of Business Administration with a concentration in accounting from Emory University and a Juris Doctorate with highest honors from the University of Florida, College of Law.
Sean Ryan — Director Nominee
Mr. Ryan is a digital media and technology operator with extensive global experience in online payments, e-commerce, marketplaces, mobile ad networks, digital games, enterprise collaboration platforms, blockchain, real money gaming and online music. Since 2014, Mr. Ryan has been serving as Vice President of Business Platform Partnerships at Facebook, Inc. (“Facebook”) (Nasdaq: FB), where he leads a more than 500 person global organization that manages the Payments, Commerce, Novi/Blockhain, Workplace and Audience Network businesses. Prior to his current role, Mr. Ryan was hired in 2011 as the Director of Games Partnerships to lead and grow the global Games business at Facebook. While the Director of Games Partnerships, Mr. Ryan focused on re-shaping Facebook’s games and monetization strategies to derive more value for Facebook, its users and its partners, including the addition of a Real Money Gaming offering in regulated markets. Mr. Ryan’s team helped accelerate a major trend in engagement through cross-platform games and therefore the opportunity to increase users through establishing games on multiple platforms. Prior to joining Facebook, Mr. Ryan created the new social and mobile games division at News Corp, an American multinational mass media corporation controlled by Rupert Murdoch. While at News Corp, Mr. Ryan led the acquisition of Making Fun, a San Francisco social-game start-up, that created News Corp’s games publishing division.
Before joining News Corp., Mr. Ryan founded multiple digital businesses such as Twofish, Meez, Open Wager and SingShot Media. Mr. Ryan co-founded Twofish in 2009, a virtual goods and services platform that provided developers with data analytics and insights for individual application’s digital economies. Twofish was later sold to online payments provider Live Gamer, where Mr. Ryan served on the board of directors. From 2005 to 2008, Mr. Ryan founded and led Meez.com, a social entertainment service combining avatars, web games and virtual worlds. The white label social casino gaming company Open Wager was spun out of Meez and was later sold to VGW Holdings, Mr. Ryan also co-founded SingShot Media, an online karaoke community, which was sold to Electronic Arts (Nasdaq: EA) and merged into its Sims division.
We believe Mr. Ryan’s experience will be valuable to a potential initial business combination target and would provide an expanded perspective on the digital gaming landscape. Mr. Ryan received a Bachelor of Arts from Columbia University and a Master of Business Administration from the University of California, Los Angeles.
Tom Roche — Director Nominee
Mr. Roche has more than 40 years of experience in the gaming industry as a regulator, advisor and independent auditor. Mr. Roche joined Ernst & Young (“EY”) as a partner in 2003 and opened its Las Vegas office. He was subsequently appointed as the Office Managing Partner and Global Gaming Industry Market Leader. In 2016, Mr. Roche relocated to the EY Hong Kong office to supervise the expansion of the EY Global Gaming Industry practice in the Asia Pacific region. Mr. Roche has been integral to numerous transactions that have shaped the current gaming landscape, including:
• Wynn Resorts (Nasdaq: WYNN) initial public offering: Mr. Roche was the lead partner on Wynn Resort’s initial public offering, which raised $450 million in 2002.
• Harrah’s Entertainment/Apollo Management Group & Texas Pacific Group: Mr. Roche headed the regulatory advisory services on the buyout of Harrah’s Entertainment, the world’s largest casino company at the time, for $17.1 billion.
• Dubai World/MGM Resorts: Mr. Roche headed the regulatory and due diligence advisory services to Dubai World in its approximately $5.1 billion investment in MGM. Dubai World bought 28.4 million MGM shares, or 9.5 percent of the casino operator, for $2.4 billion. It then invested $2.7 billion to acquire a 50% stake in MGM’s CityCenter Project, a $7.4 billion 76-acre Las Vegas development of hotels, condos and retail outlets.
• MGM Growth Properties (NYSE: MGP) initial public offering: Mr. Roche provided tax and structural transaction services to MGM Resorts in the creation of MGM Growth Properties, a publicly traded REIT engaged in the acquisition, ownership and leasing of large-scale destination entertainment and leisure resorts. MGM Growth Properties raised $1.05 billion in its 2016 initial public offering.
Mr. Roche also directed EY advisory services to boards and management teams for profit improvement and technology related initiatives. In addition, Mr. Roche provided advisory support to the American Gaming Association on several research projects, including those specifically related to sports betting, the revocation of The Professional and Amateur Sports Protection Act of 1992 (PASPA) and anti-money laundering best practices in the gaming industry. Equally, he has assisted government agencies in numerous international locations with enhancing their regulatory approach to governing the industry especially in the online gambling sector.
Prior to joining Ernst & Young, Mr. Roche served as Deloitte’s National Gaming Industry Leader and as the co-head of Andersen’s Gaming Industry Practice in Las Vegas. In 1989, Mr. Roche was appointed by then Governor of the State of Nevada, Robert Miller, to serve as one of three members of the Nevada State Gaming Control Board for a four-year term, where he was directly responsible for the Audit and New Games Lab Divisions. As a board member, he spent a substantial amount of time assisting global jurisdiction regulators enact gaming legislation in the design of their regulatory structure. During his career, Roche has been involved in numerous public and private offerings of equity and debt securities. His background includes providing casino regulatory consulting services to casino licensees and to federal and state agencies including the National Indian Gaming Commission and the Nevada State Gaming Control Board, and industry associations such as the Nevada Resort Association and the American Gaming Association.
We believe Mr. Roche’s highly regarded reputation as a gaming auditor and advisor in the gaming industry will be valuable for us and a potential business combination target. Mr. Roche is a member of the American Institute of Certified Public Accountants and is licensed by the Nevada State Board of Accountancy and Mississippi State Board of Public Accountancy. He received his Bachelor of Science degree in Accounting from the University of Southern California.
submitted by jorlev to SPACs [link] [comments]
Today's Stock Market News [Monday, March 23rd, 2020]
Good morning traders and investors of the wallstreetbets sub! Welcome to the new trading week and a fresh start! Here are your pre-market movers and news this AM-
- U.S. stock futures turned strongly positive Monday morning after the Federal Reserve pledged asset purchases with no limit to support markets. Dow futures hit their 5% “limit down” overnight, and were off 600-points at one stage Monday morning, as a massive coronavirus funding package failed a key Senate procedural vote Sunday. The Dow Jones Industrial Average tanked another 900 points or 4.5% on Friday, bringing the weekly decline to over 17% for the worst week since the 2008 financial crisis. Ahead of Monday’s session, the Dow was off more than 35% from last month’s record highs. The New York Stock Exchange’s trading floor will be close starting Monday. The NYSE will go to fully electronic trading. The 10-year Treasury yield, which popped back above 1% last week, was below that level early Monday.
- Top-level White House and congressional negotiators burned the midnight oil over the now-nearly $2 trillion coronavirus rescue package. Democrats blocked the bill in Sunday’s vote, saying it did too much to bail out companies and not enough to help workers. Several GOP senators, including Rand Paul, who tested positive for the coronavirus, were not present to vote. Others, such as Mitt Romney, were in quarantine as a precaution. The Federal Reserve and Treasury are working on financing programs that could be worth $4 trillion. Goldman Sachs upgraded shares of Boeing, which is hoping for a bailout. Boeing stock has dropped 80% from recent highs on the dual crises of the outbreak and the grounding of its 737 Max.
- The United States has the third most coronavirus cases in the world, with over 35,000 and 471 deaths, according to Johns Hopkins University data. More than half the U.S. cases are in New York, where the death toll increased to 153. Washington state has the second-most cases, with nearly 2,000 confirmed and 95 deaths. New Jersey, California and Illinois round out the top five states. President Donald Trump on Sunday activated the National Guard in New York, Washington state and California in order to combat the spread of the coronavirus. New York plans to run a clinical trial, beginning Tuesday, of a treatment regimen of antimalarial hydroxychloroquine and antibiotic azithromycin, a drug cocktail that has shown promise in fighting the coronavirus.
- Global coronavirus cases topped 343,000, with 14,789 deaths and over 98,800 recoveries. China, where the outbreak started in December, still has the most cases at over 81,400. China’s 3,274 deaths are second to Italy’s 5,476 deaths. Italy is second in total cases at over 59,100. The U.S., Spain and Germany round out the top five countries. German Chancellor Angela Merkel went into quarantine over the weekend after contact with a doctor who tested positive for the virus. The German government is set to unveil major stimulus measures. Pressure mounts to cancel the Tokyo summer Olympics, set to begin at the end of July. Canada said it won’t send teams to compete. Local media reports indicate that Japanese Prime Minister Shinzo Abe is considering a delay.
- Cisco Systems is committing $225 million to assist in efforts aimed at combating the coronavirus while the rest of Silicon Valley also initiates an investment blitz. 3M said it will supply New York and Seattle with a half-million N95 respirator masks to address the ongoing shortage of health-care equipment. Merck said it will supply New York City with a half-million masks. Chinese billionaire and Alibaba founder Jack Ma sent to Africa 5.4 million face masks, over 1 million testing kits, 40,000 sets of protective clothing and 60,000 protective face shields. BlackRock is committing $50 million in outbreak relief.
