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West Virginia Online Casino Finally Goes Live As DraftKings Launches
“With a surprise launch, West Virginia has just become the fourth US state with legal online casino gambling alongside New Jersey, Pennsylvania, and Delaware. DraftKings was the first operator to go live with a WV online casino, announcing its app is now available for both iOS and Android devices in the state. News came in the form of a brief press release issued Wednesday afternoon. DraftKings Casino is also available as a standalone app in PA and NJ, as well as embedded into the DraftKings Sportsbook platform in all three states. Michigan online casinos will additionally go live either later this year or early in 2021, where DraftKings has a path to market under a tribal partnership.” https://www.onlinepokerreport.com/43397/west-virginia-online-casino-live-with-draftkings/
Rush Street Interactive (RSI) Expands U.S. Online Casino Footprint By Partnering With Century Casinos To Bring Its Award-Winning Service To West Virginia - DMYT DMYT.WS
West Virginia Online Casino Finally Goes Live As DraftKings Launches
“With a surprise launch, West Virginia has just become the fourth US state with legal online casino gambling alongside New Jersey, Pennsylvania, and Delaware. DraftKings was the first operator to go live with a WV online casino, announcing its app is now available for both iOS and Android devices in the state. News came in the form of a brief press release issued Wednesday afternoon. DraftKings Casino is also available as a standalone app in PA and NJ, as well as embedded into the DraftKings Sportsbook platform in all three states. Michigan online casinos will additionally go live either later this year or early in 2021, where DraftKings has a path to market under a tribal partnership.” https://www.onlinepokerreport.com/43397/west-virginia-online-casino-live-with-draftkings/
Anyone following the casino and sports betting bills in Virginia? Apparently they voted to legalize both but, I’m curious if the language of either bill will allow legal online poker here. I already use ignition but if I could do it legally on a regulated site I’d rather go that route.
Governor Jim Justice has signed bill H 2934 into law, legalising online casino and poker in the state of West Virginia. The West Virginia Lottery Interactive Wagering Act progressed through the House of Delegates in February; the Senate then amended and approved the bill to make the state one of the most progressive towards gambling. West Virginia was also among the first to jump at sports betting opportunities following the repeal of the Professional and Amateur Sports Protection Act last May. There are five land-based casinos in the Mountain State and they will be able to apply for one of the five available casino and poker permits. West Virginia is the fifth US state to legalise online casino and poker. The cost of these licenses is $250,000 and can be renewed for $100,000 every five years. In addition, $100,000 will be charged for platform and service management licenses and $10,000 for supplier licenses. The five casinos all have sports betting partners in place and it is likely those deals will expand to include online casino and poker. The Greenbrier works with FanDuel, Hollywood Casino is partnered with William Hill US and DraftKings, Mountaineer Casino is with William Hill US. Both Mardi Gras and Wheeling Island are partnered with Miomni but are currently involved in a dispute, limiting their sports betting operations. There is no timeline yet in place for the launch of online casino and poker operations. Source: Gamblinginsider.com
West Virginia proposes new bill to legalise online casino
West Virginia has filed a new bill in an attempt to legalise online casino and poker. The state has previously attempted to legalise online gambling but failed to do so. Yet the the legalisation of sports wagering within West Virginia in 2018 may add fresh momentum to the campaign. The state’s Lottery Commission will conduct the regulation of online casino gaming if the bill is passed. Under the new bill, licenses can only be granted to existing West Virginia gambling facilities. The state would be allowed to process online casino applications 90 days after the legislation becomes law. Each license would cost $50,000 and every licensee would have to pay a 14% tax on internet gaming revenue. The bill also proposes to prohibit the use of poker bots, alongside any other form of collusion between online players. The West Virginia bill states: "Authorised interactive gaming, once fully developed, will allow persons in this state to participate in interactive games; not only with other persons in this states, but with persons in other cooperating jurisdictions in the United States where interactive gaming has been authorised." Source: Gamblinginsider.com
The #1 online casino company $RSI is primed for autism
Positions: $RSI 30 03/19 30C Proof: https://imgur.com/a/swCCMjz *This post is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice.* TLDR: Rush Street Interactive ($RSI) is the #1 nationwide online casino company and the #3 or #4 sports book depending on the state. Short selling, unwarranted institutional wariness of share dilution and the general market focus on sports book instead of online casino has left $RSI grossly undervalued. A massive blow out at Q4 earnings will result in analyst upgrades and a rapid repricing by market makers and institutions seeking exposure to the emerging sector. **Overview** "Sports book is really just kind of a warm up in a lot of ways for an online casino where the real money is made" - Niccolo De Masi, CEO dMY technologies Rush Street Interactive ($RSI) operates the BetRivers.com online casino and sports book. They are now fully licensed and operating in New Jersey, Pennsylvania, Michigan, Illinois, Indiana, Colorado, Iowa, and Virginia. They own and operate a casino in New York and already have a New York license making them well positioned for liberalization there. They merged with a dMY