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Stakeholders from Bally’s Corp gave an update about the progress of the company’s permanent Chicago casino in a conference call that lasted just eight minutes on Monday, with comments from Chairman Soo Kim and Wanda Wilson, chair of the Bally’s Chicago board.
The terse call came about a month after Bally’s announced it was “resetting the pace of construction” of the project’s non-gaming elements in response to the city’s legalisation of video gaming terminals earlier this year.
Kim said the purpose of convening the call was to “reiterate our deep commitment to Bally’s Chicago” and to address “inaccurate reports” from the press saying that construction had stopped or slowed after the update that was released in early August.
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Future proceeds from Entain’s full exit of Entain CEE will be used to reduce group reported leverage below 3x, with excess capital returned to shareholders, the company said.
Analysts remain bullish on the operator’s future following its H1 earnings report. A Goodbody note dated 13 August hailed “another positive update, with H1 adjusted EBITDA landing comfortably ahead of expectations”.
UK&I continues to be a “standout performance” said the note, as Entain sits comfortably ahead of its peers and appears to be seizing market share, amid fallout from the UK’s remote gaming duty tax hike in April.
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“During prosecution, the Examiner did not apply the material prior art or straightforward combinations presented here, which render every challenged claim obvious,” according to a DraftKings filing with the patent office.
Citing U.S. code, the gaming company is pushing for an inter parties review while requesting that the board find the 18 claims in question “unpatentable.”
Patent squabbles, including those pertaining to geolocation services, aren’t unheard of in the online gaming space. How things shake out in the Cantor Fitzgerald/DraftKings spat remains to be seen, but it’s possible the deck is stacked against the gaming company.