STOCK FUTURES CURRENTLY:
LAST WEEK'S MARKET MAP:
TODAY'S MARKET MAP:
LAST WEEK'S S&P SECTORS:
TODAY'S S&P SECTORS:
TODAY'S ECONOMIC CALENDAR:
THIS WEEK'S ECONOMIC CALENDAR:
THIS WEEK'S UPCOMING IPO'S:
THIS WEEK'S EARNINGS CALENDAR:
($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
()
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
N/A.
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
FRIDAY'S INSIDER TRADING FILINGS:
TODAY'S DIVIDEND CALENDAR:
THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
- NFLX
- MMM
- PCG
- AME
- ITCI
- GDX
- CAT
- URGN
- MYGN
- EVBG
THIS MORNING'S STOCK NEWS MOVERS:
Boeing (BA) – Boeing was upgraded to “buy” from “neutral” at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
STOCK SYMBOL: BA
Coca-Cola (KO) – Coca-Cola was upgraded to “overweight” from “neutral” at JPMorgan Chase, which points to rebound prospects post-COVID-19 and the idea that consensus estimates for revenue and profit are conservative.
STOCK SYMBOL: KO
Deere (DE) – The heavy equipment maker withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. It is continuing to operate in the U.S. and globally to the extent possible.
STOCK SYMBOL: DE
Amazon.com (AMZN) – Amazon is raising overtime pay for warehouse workers amid a surge in online shopping. Amazon’s move follows similar action from rival Walmart (WMT), which raised the minimum wage for e-commerce warehouse workers.
STOCK SYMBOL: AMZN
Danaher (DHR) – Danaher’s Cepheid unit received U.S. Food and Drug Administration approval for its rapid coronavirus diagnostic test, the first of its kind. The test can deliver results in about 45 minutes, compared to lab results which can take days.
STOCK SYMBOL: DHR
Netflix (NFLX) – Netflix was upgraded to “outperform” from “neutral” at Baird, which thinks the video streaming service will benefit from at least 2 factors: more people at home due to the coronavirus outbreak, and acceleration of cord-cutting due to the lack of live sports on TV.
STOCK SYMBOL: NFLX
Apple (AAPL) – Apple dropped a two-device limit on online iPhone purchases, just days after instituting that limit. Apple brick-and-mortar stores outside China remain closed due to the coronavirus outbreak.
STOCK SYMBOL: AAPL
Newmont (NEM) – Newmont withdrew its 2020 outlook, with the mining company planning to defer some of its production to 2021.
STOCK SYMBOL: NEM
Occidental Petroleum (OXY) – Occidental is near a settlement with activist investor Carl Icahn, according to The Wall Street Journal. Under the proposed deal, two Icahn allies would receive seats on the Occidental board, and a third independent director would be mutually agreed upon by Icahn and Occidental.
STOCK SYMBOL: OXY
MGM Resorts (MGM) – The casino operator named Bill Hornbuckle – the president of its international division – as acting chief executive officer. Jim Murren stepped down as chairman and CEO over the weekend, following last month’s announcement that Murren would vacate that position.
STOCK SYMBOL: MGM
Gilead Sciences (GILD) – The drugmaker put emergency access to its experimental coronavirus drug remdesivir on hold due to overwhelming demand.
STOCK SYMBOL: GILD
Best Buy (BBY) – The electronics retailer withdrew its financial guidance for the current quarter and the fiscal year, due to uncertainty related to the virus outbreak. It is also suspending all share buybacks and is shifting to curbside service only for its stores.
STOCK SYMBOL: BBY
Starbucks (SBUX) – The coffee chain is closing most of its company cafes across North America for two weeks, limiting service to drive-through.
STOCK SYMBOL: SBUX
Tiffany (TIF) – French luxury goods maker LVMH denied last week’s reports that it is mulling buying shares of Tiffany on the open market, saying it is sticking with the takeover agreement signed in late 2019. Reports last week had said LVMH was considering open market purchases of Tiffany shares, since they are now selling for less than the agreed-upon takeover price.
STOCK SYMBOL: TIF
Bed Bath & Beyond (BBBY) – The housewares retailer is closing its flagship-branded stores until April 3, to help stop the spread of the coronavirus.
STOCK SYMBOL: BBBY
Marriott (MAR), (HLT) – These and other hotel companies are placing tens of thousands of workers on furlough, as travel dries up in the midst of the coronavirus outbreak.
STOCK SYMBOL: MAR
DISCUSS!
What is on everyone's radar for today's trading day ahead here at wallstreetbets?
I hope you all have an excellent trading day ahead today on this Monday, March 23rd, 2020! :)
Today's Stock Market News [Monday, March 23rd, 2020]
Good morning traders and investors of the StockMarket sub! Welcome to the new trading week and a fresh start! Here are your pre-market movers and news this AM-
- U.S. stock futures turned strongly positive Monday morning after the Federal Reserve pledged asset purchases with no limit to support markets. Dow futures hit their 5% “limit down” overnight, and were off 600-points at one stage Monday morning, as a massive coronavirus funding package failed a key Senate procedural vote Sunday. The Dow Jones Industrial Average tanked another 900 points or 4.5% on Friday, bringing the weekly decline to over 17% for the worst week since the 2008 financial crisis. Ahead of Monday’s session, the Dow was off more than 35% from last month’s record highs. The New York Stock Exchange’s trading floor will be close starting Monday. The NYSE will go to fully electronic trading. The 10-year Treasury yield, which popped back above 1% last week, was below that level early Monday.
- Top-level White House and congressional negotiators burned the midnight oil over the now-nearly $2 trillion coronavirus rescue package. Democrats blocked the bill in Sunday’s vote, saying it did too much to bail out companies and not enough to help workers. Several GOP senators, including Rand Paul, who tested positive for the coronavirus, were not present to vote. Others, such as Mitt Romney, were in quarantine as a precaution. The Federal Reserve and Treasury are working on financing programs that could be worth $4 trillion. Goldman Sachs upgraded shares of Boeing, which is hoping for a bailout. Boeing stock has dropped 80% from recent highs on the dual crises of the outbreak and the grounding of its 737 Max.
- The United States has the third most coronavirus cases in the world, with over 35,000 and 471 deaths, according to Johns Hopkins University data. More than half the U.S. cases are in New York, where the death toll increased to 153. Washington state has the second-most cases, with nearly 2,000 confirmed and 95 deaths. New Jersey, California and Illinois round out the top five states. President Donald Trump on Sunday activated the National Guard in New York, Washington state and California in order to combat the spread of the coronavirus. New York plans to run a clinical trial, beginning Tuesday, of a treatment regimen of antimalarial hydroxychloroquine and antibiotic azithromycin, a drug cocktail that has shown promise in fighting the coronavirus.
- Global coronavirus cases topped 343,000, with 14,789 deaths and over 98,800 recoveries. China, where the outbreak started in December, still has the most cases at over 81,400. China’s 3,274 deaths are second to Italy’s 5,476 deaths. Italy is second in total cases at over 59,100. The U.S., Spain and Germany round out the top five countries. German Chancellor Angela Merkel went into quarantine over the weekend after contact with a doctor who tested positive for the virus. The German government is set to unveil major stimulus measures. Pressure mounts to cancel the Tokyo summer Olympics, set to begin at the end of July. Canada said it won’t send teams to compete. Local media reports indicate that Japanese Prime Minister Shinzo Abe is considering a delay.
- Cisco Systems is committing $225 million to assist in efforts aimed at combating the coronavirus while the rest of Silicon Valley also initiates an investment blitz. 3M said it will supply New York and Seattle with a half-million N95 respirator masks to address the ongoing shortage of health-care equipment. Merck said it will supply New York City with a half-million masks. Chinese billionaire and Alibaba founder Jack Ma sent to Africa 5.4 million face masks, over 1 million testing kits, 40,000 sets of protective clothing and 60,000 protective face shields. BlackRock is committing $50 million in outbreak relief.
STOCK FUTURES CURRENTLY:
LAST WEEK'S MARKET MAP:
TODAY'S MARKET MAP:
LAST WEEK'S S&P SECTORS:
TODAY'S S&P SECTORS:
TODAY'S ECONOMIC CALENDAR:
THIS WEEK'S ECONOMIC CALENDAR:
THIS WEEK'S UPCOMING IPO'S:
THIS WEEK'S EARNINGS CALENDAR:
($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
()
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
N/A.
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
FRIDAY'S INSIDER TRADING FILINGS:
TODAY'S DIVIDEND CALENDAR:
THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
- NFLX
- MMM
- PCG
- AME
- ITCI
- GDX
- CAT
- URGN
- MYGN
- EVBG
THIS MORNING'S STOCK NEWS MOVERS:
Boeing (BA) – Boeing was upgraded to “buy” from “neutral” at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
STOCK SYMBOL: BA
Coca-Cola (KO) – Coca-Cola was upgraded to “overweight” from “neutral” at JPMorgan Chase, which points to rebound prospects post-COVID-19 and the idea that consensus estimates for revenue and profit are conservative.
STOCK SYMBOL: KO
Deere (DE) – The heavy equipment maker withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. It is continuing to operate in the U.S. and globally to the extent possible.
STOCK SYMBOL: DE
Amazon.com (AMZN) – Amazon is raising overtime pay for warehouse workers amid a surge in online shopping. Amazon’s move follows similar action from rival Walmart (WMT), which raised the minimum wage for e-commerce warehouse workers.
STOCK SYMBOL: AMZN
Danaher (DHR) – Danaher’s Cepheid unit received U.S. Food and Drug Administration approval for its rapid coronavirus diagnostic test, the first of its kind. The test can deliver results in about 45 minutes, compared to lab results which can take days.