Technology Group SPAC on Dec. 31st 2020 with 240 million on the balance sheet to spend on growth. The online casino business is fundamentally more profitable than sports betting because the average value of a casino player is estimated at $600 while a sports book player could be as little as $20. Estimates put the online casino market at DOUBLE the size of the online sports book market and the online casino industry is really just getting started as more states liberalize. $RSI is expert at new market entry; they have been first to market in Pennsylvania, Illinois, Indiana, and Colorado and even when they aren't first they are capable of capturing market share in competitive markets such as New Jersey. They also have products which women play which accounts for at least half of the market in online casino. The female market is one that the pure sports book plays miss out on. Also for some fucking reason they operate a casino and sports book in Colombia (rushbet.co) and may make large expansions into other parts of south America as legalization continues. This means they have the expertise necessary for global expansion in the future although the states remains their primary focus and growth driver. **The Financials and Strategy** Unlike other companies in the space Rush Street is already profitable in 2020 and has a strong focus on Return On Invested Capital (ROIC). Q3 gross revenue was $71.9 Million. Q4 revenue is going to be a blow out. Combing through state gambling revenue data and breaking that down by market share my estimate is that Q4 revenue could be as high as $120 Million. Paired with this blow out will be a **guidance raise to $500 Million for 2021**, which is 2/3 of DraftKings 2021 guidance of $750M. https://imgur.com/a/xkfcayC What is striking when compared to $DKNG is that their advertising spend was only a quarter of revenue in Q3 while $DKNG spent 155% of their revenue. This will change as they begin to focus on growth, but it shows they are very good at getting return on ad spend. This company should actually be valued close to $DKNG based on growth potential once guidance is raised. https://imgur.com/a/RQQXtGg Their focus on attracting **female gamers** is also important to their long term growth potential. The sports book plays with cross sells to casino such as $DKNG will not be able to grow through the female demographic in the same way. **This cannot be understated** as one of the major strategic advantages of $RSI. https://imgur.com/a/xzJj26n As I said before I expect their trend of rapid growth to continue for Q4 earnings, certainly going to be a blow out based on looking at state gambling revenue numbers. My estimate is that their revenue will be around 110M for Q4. I also expect guidance to be raised to 500M for 2021 due to strong performance in existing markets and the recently opened Michigan market as well as their sports book launch in Virginia. https://imgur.com/a/ckTqHhh **Short sellers have entered the chat** The short interest on $RSI sits at 5.08 M shares as of 01/14/21 representing a 30% increase. Now why would a company already valued at 2.8 Billion and with a comparative valuation of 8-10 Billion compared with $DKNG and $PENN be so heavily shorted at such a low market cap? My conclusion is that an institution with 10s of millions to throw at shorting this stock wants to take advantage of fear of share dilution from warrant calling or to establish a better entry prior to earnings. **Commander in GILF Cathie Wood is Bullish on the sector** On Feb. 2nd ARK disclosed that they had purchased 620,300 shares of $DKNG. This is extremely bullish for the sector. I am highly confident that after Q4 earnings ARK will be purchasing shares in $RSI as well due its strategic advantages relative to $DKNG and exposure to the female demographic. For such a small market cap company this will be a major catalyst. **Institutions are bullish** Fidelity has increased their holdings to 14% as of today: https://d18rn0p25nwr6d.cloudfront.net/CIK-0001793659/8f10b0d8-a3d2-447c-bc75-87587d0a4670.pdf Alliance Bernstein holds a 6% position reported today: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001793659/e883778d-e759-4a85-91c1-3242ed110720.pdf **Final notes** Jerome "The Bus" Bettis, Steelers legend and hall of fame running back, is their brand ambassador... This company knows their target audience and how to appeal to them, likely more 'classic' ambassadors to come to attract even more boomer and Gen X degenerates. Keep in mind these are the gamblers with big money to spend, the average age of an online casino gambler is 42. This stock has been grossly underpriced due to short selling. The terms of the SPAC deal were not unfavorable and all the insiders held their shares through the merger banking on growth in the market - **management owns 77% of the company**. This is a true value play on a well managed company in an emerging industry with a market size in the hundreds of billions. I plan to hold shares long term. I will post a part 2 breaking down their latest S-1 filing and Q4 revenue by state when they release their Q4 earnings date. Do your own research. References: https://www.legalsportsreport.com/sports-betting/revenue/ https://fintel.io/doc/sec-rush-street-interactive-inc-ex991-2021-january-05-18632-947 https://s26.q4cdn.com/794539746/files/doc_presentations/2020/RSI-Investor-Presentation-15-Oct-2020.pdf https://ir.rushstreetinteractive.com/news/news-details/2020/RUSH-STREET-INTERACTIVE-ANNOUNCES-THIRD-QUARTER-2020-RESULTS-AND-RAISES-FULL-YEAR-GUIDANCE/default.aspx https://www.youtube.com/watch?v=SQWEhWuPmzU https://www.thestreet.com/investing/draftkings-surges-as-stake-bought-by-ark-next-generation Positions: $RSI 30 03/19 30C I will be adding 04/16 25cs each week until earnings. Exit strategy: "What's an exit strategy?" - u/deepfuckingvalue Update 021321: IMPORTANT after a commenter pointed out that technically they could report as late as April 2nd I AM RECOMMENDING THAT EVERYONE ROLL OUT TO APRIL 16TH 35Cs
The #1 online casino company $RSI is primed for ingress.
