Numerous casino companies, along with gaming manufacturers and sports betting operators, are coming to Nantucket June 17 and 18 for the Jefferies Consumer Conference, presented by Jefferies Equity Research.
Attendees scheduled for the program include Caesars Entertainment, Churchill Downs, DraftKings, International Game Technology, Light & Wonder, MGM Resorts International, Penn Entertainment, Rush Street Interactive, and Wynn Resorts. CEOs slated to appear are Jason Robins of DraftKings and Light & Wonder’s Matt Wilson.
Jefferies analyst David Katz began his preview of the conclave by citing “a steady stream of modest negatives” for igaming. These include Jackpocket’s abrupt withdrawal from Texas, a spate of tax increases, the rise of prediction markets, and an absence of new jurisdictions, save for Missouri.
Katz said his focus would be on “finding any good news,” including from DraftKings and Rush Street. He continued, “We expect to focus on aspects that have been going well for companies, and what steps operators can take to mitigate the noted headwinds.” Katz added that more state legalizations, new products and other ways to increase margins would all be welcomed by attendees.
Regional brick-and-mortar casinos were solid, Katz continued, “but what to do with Vegas?” He explained, “The sentiment on Las Vegas for the next several months has deteriorated for some operators, but not all.”
Katz expected an update on “traditionally weaker summer months” when operators weighed in from Nantucket. First-quarter results were “muddied by a tough [comparison] from the Super Bowl, leap year, and high hold, so we believe incremental color on forward expectations would be impactful.”