STOCK SYMBOL: DHR
Netflix (NFLX) – Netflix was upgraded to “outperform” from “neutral” at Baird, which thinks the video streaming service will benefit from at least 2 factors: more people at home due to the coronavirus outbreak, and acceleration of cord-cutting due to the lack of live sports on TV.
STOCK SYMBOL: NFLX
Apple (AAPL) – Apple dropped a two-device limit on online iPhone purchases, just days after instituting that limit. Apple brick-and-mortar stores outside China remain closed due to the coronavirus outbreak.
STOCK SYMBOL: AAPL
Newmont (NEM) – Newmont withdrew its 2020 outlook, with the mining company planning to defer some of its production to 2021.
STOCK SYMBOL: NEM
Occidental Petroleum (OXY) – Occidental is near a settlement with activist investor Carl Icahn, according to The Wall Street Journal. Under the proposed deal, two Icahn allies would receive seats on the Occidental board, and a third independent director would be mutually agreed upon by Icahn and Occidental.
STOCK SYMBOL: OXY
MGM Resorts (MGM) – The casino operator named Bill Hornbuckle – the president of its international division – as acting chief executive officer. Jim Murren stepped down as chairman and CEO over the weekend, following last month’s announcement that Murren would vacate that position.
STOCK SYMBOL: MGM
Gilead Sciences (GILD) – The drugmaker put emergency access to its experimental coronavirus drug remdesivir on hold due to overwhelming demand.
STOCK SYMBOL: GILD
Best Buy (BBY) – The electronics retailer withdrew its financial guidance for the current quarter and the fiscal year, due to uncertainty related to the virus outbreak. It is also suspending all share buybacks and is shifting to curbside service only for its stores.
STOCK SYMBOL: BBY
Starbucks (SBUX) – The coffee chain is closing most of its company cafes across North America for two weeks, limiting service to drive-through.
STOCK SYMBOL: SBUX
Tiffany (TIF) – French luxury goods maker LVMH denied last week’s reports that it is mulling buying shares of Tiffany on the open market, saying it is sticking with the takeover agreement signed in late 2019. Reports last week had said LVMH was considering open market purchases of Tiffany shares, since they are now selling for less than the agreed-upon takeover price.
STOCK SYMBOL: TIF
Bed Bath & Beyond (BBBY) – The housewares retailer is closing its flagship-branded stores until April 3, to help stop the spread of the coronavirus.
STOCK SYMBOL: BBBY
Marriott (MAR), (HLT) – These and other hotel companies are placing tens of thousands of workers on furlough, as travel dries up in the midst of the coronavirus outbreak.
STOCK SYMBOL: MAR
FULL DISCLOSURE:
bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
DISCUSS!
What is on everyone's radar for today's trading day ahead here at StockMarket?
I hope you all have an excellent trading day ahead today on this Monday, March 23rd, 2020! :)
Today's Stock Market News [Monday, March 23rd, 2020]
Good morning traders and investors of the stocks sub! Welcome to the new trading week and a fresh start! Here are your pre-market movers and news this AM-
- U.S. stock futures turned strongly positive Monday morning after the Federal Reserve pledged asset purchases with no limit to support markets. Dow futures hit their 5% “limit down” overnight, and were off 600-points at one stage Monday morning, as a massive coronavirus funding package failed a key Senate procedural vote Sunday. The Dow Jones Industrial Average tanked another 900 points or 4.5% on Friday, bringing the weekly decline to over 17% for the worst week since the 2008 financial crisis. Ahead of Monday’s session, the Dow was off more than 35% from last month’s record highs. The New York Stock Exchange’s trading floor will be close starting Monday. The NYSE will go to fully electronic trading. The 10-year Treasury yield, which popped back above 1% last week, was below that level early Monday.
- Top-level White House and congressional negotiators burned the midnight oil over the now-nearly $2 trillion coronavirus rescue package. Democrats blocked the bill in Sunday’s vote, saying it did too much to bail out companies and not enough to help workers. Several GOP senators, including Rand Paul, who tested positive for the coronavirus, were not present to vote. Others, such as Mitt Romney, were in quarantine as a precaution. The Federal Reserve and Treasury are working on financing programs that could be worth $4 trillion. Goldman Sachs upgraded shares of Boeing, which is hoping for a bailout. Boeing stock has dropped 80% from recent highs on the dual crises of the outbreak and the grounding of its 737 Max.
- The United States has the third most coronavirus cases in the world, with over 35,000 and 471 deaths, according to Johns Hopkins University data. More than half the U.S. cases are in New York, where the death toll increased to 153. Washington state has the second-most cases, with nearly 2,000 confirmed and 95 deaths. New Jersey, California and Illinois round out the top five states. President Donald Trump on Sunday activated the National Guard in New York, Washington state and California in order to combat the spread of the coronavirus. New York plans to run a clinical trial, beginning Tuesday, of a treatment regimen of antimalarial hydroxychloroquine and antibiotic azithromycin, a drug cocktail that has shown promise in fighting the coronavirus.
- Global coronavirus cases topped 343,000, with 14,789 deaths and over 98,800 recoveries. China, where the outbreak started in December, still has the most cases at over 81,400. China’s 3,274 deaths are second to Italy’s 5,476 deaths. Italy is second in total cases at over 59,100. The U.S., Spain and Germany round out the top five countries. German Chancellor Angela Merkel went into quarantine over the weekend after contact with a doctor who tested positive for the virus. The German government is set to unveil major stimulus measures. Pressure mounts to cancel the Tokyo summer Olympics, set to begin at the end of July. Canada said it won’t send teams to compete. Local media reports indicate that Japanese Prime Minister Shinzo Abe is considering a delay.
- Cisco Systems is committing $225 million to assist in efforts aimed at combating the coronavirus while the rest of Silicon Valley also initiates an investment blitz. 3M said it will supply New York and Seattle with a half-million N95 respirator masks to address the ongoing shortage of health-care equipment. Merck said it will supply New York City with a half-million masks. Chinese billionaire and Alibaba founder Jack Ma sent to Africa 5.4 million face masks, over 1 million testing kits, 40,000 sets of protective clothing and 60,000 protective face shields. BlackRock is committing $50 million in outbreak relief.
STOCK FUTURES CURRENTLY:
LAST WEEK'S MARKET MAP:
TODAY'S MARKET MAP:
LAST WEEK'S S&P SECTORS:
TODAY'S S&P SECTORS:
TODAY'S ECONOMIC CALENDAR:
THIS WEEK'S ECONOMIC CALENDAR:
THIS WEEK'S UPCOMING IPO'S:
THIS WEEK'S EARNINGS CALENDAR:
($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
()
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
N/A.
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
FRIDAY'S INSIDER TRADING FILINGS:
TODAY'S DIVIDEND CALENDAR:
THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
- NFLX
- MMM
- PCG
- AME
- ITCI
- GDX
- CAT
- URGN
- MYGN
- EVBG
THIS MORNING'S STOCK NEWS MOVERS:
Boeing (BA) – Boeing was upgraded to “buy” from “neutral” at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
STOCK SYMBOL: BA
Coca-Cola (KO) – Coca-Cola was upgraded to “overweight” from “neutral” at JPMorgan Chase, which points to rebound prospects post-COVID-19 and the idea that consensus estimates for revenue and profit are conservative.
STOCK SYMBOL: KO
Deere (DE) – The heavy equipment maker withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. It is continuing to operate in the U.S. and globally to the extent possible.
STOCK SYMBOL: DE
Amazon.com (AMZN) – Amazon is raising overtime pay for warehouse workers amid a surge in online shopping. Amazon’s move follows similar action from rival Walmart (WMT), which raised the minimum wage for e-commerce warehouse workers.
STOCK SYMBOL: AMZN
Danaher (DHR) – Danaher’s Cepheid unit received U.S. Food and Drug Administration approval for its rapid coronavirus diagnostic test, the first of its kind. The test can deliver results in about 45 minutes, compared to lab results which can take days.
STOCK SYMBOL: DHR
Netflix (NFLX) – Netflix was upgraded to “outperform” from “neutral” at Baird, which thinks the video streaming service will benefit from at least 2 factors: more people at home due to the coronavirus outbreak, and acceleration of cord-cutting due to the lack of live sports on TV.
STOCK SYMBOL: NFLX
Apple (AAPL) – Apple dropped a two-device limit on online iPhone purchases, just days after instituting that limit. Apple brick-and-mortar stores outside China remain closed due to the coronavirus outbreak.
STOCK SYMBOL: AAPL
Newmont (NEM) – Newmont withdrew its 2020 outlook, with the mining company planning to defer some of its production to 2021.
STOCK SYMBOL: NEM
Occidental Petroleum (OXY) – Occidental is near a settlement with activist investor Carl Icahn, according to The Wall Street Journal. Under the proposed deal, two Icahn allies would receive seats on the Occidental board, and a third independent director would be mutually agreed upon by Icahn and Occidental.
STOCK SYMBOL: OXY
MGM Resorts (MGM) – The casino operator named Bill Hornbuckle – the president of its international division – as acting chief executive officer. Jim Murren stepped down as chairman and CEO over the weekend, following last month’s announcement that Murren would vacate that position.
STOCK SYMBOL: MGM
Gilead Sciences (GILD) – The drugmaker put emergency access to its experimental coronavirus drug remdesivir on hold due to overwhelming demand.