Positions: $RSI 03/19 30C Proof: https://imgur.com/a/swCCMjz This post is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. TLDR: Rush Street Interactive ($RSI) is the #1 nationwide online casino company and the #3 or #4 sports book depending on the state. Short selling, unwarranted institutional wariness of share dilution and the general market focus on sports book instead of online casino has left $RSI grossly undervalued. A massive blow out at Q4 earnings will result in analyst upgrades and a rapid repricing by market makers and institutions seeking exposure to the emerging sector. Overview "Sports book is really just kind of a warm up in a lot of ways for an online casino where the real money is made" - Niccolo De Masi, CEO dMY technologies Rush Street Interactive ($RSI) operates the BetRivers.com online casino and sports book. They are now fully licensed and operating in New Jersey, Pennsylvania, Michigan, Illinois, Indiana, Colorado, Iowa, and Virginia. They own and operate a casino in New York and already have a New York license making them well positioned for liberalization there. They merged with a dMY Technology Group SPAC on Dec. 31st 2020 with 240 million on the balance sheet to spend on growth. The online casino business is fundamentally more profitable than sports betting because the average value of a casino player is estimated at $600 while a sports book player could be as little as $20. Estimates put the online casino market at DOUBLE the size of the online sports book market and the online casino industry is really just getting started as more states liberalize. $RSI is expert at new market entry; they have been first to market in Pennsylvania, Illinois, Indiana, and Colorado and even when they aren't first they are capable of capturing market share in competitive markets such as New Jersey. They also have products which women play which accounts for at least half of the market in online casino. The female market is one that the pure sports book plays miss out on. Also for some fucking reason they operate a casino and sports book in Colombia (rushbet.co) and may make large expansions into other parts of south America as legalization continues. This means they have the expertise necessary for global expansion in the future although the states remains their primary focus and growth driver. The Financials and Strategy Unlike other companies in the space Rush Street is already profitable in 2020 and has a strong focus on Return On Invested Capital (ROIC). Q3 gross revenue was $71.9 Million. Q4 revenue is going to be a blow out. Combing through state gambling revenue data and breaking that down by market share my estimate is that Q4 revenue could be as high as $120 Million. Paired with this blow out will be a **guidance raise to $500 Million for 2021**, which is 2/3 of DraftKings 2021 guidance of $750M. https://imgur.com/a/xkfcayC What is striking when compared to $DKNG is that their advertising spend was only a quarter of revenue in Q3 while $DKNG spent 155% of their revenue. This will change as they begin to focus on growth, but it shows they are very good at getting return on ad spend. This company should actually be valued close to $DKNG based on growth potential once guidance is raised. https://imgur.com/a/RQQXtGg Their focus on attracting **female gamers** is also important to their long term growth potential. The sports book plays with cross sells to casino such as $DKNG will not be able to grow through the female demographic in the same way. **This cannot be understated** as one of the major strategic advantages of $RSI. https://imgur.com/a/xzJj26n As I said before I expect their trend of rapid growth to continue for Q4 earnings, certainly going to be a blow out based on looking at state gambling revenue numbers. My estimate is that their revenue will be around 110M for Q4. I also expect guidance to be raised to 500M for 2021 due to strong performance in existing markets and the recently opened Michigan market as well as their sports book launch in Virginia. https://imgur.com/a/ckTqHhh Short sellers have entered the chat The short interest on $RSI sits at 5.08 M shares as of 01/14/21 representing a 30% increase. Now why would a company already valued at 2.8 Billion and with a comparative valuation of 8-10 Billion compared with $DKNG and $PENN be so heavily shorted at such a low market cap? My conclusion is that an institution with 10s of millions to throw at shorting this stock wants to take advantage of fear of share dilution from warrant calling or to establish a better entry prior to earnings. Cathie Wood is Bullish on the sector On Feb. 2nd ARK disclosed that they had purchased 620,300 shares of $DKNG. This is extremely bullish for the sector. I am highly confident that after Q4 earnings ARK will be purchasing shares in $RSI as well due its strategic advantages relative to $DKNG and exposure to the female demographic. For such a small market cap company this will be a major catalyst. Final notes Jerome "The Bus" Bettis, Steelers legend and hall of fame running back, is their brand ambassador... This company knows their target audience and how to appeal to them, likely more 'classic' ambassadors to come to attract even more boomer and Gen X degenerates. Keep in mind these are the gamblers with big money to spend, the average age of an online casino gambler is 42. This stock has been grossly underpriced due to short selling. The terms of the SPAC deal were not unfavorable and all the insiders held their shares through the merger banking on growth in the market - **management owns 77% of the company**. This is a true value play on a well managed company in an emerging industry with a market size in the hundreds of billions. I plan to hold shares long term. I will post a part 2 breaking down their latest S-1 filing and Q4 revenue by state when they release their Q4 earnings date. Do your own research. References: https://www.legalsportsreport.com/sports-betting/revenue/ https://fintel.io/doc/sec-rush-street-interactive-inc-ex991-2021-january-05-18632-947 https://s26.q4cdn.com/794539746/files/doc_presentations/2020/RSI-Investor-Presentation-15-Oct-2020.pdf https://ir.rushstreetinteractive.com/news/news-details/2020/RUSH-STREET-INTERACTIVE-ANNOUNCES-THIRD-QUARTER-2020-RESULTS-AND-RAISES-FULL-YEAR-GUIDANCE/default.aspx https://www.youtube.com/watch?v=SQWEhWuPmzU https://www.thestreet.com/investing/draftkings-surges-as-stake-bought-by-ark-next-generation Positions: $RSI 03/19 30C I will be adding 04/16 25Cs each week until earnings Exit strategy: "What's an exit strategy?" - u/deepfuckingvalue Forgot to add: http://d18rn0p25nwr6d.cloudfront.net/CIK-0001793659/8f10b0d8-a3d2-447c-bc75-87587d0a4670.pdf Fidelity just doubled their position to almost 15% Update 021221: Everyone that went in on my initial entry is down 40% right now. As I said I plan to continue to buy 03/19 25Cs each week until earnings. If you’re worried about further losses wait until the day before earnings to load up, you may miss a run up though. Update 021321: IMPORTANT after a commenter pointed out that technically they could report as late as April 2nd I AM RECOMMENDING THAT EVERYONE ROLL OUT TO APRIL 16TH 35Cs
Virginia, one of the few states in the country without a casino, is poised to be the first to regulate the online daily fantasy sports industry. State lawmakers have voted to impose rules and a $50,000 registration fee for the online contests that attracted intense scrutiny last year.
Playboy going public: Porn, Gambling, and Cannabis
NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY. https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1. https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%) NEW INFO 2 Here is the full webinar. https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866 NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx Playboy going public: Porn, Gambling, and Cannabis !!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should. In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase. Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below: https://www.playboy.com/ https://www.playboytv.com/ https://www.playboyplus.com/ https://www.iplayboy.com/ Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success. “Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.” https://www.scientificgames.com/ https://www.microgaming.co.uk/ “This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.” https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/ As per their SEC filing: “Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1 They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon. https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again: https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea “Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.” “According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently: https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress. Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait. https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/ Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video: https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said. https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this: https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too: https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05 Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing: “For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.” “In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.” “In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.” “In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.” They are profitable across all three of their current business segments. “Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China. https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.” https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders). https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world. "Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.” Also in the SEC filing, the Time Frame: “As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn. The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.” https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :( He should be fine with the 16 million PLBY shares he's going to have though :) Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw. I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets. https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003 Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this: “Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy. “Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative. https://www.secform4.com/insider-trading/1832415.htm https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html Y’all like that China money? “Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.” Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose. I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future. https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing. https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing “Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.” “Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.” Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong. Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will. Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way. Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains. TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here: WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf Or here: https://www.mcacquisition.com/investor-relations/default.aspx Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.” STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon. Position: 5000 shares. I will buy short, medium, and long-dated calls once available.