STOCK SYMBOL: GILD
Best Buy (BBY) – The electronics retailer withdrew its financial guidance for the current quarter and the fiscal year, due to uncertainty related to the virus outbreak. It is also suspending all share buybacks and is shifting to curbside service only for its stores.
STOCK SYMBOL: BBY
Starbucks (SBUX) – The coffee chain is closing most of its company cafes across North America for two weeks, limiting service to drive-through.
STOCK SYMBOL: SBUX
Tiffany (TIF) – French luxury goods maker LVMH denied last week’s reports that it is mulling buying shares of Tiffany on the open market, saying it is sticking with the takeover agreement signed in late 2019. Reports last week had said LVMH was considering open market purchases of Tiffany shares, since they are now selling for less than the agreed-upon takeover price.
STOCK SYMBOL: TIF
Bed Bath & Beyond (BBBY) – The housewares retailer is closing its flagship-branded stores until April 3, to help stop the spread of the coronavirus.
STOCK SYMBOL: BBBY
Marriott (MAR), (HLT) – These and other hotel companies are placing tens of thousands of workers on furlough, as travel dries up in the midst of the coronavirus outbreak.
STOCK SYMBOL: MAR
DISCUSS!
What is on everyone's radar for today's trading day ahead here at stocks?
I hope you all have an excellent trading day ahead today on this Monday, March 23rd, 2020! :)
An "oral" mistake 😛😉
The backstory~ About 20 years ago, I moved from Gary, Indiana to Detroit, Michigan with my husband, now ex-husband, who had been hired as the surveillance director at MGM Grand Casino. I was interested in pursuing a career as a forensic technician (the ones who go to the crime scene and remove the body, for anyone that isn't familiar). Wayne State University offered a forensic program but the prerequisite was that you already had to be employed in a related field, i.e. firefighter, police, EMT, etc...
I chose to take a 9 month Basic EMT course in Madison Heights, Michigan. Our instructor was a really nice and funny guy but was all business when it came to our instruction. As our certification date approached he got very serious about this and drilled the procedures in our heads. We were, of course, very nervous on our certification day. It all went great until the second to last student took her turn. We were told that as we were "examining" the dummy before the licensing board to just say "verbalizing genitalia" when we came to the groin area. When she got to the groin area she loudly announced that she was "checking genitalia orally"! The whole room erupted in laughter, even the members of the licensing board. 🤣🤣🤣🤣🤣🤣
submitted by MzMe78 to ems [link] [comments]
What Takes place to the older Slot Machines Used in Casinos?
What Takes place to the older Slot Machines Used in Casinos?
He casinos are afraid gamers will figure out just how to win, but we have a remedy!
IN THE NEW AGE
http://InTheNewAge.com Slot machines are superseded by new and also improved versions at a nearly yearly price. Game-makers are frequently drawing out fresh designs that either assistance extra video games or use up less area on the casino flooring-- in some cases both. Throw in the video games that did not catch on with players as well as you are liable to find much of in 2014's slot supply gathering dust in the basement of the casino parking garage.
Yet where do they go from there? Ideally not into the hands of the economic sector. Afterall, if someone were able to play the very same slot machines for free for several hrs each day, there's a chance they may be able to find out the slot machines weak points, by learning its patterns, referring to a video slot machine certainly!
#slot #machines for sale-- Bally slot machines-- WMS slot machines IGT slot machines According to the Board of Enforcement of the Nevada Gaming Control Panel, "Old machines may be destroyed with regional recycling facilities or removed for components and used on various other slots. Non-restricted areas that hold a supplier's license are not needed to notify the Board of this method. Nevertheless, records of destruction/sales have to be preserved for bookkeeping functions. Non-Restricted/Restricted places without a representative's permit are called for to submit in writing to the Board a request for approval to ruin gaming tools and also include their supply checklist.
" Slot machines may be sold, per Gaming Guideline 14.180 & 14.330 (readily available on the GCB website) as well as the kinds are submitted to the Board appropriately."
But there's life for slots after Las Vegas and also Atlantic City, as Scientific Gamings' Director of Sales Dwayne Dawson tells us. "We have actually seen recently that some larger drivers will shift older slots to second- or third-tier buildings within their portfolio-- for instance, moving a five-year-old slot machine from Las Vegas to one more market that may not draw the clients the Las Vegas building commands.
" For slot machines that we have, such as wide-area progressives, when they no longer come to be an asset we can deploy, we market these to the second market. They might utilize them for spare components or relocate them to an additional part of the world where an older item, to us, could be a newer product for that market.
" As well as occasionally," Dawson concludes, "we ditch the slot machine when there's no market ideal. The game could be so one-of-a-kind or an accredited item that we can not redeploy it, so ditching is one of the most feasible option. We deal with companies that specialize in junking to make sure all applicable laws are followed in the disposal. That is, we just don't toss them in the dumpster."
Boyd Gaming Director of Communications David Straw confirms this. "In many cases, we market 'retired' machines to wholesalers who normally resell them to overseas gaming operators. Also, there are numerous online suppliers are accredited to market our old supply like Bally slot machines, IGT slot machines, and WMS slot machines. One such business is called THE NEW AGE. Other times, we make use of the machines as a trade-in toward the purchase of new units. And in a few instances, we will make use of the machine for extra parts for older versions.
" If we are not able to market or trade in the machine, there is a regulator-approved process in each territory for destroying it, however obviously, we attempt to wear down other alternatives first. The one thing we do not is sell machines directly to various other drivers or enthusiasts-- we constantly work through straight game room business like IN THE NEW AGE, nonetheless there is a contract that has to be performed. The agreement specifies the seller will assure to sell the slot machines for the objective of entertainment usage only!
Includes MGM Resorts International principal spokesman Alan Feldman, "I believe they're all rented [machines] now. The adjustments in the machines are coming so quick that I believe it is the only way to not be stuck with old technology. As soon as the machines return to the producer, I presume they're either re-leased or offered outright to what I would certainly call the secondary market: smaller sized casinos in the U.S., global casinos, and raciness in the U.S., to name a few."
So old slot machines never ever die; they just function their method down the food cycle. Below the casino market are machines offered to the general public. Google "used slot machines" and also you will certainly create lots of websites mostly some of the larger slot machine sellers like IN THE NEW AGE and a few others.
See an authorized slot machine dealer such as IN THE NEW AGE! IN THE NEW AGE offers several game room items including but not limited to: Slot machines, video casino poker machines, arcade machines, arcade games, pinball machines, game tables, jukeboxes and more!
IN THE NEW AGE
http://InThenewAge.com Today's Stock Market News [Monday, March 23rd, 2020]
Good morning traders and investors of the smallstreetbets sub! Welcome to the new trading week and a fresh start! Here are your pre-market movers and news this AM-
- U.S. stock futures turned strongly positive Monday morning after the Federal Reserve pledged asset purchases with no limit to support markets. Dow futures hit their 5% “limit down” overnight, and were off 600-points at one stage Monday morning, as a massive coronavirus funding package failed a key Senate procedural vote Sunday. The Dow Jones Industrial Average tanked another 900 points or 4.5% on Friday, bringing the weekly decline to over 17% for the worst week since the 2008 financial crisis. Ahead of Monday’s session, the Dow was off more than 35% from last month’s record highs. The New York Stock Exchange’s trading floor will be close starting Monday. The NYSE will go to fully electronic trading. The 10-year Treasury yield, which popped back above 1% last week, was below that level early Monday.
- Top-level White House and congressional negotiators burned the midnight oil over the now-nearly $2 trillion coronavirus rescue package. Democrats blocked the bill in Sunday’s vote, saying it did too much to bail out companies and not enough to help workers. Several GOP senators, including Rand Paul, who tested positive for the coronavirus, were not present to vote. Others, such as Mitt Romney, were in quarantine as a precaution. The Federal Reserve and Treasury are working on financing programs that could be worth $4 trillion. Goldman Sachs upgraded shares of Boeing, which is hoping for a bailout. Boeing stock has dropped 80% from recent highs on the dual crises of the outbreak and the grounding of its 737 Max.
- The United States has the third most coronavirus cases in the world, with over 35,000 and 471 deaths, according to Johns Hopkins University data. More than half the U.S. cases are in New York, where the death toll increased to 153. Washington state has the second-most cases, with nearly 2,000 confirmed and 95 deaths. New Jersey, California and Illinois round out the top five states. President Donald Trump on Sunday activated the National Guard in New York, Washington state and California in order to combat the spread of the coronavirus. New York plans to run a clinical trial, beginning Tuesday, of a treatment regimen of antimalarial hydroxychloroquine and antibiotic azithromycin, a drug cocktail that has shown promise in fighting the coronavirus.
- Global coronavirus cases topped 343,000, with 14,789 deaths and over 98,800 recoveries. China, where the outbreak started in December, still has the most cases at over 81,400. China’s 3,274 deaths are second to Italy’s 5,476 deaths. Italy is second in total cases at over 59,100. The U.S., Spain and Germany round out the top five countries. German Chancellor Angela Merkel went into quarantine over the weekend after contact with a doctor who tested positive for the virus. The German government is set to unveil major stimulus measures. Pressure mounts to cancel the Tokyo summer Olympics, set to begin at the end of July. Canada said it won’t send teams to compete. Local media reports indicate that Japanese Prime Minister Shinzo Abe is considering a delay.