Aggressive growth plans/executions and brilliant ideas of DMYT and its bright future upon merger
Aggressive growth plans/executions and brilliant ideas have made DMYT grow exponentially over the past few years, even not spending huge marketing expense. One of the secret to the success is its huge social networking platform and converting users into igaming/online/sports betting. And with huge money in hand at debuting into public markets in a few weeks, DMYT is poised to grow even faster than ever. Imagine it will spend money like Draftking or Penn in addition to its social user base. Yesterday, another news hit from DMYT, "..DMYT has finalized an agreement with Century Casinos, Inc. (Nasdaq: CNTY) ("Century Casinos") to launch..online casino in West Virginia at BetRivers.com. Facts #1: RSI is the #1 operator of online casino by revenue in the United States year-to-date through September. Facts #2: RSI was also named the 2020 Casino Operator of the Year and Customer Service Operator of the Year by eGaming Review. "..In addition to its online casinos in New Jersey and Pennsylvania, RSI currently operates online sportsbooks in Colorado, Illinois, Indiana, Iowa, New Jersey and Pennsylvania. Additionally, RSI is the #1 operator of online casino by revenue in the United States year-to-date through September according to data from Eilers & Krejcik Gaming. RSI was also named the 2020 Casino Operator of the Year and Customer Service Operator of the Year by eGaming Review..." https://www.prnewswire.com/news-releases/rush-street-interactive-rsi-expands-us-online-casino-footprint-by-partnering-with-century-casinos-to-bring-its-award-winning-service-to-west-virginia-301191111.htm
The next Detroit: The catastrophic collapse of Atlantic City
With the closure of almost half of Atlantic City's casinos, Newark set to vote on gambling and casinos or racinos in almost every state, it seems as if the reasons for the very existence of Atlantic City are in serious jeopardy. Israel Joffe Atlantic City, once a major vacation spot during the roaring 20s and 1930s, as seen on HBOs Boardwalk Empire, collapsed when cheap air fare became the norm and people had no reason to head to the many beach town resorts on the East Coast. Within a few decades, the city, known for being an ‘oasis of sin’ during the prohibition era, fell into serious decline and dilapidation. New Jersey officials felt the only way to bring Atlantic City back from the brink of disaster would be to legalize gambling. Atlantic City’s first casino, Resorts, first opened its doors in 1978. People stood shoulder to shoulder, packed into the hotel as gambling officially made its way to the East Coast. Folks in the East Coast didn't have to make a special trip all the way to Vegas in order to enjoy some craps, slots, roulette and more. As time wore on, Atlantic City became the premier gambling spots in the country. While detractors felt that the area still remained poor and dilapidated, officials were quick to point out that the casinos didn't bring the mass gentrification to Atlantic City as much as they hoped but the billions of dollars in revenue and thousands of jobs for the surrounding communities was well worth it. Atlantic City developed a reputation as more of a short-stay ‘day-cation’ type of place, yet managed to stand firm against the 'adult playground' and 'entertainment capital of the world' Las Vegas. Through-out the 1980s, Atlantic City would become an integral part of American pop culture as a place for east coast residents to gamble, watch boxing, wrestling, concerts and other sporting events. However in the late 1980s, a landmark ruling considered Native-American reservations to be sovereign entities not bound by state law. It was the first potential threat to the iron grip Atlantic City and Vegas had on the gambling and entertainment industry. Huge 'mega casinos' were built on reservations that rivaled Atlantic City and Vegas. In turn, Vegas built even more impressive casinos. Atlantic City, in an attempt to make the city more appealing to the ‘big whale’ millionaire and billionaire gamblers, and in effort to move away from its ‘seedy’ reputation, built the luxurious Borgata casino in 2003. Harrah’s created a billion dollar extension and other casinos in the area went through serious renovations and re-branded themselves. It seemed as if the bite that the Native American casinos took out of AC and Vegas’ profits was negligible and that the dominance of those two cities in the world of gambling would remain unchallenged. Then Macau, formally a colony of Portugal, was handed back to the Chinese in 1999. The gambling industry there had been operated under a government-issued monopoly license by Stanley Ho's Sociedade de Turismo e Diversões de Macau. The monopoly was ended in 2002 and several casino owners from Las Vegas attempted to enter the market. Under the one country, two systems policy, the territory remained virtually unchanged aside from mega casinos popping up everywhere. All the rich ‘whales’ from the far east had no reason anymore to go to the United States to spend their money. Then came the biggest threat. As revenue from dog and horse racing tracks around the United States dried up, government officials needed a way to bring back jobs and revitalize the surrounding communities. Slot machines in race tracks started in Iowa in 1994 but took off in 2004 when Pennsylvania introduced ‘Racinos’ in an effort to reduce property taxes for the state and to help depressed areas bounce back. As of 2013, racinos were legal in ten states: Delaware, Louisiana, Maine, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, and West Virginia with more expected in 2015. Tracks like Delaware Park and West Virginia's Mountaineer Park, once considered places where local degenerates bet on broken-down nags in claiming races, are now among the wealthiest tracks around, with the best races. The famous Aqueduct race track in Queens, NY, once facing an uncertain future, now possesses the most profitable casino in the United States. From June 2012 to June 2013, Aqueduct matched a quarter of Atlantic City's total gaming revenue from its dozen casinos: $729.2 million compared with A.C.'s $2.9 billion. It has taken an estimated 15 percent hit on New Jersey casino revenue and climbing. And it isn't just Aqueduct that's taking business away from them. Atlantic City's closest major city, Philadelphia, only 35-40 minutes away, and one of the largest cities in America, now has a casino that has contributed heavily to the decline in gamers visiting the area. New Jersey is the third state in the U.S. to have authorized internet gambling. However, these online casinos are owned and controlled by Atlantic City casinos in an effort to boost profits in the face of fierce competition. California, Hawaii, Illinois, Iowa, Massachusetts, Mississippi, Pennsylvania and Texas are hoping to join Delaware, Nevada, New Jersey and the U.S. Virgin Islands in offering online gambling to their residents. With this in mind, it seems the very niche that Atlantic City once offered as a gambling and entertainment hub for east coast residents is heading toward the dustbin of history. Time will tell if this city will end up like Detroit. However, the fact that they are losing their biggest industry to major competition, much like Detroit did, with depressed housing, casinos bankrupting/closing and businesses fleeing , it all makes Atlantic City’s fate seem eerily similar.
[Lost in the Sauce] Trump admin hides Paycheck Protection program details; lawmakers benefit from loans
Welcome to Lost in the Sauce, keeping you caught up on political and legal news that often gets buried in distractions and theater… or a global health crisis. Title refers to: The Trump admin is blocking IGs from getting info on over $1 trillion in relief spending, including corporation bailouts. The admin is also withholding PPP info from Congress, meaning we don't know if Trump or his family took taxpayer money. Additionally, we learned that at least 4 members of Congress have benefited from PPP money, but aren't required to disclose it. Housekeeping:
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Coronavirus
Inspectors general warned Congress last week that the Trump administration is blocking scrutiny of more than $1 trillion in spending related to the Covid-19 pandemic. According to the previously undisclosed letter, Department of Treasury attorneys concluded that the administration is not required to provide the watchdogs with information about the beneficiaries of programs like the $500 billion in loans for corporations. Treasury Secretary Mnuchin refused to provide Congress with the names of recipients of the taxpayer-funded coronavirus business loans. After criticism, Mnuchin began to walk back his denial, saying he will talk to lawmakers on a bipartisan basis “to strike the appropriate balance for proper oversight” of PPP loans “and appropriate protection of small business information.” At least 4 lawmakers have benefited in some way from the Paycheck Protection program they helped create.Politico has been told there are almost certainly more -- but there are zero disclosure rules, even for members of Congress.
Republicans on the list include Rep. Roger Williams of Texas, a wealthy businessman who owns auto dealerships, body shops and car washes, and Rep. Vicky Hartzler of Missouri, whose family owns multiple farms and equipment suppliers across the Midwest. The Democrats count Rep. Susie Lee of Nevada, whose husband is CEO of a regional casino developer, and Rep. Debbie Mucarsel Powell of Florida, whose husband is a senior executive at a restaurant chain that has since returned the loan.
Mick Mulvaney dumped as much as $550,000 in stocks the same day Trump assured the public the US economy was 'doing fantastically' amid the COVID-19 outbreak. Mulvaney unloaded his holdings in three different mutual funds, each of which is primarily made up of US stocks. The next day, the value of the mutual funds tanked.
Cases rising in many states
Good summary: There was supposed to be a peak. But the stark turning point, when the number of daily COVID-19 cases in the U.S. finally crested and began descending sharply, never happened. Instead, America spent much of April on a disquieting plateau, with every day bringing about 30,000 new cases and about 2,000 new deaths. This pattern exists because different states have experienced the coronavirus pandemic in very different ways…The U.S. is dealing with a patchwork pandemic. As of Friday, coronavirus cases were significantly climbing in 16 states: Alabama, Arizona, Arkansas, Florida, Georgia, Louisiana, Mississippi, Nevada, North Carolina, Oklahoma, Oregon, South Carolina, Tennessee, Texas, Utah, and Washington. Oklahoma is experiencing a massive increase in coronavirus cases just days before Trump’s planned rally in Tulsa. In Tulsa county itself, 1 in roughly 390 people have tested positive. Yet Trump plans on cramming 20,000 people in an event with voluntary face mask policy and no social distancing. Attendees must sign a waiver that absolves the president’s campaign of any liability from virus-related illnesses.
On Monday, Pence lied saying that Oklahoma has “flattened the curve.” As you can see at any of the resources immediately below, this is not even close to true. Over the past 14 days, the state has seen a 124% increase in cases and reports 65% of ICU beds are in use.
Tulsa World Editorial Board: This is the wrong time and Tulsa is the wrong place for the Trump rally. "We don't know why he chose Tulsa, but we can’t see any way that his visit will be good for the city...Again, Tulsa will be largely alone in dealing with what happens at a time when the city’s budget resources have already been stretched thin."
Earlier in the day, Trump tweeted that he is a victim of double standards when it comes to perception of his decision to resume campaign rallies in the midst of the coronavirus pandemic, declaring that attempts to “covid shame” his campaign “won’t work!”
Resources to track increases: There are many different sites with various methods of visualizing the spread of coronavirus. Here are some that may be particularly useful this summer… Topos COVID-19 compiler homepage and graphs of each state since re-opening. How we reopen Safely has stats on each state’s progress towards meeting benchmarks to reopen safely (hint: almost none have reached all the checkpoints). WaPo has a weekly national map of cases/deaths; the largest regional clusters are in the southeast. On Monday, Trump twice said that “if we stop testing right now, we’d have very few cases, if any,” (video). Aside from the fact that cases exist even if we don’t test for them, we cannot explain the rising number of cases by increased testing capacity: In at least 14 states, the positive case rate is increasing faster than the increase in the average number of tests.
Reminder: In March Trump told Fox News that he didn't want infected patients from a cruise ship to disembark because it would increase the number of reported cases in the US. "I like the numbers being where they are," Trump said at the time. "I don't need to have the numbers double because of one ship that wasn't our fault."