- Cisco Systems is committing $225 million to assist in efforts aimed at combating the coronavirus while the rest of Silicon Valley also initiates an investment blitz. 3M said it will supply New York and Seattle with a half-million N95 respirator masks to address the ongoing shortage of health-care equipment. Merck said it will supply New York City with a half-million masks. Chinese billionaire and Alibaba founder Jack Ma sent to Africa 5.4 million face masks, over 1 million testing kits, 40,000 sets of protective clothing and 60,000 protective face shields. BlackRock is committing $50 million in outbreak relief.
STOCK FUTURES CURRENTLY:
LAST WEEK'S MARKET MAP:
TODAY'S MARKET MAP:
LAST WEEK'S S&P SECTORS:
TODAY'S S&P SECTORS:
TODAY'S ECONOMIC CALENDAR:
THIS WEEK'S ECONOMIC CALENDAR:
THIS WEEK'S UPCOMING IPO'S:
THIS WEEK'S EARNINGS CALENDAR:
($MU $LULU $NKE $PAYS $SIG $PAYX $GME $ONTX $CSIQ $JT $INFO $GO $WGO $LX $SCVL $SNX $HOME $BWAY $AEYE $KBH $RKDA $FDS $ERJ $PRGS $OPGN $SCS $NEOG $PUMP $HYRE $AIR $MYOS $LIQT $SAIC $SCWX $ESLT $VTSI $OCGN $QIWI $WOR $TNP $HTHT)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
()
([CLICK HERE FOR THIS MORNING'S EARNINGS CALENDAR!]())
N/A.
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
FRIDAY'S ANALYST UPGRADES/DOWNGRADES:
FRIDAY'S INSIDER TRADING FILINGS:
TODAY'S DIVIDEND CALENDAR:
THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
- NFLX
- MMM
- PCG
- AME
- ITCI
- GDX
- CAT
- URGN
- MYGN
- EVBG
THIS MORNING'S STOCK NEWS MOVERS:
Boeing (BA) – Boeing was upgraded to “buy” from “neutral” at Goldman Sachs, which said Boeing will remain a going concern and that flight travel will be as popular as ever once COVID-19 is resolved.
STOCK SYMBOL: BA
Coca-Cola (KO) – Coca-Cola was upgraded to “overweight” from “neutral” at JPMorgan Chase, which points to rebound prospects post-COVID-19 and the idea that consensus estimates for revenue and profit are conservative.
STOCK SYMBOL: KO
Deere (DE) – The heavy equipment maker withdrew its financial outlook for 2020 due to the virus outbreak, and is temporarily shutting down some operations. It is continuing to operate in the U.S. and globally to the extent possible.
STOCK SYMBOL: DE
Amazon.com (AMZN) – Amazon is raising overtime pay for warehouse workers amid a surge in online shopping. Amazon’s move follows similar action from rival Walmart (WMT), which raised the minimum wage for e-commerce warehouse workers.
STOCK SYMBOL: AMZN
Danaher (DHR) – Danaher’s Cepheid unit received U.S. Food and Drug Administration approval for its rapid coronavirus diagnostic test, the first of its kind. The test can deliver results in about 45 minutes, compared to lab results which can take days.
STOCK SYMBOL: DHR
Netflix (NFLX) – Netflix was upgraded to “outperform” from “neutral” at Baird, which thinks the video streaming service will benefit from at least 2 factors: more people at home due to the coronavirus outbreak, and acceleration of cord-cutting due to the lack of live sports on TV.
STOCK SYMBOL: NFLX
Apple (AAPL) – Apple dropped a two-device limit on online iPhone purchases, just days after instituting that limit. Apple brick-and-mortar stores outside China remain closed due to the coronavirus outbreak.
STOCK SYMBOL: AAPL
Newmont (NEM) – Newmont withdrew its 2020 outlook, with the mining company planning to defer some of its production to 2021.
STOCK SYMBOL: NEM
Occidental Petroleum (OXY) – Occidental is near a settlement with activist investor Carl Icahn, according to The Wall Street Journal. Under the proposed deal, two Icahn allies would receive seats on the Occidental board, and a third independent director would be mutually agreed upon by Icahn and Occidental.
STOCK SYMBOL: OXY
MGM Resorts (MGM) – The casino operator named Bill Hornbuckle – the president of its international division – as acting chief executive officer. Jim Murren stepped down as chairman and CEO over the weekend, following last month’s announcement that Murren would vacate that position.
STOCK SYMBOL: MGM
Gilead Sciences (GILD) – The drugmaker put emergency access to its experimental coronavirus drug remdesivir on hold due to overwhelming demand.
STOCK SYMBOL: GILD
Best Buy (BBY) – The electronics retailer withdrew its financial guidance for the current quarter and the fiscal year, due to uncertainty related to the virus outbreak. It is also suspending all share buybacks and is shifting to curbside service only for its stores.
STOCK SYMBOL: BBY
Starbucks (SBUX) – The coffee chain is closing most of its company cafes across North America for two weeks, limiting service to drive-through.
STOCK SYMBOL: SBUX
Tiffany (TIF) – French luxury goods maker LVMH denied last week’s reports that it is mulling buying shares of Tiffany on the open market, saying it is sticking with the takeover agreement signed in late 2019. Reports last week had said LVMH was considering open market purchases of Tiffany shares, since they are now selling for less than the agreed-upon takeover price.
STOCK SYMBOL: TIF
Bed Bath & Beyond (BBBY) – The housewares retailer is closing its flagship-branded stores until April 3, to help stop the spread of the coronavirus.
STOCK SYMBOL: BBBY
Marriott (MAR), (HLT) – These and other hotel companies are placing tens of thousands of workers on furlough, as travel dries up in the midst of the coronavirus outbreak.
STOCK SYMBOL: MAR
DISCUSS!
What is on everyone's radar for today's trading day ahead here at smallstreetbets?
I hope you all have an excellent trading day ahead today on this Monday, March 23rd, 2020! :)
Today's Pre-Market News [Thursday, Feb. 14th, 2019]
Good morning traders and investors of the StockMarket sub! Happy Valentine's Day! Here are your pre-market news this AM-
- U.S. stock futures were higher this morning, possibly extending a streak that has seen the S&P 500 and Nasdaq rise for the past four sessions and the Dow gain for the past two days. The Dow and Nasdaq are on track to post an 8th straight weekly gain. (CNBC)
- Cramer: There's a looming threat for the stock market and it has nothing to do with China (CNBC)
- The first cryptocurrency created by a major U.S. bank is here – and it's from J.P. Morgan (JPM). Engineers at the lender have created the 'JPM Coin,' a digital token that will be used to instantly settle transactions between clients of its wholesale payments business. (CNBC)
- Dow component Coca-Cola (KO) reports its fourth quarter earningsthis morning before the opening bell. After-the-bell earnings reports today include Applied Materials (AMAT), Canopy Growth (CGC), CBS (CBS), Chemours (CC), Nvidia (NVDA), and Redfin (RDFN). (CNBC)
- Coca-Cola shares drop after earnings in line with estimates(CNBC)
- On the data front this morning, the government is out with December (not January!) retail sales at 8:30 a.m. ET. At the same time, the January Producer Price Index is expected. The Labor Department will also issue its weekly report on initial jobless claims. (CNBC)
- Congress today aimed to end a dispute over border security, and avoid another government shutdown, with legislation that includes nearly $1.4 billion for new physical barriers but not a concrete wall. A stalemate in December over President Donald Trump's request for $5.7 billion to help build a wall on the U.S.-Mexico border led to a record-long government shutdown. (Reuters)
- Trump is considering a 60-day extension of the March 1 deadline for higher tariffs on Chinese imports, according to a Bloomberg report. The president was considering the extension so as to give two-way talks more time, the report said.
- Pentagon warns of 'weaponization of space' by China and Russia (CNBC)
- Trump demanded California return the $3.5 billion it received from the federal government for a "disaster" high-speed rail project. The bullet train project, a planned system linking San Francisco to L.A., faced cost overruns and delays. (CNBC)
- CNBC has learned former Vice President Joe Biden has been reaching out to top Democratic donors to discuss possibly running for president in 2020. He signaled to donors he is leaning toward running but had not made a final decision.