Fired scientist Rebekah Jones builds coronavirus dashboard to rival Florida’s… Her site shows thousands more people with the coronavirus, and hundreds of thousands fewer who have been tested, than the site run by the Florida Health Department.
Equipment and supplies
More studies prove wearing masks limits transmission and spread of coronavirus… One study from Britain found that routine face mask use by 50% or more of the population reduced COVID-19 spread to an R of less than 1.0. The R value measures the average number of people that one infected person will pass the disease on to. An R value above 1 can lead to exponential growth. The study found that if people wear masks whenever they are in public it is twice as effective at reducing the R value than if masks are only worn after symptoms appear. Meanwhile, Trump officials refuse to wear masks and Trump supporters copy his behavior… VP Mike Pence, leader of the coronavirus task force, published a tweet showing himself in a room full of Trump staffers, none wearing masks or practicing social distancing. Pence deleted the tweet shortly after criticism. A poll last week showed that 66% of likely-Biden-voters “always wear a mask,” while 83% of likely-Trump-voters “neverarely wear a mask.”
Trump’s opposition to face masks hasn’t stopped him from selling them to his supporters, though. The online Trump Store is selling $20 cotton American flag-themed face masks.
Yesterday, we learned that South Carolina Republican Rep. Tom Rice and family have tested positive for the coronavirus. Just two weeks ago, Rice was on the House floor and halls of the Capitol without wearing a mask.
Internal FEMA data show that the government’s supply of surgical gowns has not meaningfully increased since March… The slides show FEMA’s plan to ramp up supply into June and July hinges on the reusing of N95 masks and surgical gowns, increasing the risk of contamination. Those are supposed to be disposed of after one use. Nursing homes with urgent needs for personal protective equipment say they’re receiving defective equipment as part of Trump administration supply initiative. Officials say FEMA is sending them gowns that look more like large tarps -- with no holes for hands -- and surgical masks that are paper-thin. More than 1,300 Chinese medical-device companies that registered to sell PPE in the U.S. during the coronavirus pandemic used bogus registration data… These companies listed as their American representative a purported Delaware entity that uses a false address and nonworking phone number. Florida is sitting on more than 980,000 unused doses of hydroxychloroquine, but hospitals don’t want it… Gov. Ron DeSantis ordered a million doses of the drug to show support for Trump, but very few hospitals have requested it.
Native American communities struggle
The CARES Act money for Native American tribes, meant to assist people during the pandemic, came with restrictions that are impeding efforts to limit the transmission of the virus. For instance, the funds can only be used to cover expenses that are "incurred due to the public health emergency." On the Navajo Nation, the public health emergency is inherently related to some basic infrastructure problems. 30% of Navajo don’t have running water to wash their hands, but the money can’t be used to build water lines. Federal and state health agencies are refusing to give Native American tribes and organizations representing them access to data showing how the coronavirus is spreading around their lands, potentially widening health disparities and frustrating tribal leaders already ill-equipped to contain the pandemic. The Centers for Disease Control and Prevention has turned down tribal epidemiologists’ requests for data that it’s making freely available to states. A Hospital’s Secret Coronavirus Policy Separated Native American Mothers From Their Newborns… Pregnant Native American women were singled out for COVID-19 testing based on their race and ZIP code, clinicians say. While awaiting results, some mothers were separated from their newborns, depriving them of the immediate contact doctors recommend. New Mexico Gov. Michelle Lujan Grisham announced that state officials would investigate the allegations.
Personnel & appointees
Former IG Steve Linick told Congress he was conducting five investigations into Secretary of State Mike Pompeo and the State Department before he was fired. In addition to investigating Pompeo's potential misuse of taxpayer funds and reviewing his decision to expedite an $8 billion arms sale to Saudi Arabia, Linick’s office was conducting an audit of Special Immigrant Visas, a review of the International Women of Courage Award, and another review "involving individuals in the Office of the Protocol."
Pompeo confidant emerges as enforcer in fight over watchdog’s firing: Linick testified that Undersecretary of State for Management Brian Bulatao, a decades-old friend of Pompeo’s, “tried to bully [him]” out of investigating Pompeo.