- A federal judge ruled Paul Manafort violated the terms of his plea deal with special counsel Robert Mueller. The judge said because of this breach, the special counsel is no longer obligated to recommend a lighter sentence for Manafort. (CNBC)
- Europe's Airbus announced plans to scrap production of the world's largest airliner today, abandoning its A380 superjumbo program in favor of smaller, more nimble jets. Airbus said the last A380 will be delivered in 2021. (CNBC)
- NASA's Opportunity, the Mars rover that was built to operate just three months but kept going and going, has been pronounced dead, 15 years after it landed on the red planet. Opportunity outlived its twin, the Spirit rover, by several years. (AP)
- Equifax's (EFX) data breach stunned consumers, but where the data of those 143 million people disappeared to has remained a mystery. The prevailing theory is that the data was stolen by a nation-state for spying purposes. (CNBC)
- Apple (AAPL) is targeting April to debut a new streaming productthat will include original content free for Apple device owners and a platform to subscribe to other services. HBO hasn't signed on to the service yet but still may do so. (CNBC)
- Former Apple lawyer used inside knowledge to trade ahead of earnings, claims SEC (CNBC)
- Recess is just the latest internet-born retailer to begin opening brick-and-mortar stores so customers can experience the brand, and buy its products, in real life. It hopes to tap into the seemingly booming market for CBD, short for cannabidiol. (CNBC)
- CVS Health shows off new HealthHUB store design (CNBC)
- Pfizer holds lead in erectile dysfunction market (CNBC)
- Disney (DIS) dropped its first teaser trailer for "Frozen 2."Audiences have been patiently awaiting the sequel's release since the voice actors of Anna and Olaf, Kristen Bell and Josh Gad, first tweeted about it in 2017. (CNBC)
STOCK FUTURES CURRENTLY:
YESTERDAY'S MARKET MAP:
TODAY'S MARKET MAP:
YESTERDAY'S S&P SECTORS:
TODAY'S S&P SECTORS:
TODAY'S ECONOMIC CALENDAR:
THIS WEEK'S ECONOMIC CALENDAR:
THIS WEEK'S UPCOMING IPO'S:
THIS WEEK'S EARNINGS CALENDAR:
($NVDA $CGC $SHOP $ATVI $TWLO $GOOS $UAA $AMAT $CSCO $TEVA $KO $L $KMPR $CTL $GRPN $CNA $MPAA $NGL $QSR $CHGG $DO$AVYA $WM $ANET $CYBR $PEP $EXEL $NSP $YELP $MCY $GOLD $MRO $RNG $DGX $NTAP $ICBK $DE $NRZ $YETI $JLL $MOH $AKAM $OHI)
THIS MORNING'S PRE-MARKET EARNINGS CALENDAR:
($GOOS $KO $WM $CYBR $YETI $SIX $DGX $CME $ZBRA $INCY $IRM $TRU $DUK $R $AVP $VMC $VTS $SON $MANU $AZN $EPAM $PPL$AGIO $GNRC $SAFE $AAN $EQT $NGD $IGV $GTLS $MGP $POOL $DLHC $BRG $BGCP $BLMN $GLOG $EQM $ALE $TRTN $ALKS)
THIS AFTERNOON'S POST-MARKET EARNINGS CALENDAR:
()
([CLICK HERE FOR THIS AFTERNOON'S EARNINGS CALENDAR!]())
T.B.A.
EARNINGS RELEASES BEFORE THE OPEN TODAY:
EARNINGS RELEASES AFTER THE CLOSE TODAY:
YESTERDAY'S ANALYST UPGRADES/DOWNGRADES:
YESTERDAY'S INSIDER TRADING FILINGS:
TODAY'S DIVIDEND CALENDAR:
THIS MORNING'S MOST ACTIVE TRENDING TICKERS:
- GOOS
- NIO
- CYBR
- CTL
- OSTK
- UWT
- XRP.X
- WATT
- STT
- CSCO
- JPM
- KO
- SWIR
- SPWR
- YETI
- FOSL
- USO
- MTFB
- AZN
- BILI
- DGX
- YELP
- IRM
- CME
- LGF.A
- BWA
- ALE
- CRC
- INCY
- HII
THIS MORNING'S STOCK NEWS MOVERS:
Coca-Cola – Coca-Cola matched Wall Street forecasts with adjusted quarterly profit of 43 cents per share, revenue above estimates and organic growth strongly beating forecasts. The company said it had a solid quarter despite a negative impact from currency headwinds and refranchising.
STOCK SYMBOL: KO
Alphabet – Citi named the Google parent its "top pick", replacing Amazon as #1 on its list of favorite stocks. Citi's re-ranking of its list is based on expected momentum this year for revenue growth and profit margins. Netflix is number two on the revised Citi list, followed by Facebook.
STOCK SYMBOL: GOOGL
Generac – The maker of power generators from homes and businesses earned an adjusted $1.42 per share for the fourth quarter, three cents above estimates, with revenue also beating forecasts. Residential product sales were up 10.3 percent, while commercial sales jumped 17.5 percent.
STOCK SYMBOL: GNRC
Bloomin' Brands – The parent of Outback Steakhouse and other restaurant chains earned an adjusted 30 cents per share for its latest quarter, four cents above estimates, with revenue also above Street forecasts. Outback Steakhouse saw a four percent increase in same-restaurant sales for the full year, on a 0.9 percent increase in customer traffic.
STOCK SYMBOL: BLMN
Canada Goose – The outdoor apparel maker beat analyst estimates on both the top and bottom lines, with profit up 64 percent from the year before. Results were helped by growth at the company's direct-to-consumer business. Canada Goose also issued upbeat forward guidance.
STOCK SYMBOL: GOOS
Cisco Systems – Cisco reported adjusted quarterly profit of 73 cents per share, beating consensus estimates by a penny. The networking equipment maker also saw revenue beat Street forecasts, helped by growth in cyber security and applications software. Cisco also announced a six percent dividend hike to 35 cents per share and increased its stock buyback program by $15 billion.
STOCK SYMBOL: CSCO
Apple – Apple will resume selling older iPhone models in Germany. That comes two months after it had stopped sales because a court had ruled that Apple had infringed a patent held by Qualcomm. The phones that will go back on the market in Germany will contain Qualcomm chips.
STOCK SYMBOL: AAPL
Yelp – Yelp earned 37 cents per share for the fourth quarter, well above the 10 cent consensus estimate. The online review site operator's revenue also came in above estimates, with the improved results following a revamp of Yelp's board of directors.
STOCK SYMBOL: YELP
MGM Resorts – MGM came in one cent above estimates with adjusted quarterly profit of 14 cents per share, with the casino and resort operator seeing revenue beat forecasts as well. MGM also announced an eight percent dividend hike to 13 cents per share from 12 cents.
STOCK SYMBOL: MGM
AIG – AIG posted an unexpected loss of 63 cents per share, after consensus forecasts had predicted a profit of 42 cents per share. The insurance company did see revenue beat estimates, but its results were hurt by weaker returns in the equity and credit markets.
STOCK SYMBOL: AIG
AstraZeneca – AstraZeneca posted better than expected product sales for the fourth quarter, and also forecast a second consecutive year of growth.
STOCK SYMBOL: AZN
Credit Suisse – Credit Suisse posted its first annual profit in four years in 2018, and was also profitable during the fourth quarter despite weakness in its trading unit.
STOCK SYMBOL: CS
NetApp – NetApp reported adjusted quarterly profit of $1.20 per share for its latest quarter, beating consensus estimates by five cents. However, revenue fell below forecasts, and the data management company also gave weaker than expected revenue guidance.
STOCK SYMBOL: NTAP
FULL DISCLOSURE:
bigbear0083 has no positions in any stocks mentioned. Reddit, moderators, and the author do not advise making investment decisions based on discussion in these posts. Analysis is not subject to validation and users take action at their own risk. bigbear0083 is an admin at the financial forums Stockaholics.net where this content was originally posted.
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The History of the cancelled and upcoming sonic movie
Out of all the video games that got movies....sonic took The longest to make, that's right paramount pictures sonic film and Sony's sonic film isn't the first time Sega tried to bring the blue blue to the big screen, in fact plans for the sonic movie began when the super Mario bros movie was being maid...also sonic has The most cancelled video game films out of all the video game movies, so everyone set back grab some chili dogs a drink and onion rings as I explained The History of the cancelled sonic films...trust me this is gonna be a long one....a very very long one
Sega and Mgm’s Sonic the Hedgehog: Wonders of the World: METRO-GOLDWYN-MAYER In the early 90s, Metro-Goldwyn-Mayer got the rights to do a Sonic the Hedgehog film, because SEGA wanted something to advertise the new Sega Saturn they were releasing, the company wanting the movie to come out in either late 1994 or early 1995.
Josh, a 12-year old son of a divorced couple, is presenting his incomplete school paper about a historic event he was tasked to write about. The unamused teacher warns Josh to finish his paper by tomorrow or face being referred to by his parents. After school, Josh goes home to an apartment owned by his father, Hal, an unemployed computer scientist who is doing research for his grand invention, a supercomputer called the XRI (eXtremely Radical Intelligence) that possesses artificial intelligence with the ability to project virtual reality. After dinner, Hal leaves to gather research on a piece of hardware, leaving Josh with the XRI. A curious Josh encounters the XRI and, after being unable to get it to help finish his school work, hooks up his Sega Saturn to play Sonic X-treme.[1]
At that moment, Sonic, the game's main character, discovers he has a will of his own and stops responding to Josh's controls. Josh manages to hack into the computer to bring Sonic out of the video game, becoming a 3D character capable of interacting with reality. Josh and Sonic form a bond with each other, but Sonic's departure from Sonic X-treme causes him to lose his power as time goes on and he ends up causing trouble throughout the real world, destroying Josh's apartment and causing car wrecks throughout the city. Meanwhile, Dr. Eggman (identified in the treatment through his real name, Dr. Robotnik) and his minions inadvertently escape the game and look to take over the real world, and Sonic is unable to stop him due to his draining powers.[1]
When Hal comes home to see his apartment in ruins, Josh's mother, Lisa, also stops by and the two start to argue. Josh attempts to explain what happened but neither believe him, with both blaming him for the mess. Josh is then taken out of Hal's custody to Lisa's home, where Sonic tracks him down. After leaving the house without Lisa noticing, Josh and Sonic devise a plot to find out about and stop Eggman's scheme by searching for Chaos Emeralds, which are scattered across the real world encased in ordinary rocks. After finding a Chaos Emerald, Sonic uses its power to temporarily regain his strength, and Sonic gives Josh a taste of the power of the emerald to help finish his school work, though Sonic warns Josh not to further exploit the emerald's power until he can master it. At the same time, Dr. Eggman sets up a shell corporation called Shady Corporation and uses it to purchase the abandoned Ramshackle Amusement Park, renaming it Botnikland Amusement Park. He recruits a group of school bullies and roboticizes them into Bullibots. Eggman orders the bots to look around the park and find the remaining Chaos Emeralds.[1]
Eggman then runs into Hal, who reluctantly accepts Eggman's offer to be the park's main research and development designer. Using Hal's XRI technology, Eggman develops a virtual reality ride to draw kids to the newly revived theme park. The park opens to huge crowds, with kids all across town attending opening day. However, when Josh and Sonic manage to inspect the ride, they discover Eggman is using the ride to turn the kids into his Badniks, calling them Kinder-Bots and forcing them to look around the park to find the Chaos Emeralds. After further inspection, the duo discover that Eggman, using the Chaos Emeralds, will program the XRI to turn the world's natural landmarks, such as Mount Everest and the Amazon rainforest, into digital replicas so that he can make virtual reality experiences and profit off of people wanting to see them, so that they wouldn't have to visit the landmarks themselves. The BulliBots catch the duo and a chase ensues, ending with a weak Sonic being captured and Josh barely escaping.[1]
After the chase, the Kinder-Bots return home, being unconditionally obedient to their parents. Josh hatches a plan to return everything back to normal and return Dr. Eggman back into the game world. The climax has Josh rescue Sonic and the duo battle Dr. Eggman before Josh activates the XRI and causes himself, Sonic, Dr. Eggman and the Badniks to enter Sonic X-treme. Another battle ensues, with a newly rejuvenated Sonic eventually defeating Dr. Eggman with Josh's help. With Eggman's plans foiled, he vows to return and escapes. Sonic decides to stay in his world knowing that it needs him to stop Eggman's schemes, and bids Josh farewell before the latter returns home and reunites with Hal and Lisa. The film ends with Josh promising Hal to remove the XRI, until he sees Sonic's eye wink at him at the screen and starts playing Sonic X-treme again.
Early stages Sega first came up with the idea of a feature-length Sonic the Hedgehog film during production of the cartoon in 1993. Newly-appointed consumer products director Michealene Risley, who was instrumental in green-lighting the series, was assigned to negotiate with several Hollywood producers to find support for the project. “I was basically driving the Sonic movie," Risley recalled to Kotaku in 2018. "I don’t know who came up with the idea – whether it was Tom [Kalinske, Sega of America CEO] or Shinobu [Toyoda, Sega executive vice-president and COO] or me, or we talked about it as a group – but having come from the movie world, I was always pushing those things."[1] Tom Kalinske, however, was hesitant on the idea of a movie, recalling how 1987's Masters of the Universe damaged the namesake toy-line and how the critical and commercial failures of Super Mario Bros. and Street Fighter stained the reputation of their namesake video game franchises. Kalinske noted to Kotaku that "There is really is that fear that a bad movie could potentially hurt your brand. The Sonic brand was strong enough to probably withstand it, but there is that fear."[1] Despite Kalinske's concerns, Sega was highly enthusiastic about the project, according to Risley. "It all depends on the timing of the movie, the look of the movie, whether you go live action or animation. [The film failing] was never an issue for us."[1] After about a year of negotiations, Sega struck a development deal in August 1994 with MGM and Trilogy Entertainment Group, led by producer Pen Densham, with Densham serving as executive producer of the planned movie.[1]
After securing the deal, Sega and MGM tapped Richard Jefferies to help come up with a screenplay for the film. Jefferies had previously written the cult classic The Vagrant for MGM in 1992, and had worked with Risley during her time at Marvel Comics to help write a proposed film adaptation of the Silver Surfer character. According to Jefferies, Sega wanted the ill-fated Sonic X-treme game, which was in development for the then-unreleased Sega Saturn, to tie-in with the movie, adding that Sega was "trying to co-ordinate the two and make the two compatible."[1] Sonic would have also been portrayed through heavy use of computer-generated imagery.[1] Jefferies' treatment contains a number of references to the franchise's games, with a notable example being Josh's school assignment. In it, he writes about a World War II test pilot named Sonic, who was killed in a freak accident when he tried to break the sound barrier.[1] This is a reference to the technical files of the first game that provided Sonic the Hedgehog's original backstory.
Jefferies' treatment was submitted to MGM in May 1995.[1] According to Jeffries, the draft received a positive reception among Sega and MGM executives, but Shinobu Toyoda sent a letter to Kalinske suggesting that Doctor Eggman be removed from the script, favoring a "strong/mean villain" to give the series a fresh idea.[1]
Cancellation Before the project could be green-lit, MGM suddenly backed out of the development deal, and after an attempt to revive the film at DreamWorks went nowhere, the film was scrapped.[1] It is unclear why MGM chose to drop the film from their slate, though Pen Densham claimed the deal broke down due to creative differences between Sega and Trilogy, causing the latter to pull out and leave MGM with the bill.[1] Jeffries, however, blamed "Hollywood politics" for the film's demise, believing that the studios each wanted a higher share of the film's profits.[1] He also suggested that the character had trouble adapting to the decline of the 16-bit console market. "The focus groups weren’t responding to the evolution of the character," Jeffries remarked, "and the heyday of the character was behind them. Maybe they were hoping a movie could help reinvigorate that. But maybe it was a response to where Sonic was headed, and maybe MGM came to that conclusion themselves. I don’t know."[1] Jeffries speculated that the film's budget would've reached around $150 million, making it MGM's most expensive film to date, and suggested that the financial concerns were another reason for MGM abandoning the film.[1]
MGM’s early ideas weren’t that bad, they were imagining a Who Framed Roger Rabbit type movie. Mixing live-action with animation..the studio executives weren’t that excited and shot down the idea, thinking it was too expensive.
They instead chose an incredibly bizarre script for the movie written by Richard Jeffries.
The script featured a 16-year old boy who suffers an accident that later gives him the ability to morph into a hedgehog, and the boy decides to use his new power for good. Since it had absolutely nothing to do with Sonic, SEGA demanded rewrites. Later Super Mario Bros. came to theaters and was a complete and utter failure. Both SEGA and MGM suddenly didn’t think video game movies were a very good idea. MGM then realized they had a new James Bond movie in the works so they ditched SEGA.
Sega and Ben Hurst Sonic Satam movie: that's right everyone's favorite sonic cartoon almost got A movie, A decade after MGM’s failed Sonic movie, one of the writers of SatAM called Ben Hurst pitched a movie acting as a continuation of the show, this time animated. But, darn Ken Penders had to get involved. He pretended to be helping Ben, and then went up to SEGA and claimed that Ben was trying to steal the Sonic franchise. This killed any attempt of Ben’s movie idea being made. Being the jerk he is, Penders then brought up his own concept for a movie to SEGA.
Sega and Ken penders Sonic Armageddon: This was the movie that Penders pitched to SEGA, the plot seemed to be much darker with Mobius being destroyed and roboticization being much more gruesome then in the cartoon. Most of the important characters are not shown and a few of them have major redesigns (the biggest being Snively, who’s now more cyborg-like). SEGA was interested, but Sonic X was airing and they didn’t think it would be worth it to have a show AND A movie out at the same time with different continuities.This went far enough to have concept art and a trailer. ..a very awful trailer-
Ken penders knuckles the echidna movie: In the early 2000s, wind was caught of lead writer Ken Penders’ alleged attempt to get an animated feature film centered around Knuckles the Echidna into development, the key studio of choice being DreamWorks SKG.
His proposals were rejected (according to Penders) not out of disinterest, but due to severe legal complications regarding the copyrights to any Sonic characters developed in connection to the license by any party, which are said to essentially render the story thus far created through the intertwining roles of Japanese and American-conceived characters and concepts entirely limited to the media in which they first appeared—in this case, the Archie comic book series. (It is believed that this same snag is the reason for Sonic’s suspiciously unnamed home planet featured in Sonic X.)
To this day, it is supposed that, due to these complications, Sonic and his friends will never grace the big screen in any form not sanctioned by Sega of Japan in whatever form they choose, and the odds that elements originating from the pages of Archie, including such central elements as the Dark Legion in this case, are extremely slim due to the same set of circumstances.In a self-published article, Penders mentioned that the film proposed would have been an animated feature, though whether the animation would have been traditional or computer-generated is unknown.
Sega and Ken penders sonic the hedgehog movie: that's right the sonic Archie comics almost got a movie, In the mist of the coming dispute between Archie and their freelancers there was some reflection by Ken Penders on his Twitter. In fact the reflection may have revealed more than reflected.He and SEGA were planning on a film project earlier in the decade that would be based on his work for Archie. The film was scheduled to be released in 2011 but one unfortunate event would prove to be the setback that resulted in the project being discontinued. Penders explains more:
Ken penders: I have documents that show SEGA & I were trying to launch a film project based on the work I did for the Archie comic series, I had meetings with them in person in Hollywood, at their offices, at several E3 shows and #comiccon .
One thing you need is someone within the company who believes in your project, and that person untimely passed away on us, I had the backing of the producedirector of the FOX animated X-MEN series, who was aiming for a 2011 release. We considered SEGA Licensing Director Robert Leffler a personal friend as well as business associate. The project was designed to establish a global Sonic continuity based on the Sat-AM and Archie series with SEGA’s blessing. The film would have defined Sonic and Sally as an official couple for the franchise.
Sega and Sony's cancelled sonic the hedgehog movie
on 3 December 2013, Sony Pictures Digital Domain Names, Inc., a division of Sony Pictures Entertainment, filed a notice of registration for three inactive websites adressed as "SonicTheHedgehog-Movie.com", "SonicTheHedgehog-Movie.net" and "SonicTheHedgehogMovie.net". The registrations were reported by The Sonic Stadium on 7 December, but neither Sony Pictures nor Sega confirmed the existence of a proposed film project at the time.[21]
On 20 March 2014, a film adaptation was first hinted when The Tracking Board released a rumor about the film, stating that it would receive a "Dark Knight treatment" and posted a writer shortlist of proposed writers involved.[22] On 10 June 2014, the official Sonic website was updated, with a locked section listing "TV and Movies."[23] Later that same day, at a private Sega/Sony Pictures press conference, The Hollywood Reporter reported the confirmation of the film, and that Sony had green-lit the project.[3]
It was revealed on 21 June 2014 that Sonic the Hedgehog and its eventual successor films will be a separate continuity from the Sonic Boom continuity.[24] On 19 November 2014, Van Robichaux stated that the film production team is "aiming for [a] PG-13 [rating]".[25]
On 31 October 2016, The Hollywood Reporter reported that Tim Miller, who had left directing Deadpool 2 due to creative differences, had been hired as executive producer for the film and that Jeff Fowler will assume directorial duties. Patrick Casey and Josh Miller are also confirmed to write the script.[4]
Van Robichaux, the former writer of the Sonic Movie, before being replaced by Patrick Casey and Josh Miller, said some more details about the production of the Sonic Movie while it was being produced by Sony Pictures.
-Jeff Fowler was attached to direct the movie as far back as when the project was still at Sony.
-The reason why Sony didn’t produce movie was because of the 2014 hack and a lot of the new executives that were brought to oversee the project didn’t like the direction the movie was taking.
-Sega and Van clashed over Dr. Robotnik’s name. Van wanted him to be named Dr. Robotnik as it would be easier for American audiences to swallow and would be “more intimidating”, but Sega wanted him to be named Eggman.
-Van clashed a lot with an unnamed Sony executive (most likely Amy Pascal)
But wait there's more....someone on Reddit i guess managed to find more leaked info about Sony's sonic movie...Now this could be fake, but seeing how the 2014 Sony hack happing it wouldn't be surprising if this is true
"It would've originally stayed more close to the games and would have been like a combination of Sonic 1 and Sonic Adventure in terms of story.
I think this leak is real considering how many early plot synopsis there were during production of the movie, and also because it talks about a casino and a lead human male and female role (the film is currently going under the name "Sonic The Hedgehog: Casino Nights" as a working title, and now we have a cop and his wife confirmed in the story).
And Also because Sony had an entirely different vision for the film than Paramount does. Sony's idea was to make a more darker origin story for the characters. Paramount seems to be wanting to make a comedy adventure family film considering it has comedic actors like Jim Carrey and Tika Sumpter involved.
When Paramount got the rights to the film they completely redid the script and the story. Here is a supposed leaked early draft of the film's plot (this includes the ending):
"Sonic (Schwartz) is a tearaway teenage rebel hedgehog living in the forest near Green Hills, Montana. He was mutated by experiments by Doctor Robotnik (Carrey), along with several other animals, who escaped years ago and now live in peace. Tails and Knuckles aren't mentioned in the script, but it can be inferred they're around.
Doctor Robotnik's experiments centered around ancient golden Incan rings, which the animals took with them when they escaped. Sonic is restless and wants to see the world. He's caught speeding in Green Hills town and arrested by the sheriff, Tom (Marsden). He quickly becomes a viral sensation online, and draws the attention of Dr. Robotnik, who comes to Green Hills to get back the rings. Despite Tom trying to protect Sonic, he's captured by Robotnik and taken to his government lab. Tom is able to break inside with the help of town locals who have befriended Sonic, and together they free him. A last stand takes place in Green Hills as Robotnik launches an assault with gadgets and robots he's created, but is foiled by traps laid by the townsfolk and Sonic. Robotnik is blown up, survives, and is then arrested for his illegal experiments becoming public. Sonic is hailed as a hero, but rather than wanting to see the world, he decides he wants to stay and protect his home, Green Hills. Ends with him running down a highway."
When someone asked if he goes fast in the film, the leaker responded this:
"He goes fast a few times, but it didn't read very exciting. It's more like zipping down highways or quickly leaving a room and popping back in with a chili dog, which happens once.
Oh, I forgot to mention there are a couple of oblique references to the game. Robotnik has divided America up into 'Zones' in a map at his lab. He actually says, "I need back up to the Green Hills Zone!" at one point. Sonic speeds past a signpost making it spin around, which I took to be a reference to the spinning signs at the end of levels."
When someone asked how close it was stay true to the games, they responded:
"The way it read, it was meant for people who remember playing Sonic years ago but not much else. The references are as general as you can get, in that there is Sonic, there are rings, 'Green Hills'. It doesn't adhere to any storyline from the games, comics or anything else.
To be honest, it felt like an Alvin and the Chipmunks or Smurfs movie.""
Sega and paramount pictures upcoming sonic the hedgehog movie
It was announced on 2 October 2017 that Viacom-owned Paramount Pictures had acquired the film rights to Sonic the Hedgehog from Sony, replacing the latter as distributor. Sony had temporally shut down production before the switch after placing it into turnaround.[6] The announcement came after co-producer Neal Moritz's Original Film banner signed a first-look production deal with Paramount the prior month, ending their previous deal with Sony, and several months after Sony's film financing partner LStar Capital ended its deal with Sony due to a string of box office failures from the studio.[26][27] Despite the change of studios, the production staff working on the film remained employed and moved to Paramount as well.[6] This is not the first time Paramount and Sega have crossed paths - from 1969 to 1983, both were subsidiaries of Gulf and Western Industries.
On 22 February 2018, an official press release was put out confirming the film's move to Paramount and a release date of 15 November 2019, a date that was first reported by The Hollywood Reporter two days prior.[28][29] Sega will have creative input into the project and will co-finance it with Paramount, who will release the film worldwide.[28]
Independent outlet Omega Underground reported on 4 March 2018 that the film's producers were circling Junkie XL to compose the film's musical score, reuniting him with Miller once again after doing the score for Deadpool. The site also reported that Paramount was aiming to begin filming at some point in July, backing up story co-writer Van Robichaux's speculation he tweeted a month prior.[30][31]
On 1 April 2018, it was announced that filming was going to start on 30 July in Vancouver, instead of Atlanta as previously reported.[32]
On 29 May 2018, it was reported that Paul Rudd was in talks for a lead role as Tom, "a cop who befriends Sonic and will likely team up to defeat Dr. Eggman". Paramount later clarified that this was not the case, but that Rudd had been considered for the role at one point. The same day it was revealed that the film will have a budget of $90 million.[33] The following day, it was announced that James Marsden had been cast in an undisclosed role,[34] later revealed to be Tom Wachowski.
On 7 June 2018, it was announced that Tika Sumpter was cast to star opposite James Marsden in an undisclosed role.[35] On 12 June 2018, it was later stated that shots of the film would be filmed at Vancouver's Highway 19 during mid-September 2018, and that the movie's current title is "SONIC".[36] Soon after, screenwriter Patrick Casey revealed that for the film, Sonic would have a design that was still him and yet a "little more realistic".[25] At Too Many Games in 2018, Johnny Gioeli stated that “Sega Has Nothing To Do With The Sonic Movie”.[37] Takashi Iizuka soon after corrected though, that he would be supervising the film.[38] Sonic the Hedgehog was originally slated for a 15 November 2018 release, but after Sony Pictures' turnaround, it is now scheduled to be released in the United States on 8 November 2019 by Paramount Pictures.[1] In an exclusive IGN interview the first official poster for the film was released on 10 December 2018, revealing its official title as Sonic the Hedgehog. Tim Miller explained Sonic's redesign:
"That was always Stage 1 of adapting it to what the real world is and what a real animal would be like, it would be weird and it would feel like he was running around nude if he was some sort of otter-like thing. It was always, for us, fur, and we never considered anything different. It’s part of what integrates him into the real world and makes him a real creature. <...> I don’t think SEGA was entirely happy with the eye decision, but these sorts of things you go, ‘It’s going to look weird if we don’t do this.’ But everything is a discussion, and that’s kind of the goal, which is to only change what’s necessary and stay true to the rest of it."[2] Filming
Principal photography commenced on 30 July 2018 at Vancouver, British Columbia, and continued until 30 September 2018. During filming, the picture was shot under the working title "Casino Night", a reference to the level in Sonic the Hedgehog 2.[39] A casting call was ordered to run on 18 Aug 2018, 12:00 pm - 6:00 pm PT and 19 Aug 2018, 10:00 am - 2:00 pm PT for residents of Ladysmith, BC. The roles were for the "townsfolk" from the fictional town, Green Hills.[40] Filming ended on 16 October 2018.[41] Despite this, more filming took place in downtown San Fransisco in late October.[42]
Well that was a very long post...Anyway guys let me know what you think of these cancelled films down below
submitted by Windowsboy2018 to SonicTheMovie [link] [comments]
mgm casino board of directors video
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