Trump has empowered John McEntee, director of the Presidential Personnel Office, to make significant staffing changes inside top federal agencieswithout the consent — and, in at least one case, without even the knowledge — of the agency head. Many senior officials in Trump's government are sounding alarms about the loss of expertise and institutional knowledge. Trump’s nominee for under secretary of defense for policy, retired Army Brig. Gen. Anthony Tata, has a history of making Islamophobic and inflammatory remarksagainst prominent Democratic politicians, including falsely calling former President Barack Obama a Muslim. Amid racial justice marches, GOP advances Trump court pick hostile to civil rights.Cory Wilson, up for a lifetime seat on the U.S. Circuit Court of Appeals for the 5th Circuit, has denied that restrictive voting laws lead to voter suppression and called same-sex marriage “a pander to liberal interest groups.” Interior Secretary David Bernhardt has indefinitely extended the terms of the acting directors of the Bureau of Land Management and the National Park Service, sidestepping the typical Senate confirmation process for those posts and violating the Federal Vacancies Reform Act,
Courts and DOJ
The Supreme Court declined on Monday to take a closer look at qualified immunity, the legal doctrine that shields law enforcement and government officials from lawsuits over their conduct. Developed in recent decades by the high court, the qualified immunity doctrine, as applied to police, initially asks two questions: Did police use excessive force, and if they did, should they have known that their conduct was illegal because it violated a "clearly established" prior court ruling that barred such conduct? In practice, however, lower courts have most often dismissed police misconduct lawsuits on grounds that there is no prior court decision with nearly identical facts. The Supreme Court ruled that federal anti-discrimination laws protect gay and transgender employees. Justice Neil M. Gorsuch and Chief Justice John G. Roberts Jr. joined the court’s liberals in the 6 to 3 ruling. They said Title VII of the Civil Rights Act of 1964, which prohibits discrimination “because of sex,” includes LGBTQ employees.
Alito, writing more than 100 pages in dissent for himself and Thomas, accused the court's majority of writing legislation, not law. Kavanaugh wrote separately: "We are judges, not members of Congress...Under the Constitution and laws of the United States, this court is the wrong body to change American law in that way."
Just days before the SCOTUS opinion was released, the Trump administration finalized a rule that would remove nondiscrimination protections for LGBTQ people when it comes to health care and health insurance. The SCOTUS ruling may make it easier to challenge the changes made by Trump.
The Supreme Court also declined to take up California’s “sanctuary” law, denying the Trump administration’s appeal. This means that the lower court opinion upholding one of California's sanctuary laws is valid, limiting cooperation between law enforcement and federal immigration authorities. Justices Clarence Thomas and Samuel Alito, two of the Court's conservative members, supported taking up the case. A federal appeals court appeared unlikely Friday to stop a judge from examining why the Justice Department sought to walk away from its prosecution of Michael Flynn. "I don't see why we don't observe regular order," said Judge Karen Henderson. "Why not hold this in abeyance and see what happens?" Judge Robert Wilkins told Flynn's lawyer that if Sullivan doesn't let the government drop the case, "then you can come back here on appeal."
Other
Good read: Fiona Hill on being mistaken as a secretary by Trump, her efforts to make sure he was not left alone with Putin, and what the US, UK and Russia have in common. “It’s spitting in Merkel’s face,” said Vladimir Frolov, a former Russian diplomat who’s now a foreign-policy analyst. “But it’s in our interests.”
Russia’s Foreign Ministry welcomed Trump’s plan to withdraw more than a quarter of U.S. troops from Germany.
Op-Ed: Why cutting American forces in Germany will harm this alliance
According to a new book, the Secret Service had to seek more funding to cover the cost of protecting Melania Trump while she stayed in NYC to renegotiate her prenup - taxpayers paid tens of millions of dollars to allow her to get better terms. Additionally, NYPD estimated its own costs conservatively at $125,000 a day. Georgia election 'catastrophe' in largely minority areas sparks investigation. Long lines, lack of voting machines, and shortages of primary ballots plagued voters. As of Monday night, there were still over 200,000 uncounted votes. Fox News runs digitally altered images in coverage of Seattle’s protests, Capitol Hill Autonomous Zone Fox News Mocked After Mistaking Monty Python Joke for Seattle Protest Infighting In addition to holding a rally on the day after Juneteenth (originally scheduled the day of), Trump will be accepting the GOP nomination in Jacksonville on the 60th anniversary of “Ax Handle Saturday,” a KKK attack on African Americans. Environmental news:
Ruling against environmentalists, the U.S. Supreme Court decided that the federal government has the authority to allow a proposed $7.5 billion natural gas pipeline to cross under the popular Appalachian Trail in rural Virginia.
Trump administration has issued a new rule blocking tribes from protecting their waters from projects like pipelines, dams, and coal terminals.
The EPA published a proposal in the Federal Register that critics described as an assault on minority communities coping with the public health legacy of structural racism. The rule would bar EPA from giving special consideration to individual communities that bear the brunt of environmental risks — frequently populations of color.
The Trump administration is preparing to drill off Florida’s coast, but says it will wait until after the November election to avoid any backlash from Florida state leaders.
Immigration news
U.S. Customs and Border Protection used emergency funding meant for migrant families and children to pay for dirt bikes, canine supplies, computer equipment and other enforcement related-expenditures… The money was meant to be spent on “consumables and medical care” for migrants at the border.
ACLU files lawsuit against stringent border restrictions related to coronavirus that largely bar migrants from entering the United States.
Under Trump’s leadership, U.S. Citizenship and Immigration Services has mismanaged its finances so badly that it has sought an emergency $1.2 billion infusion from taxpayers. When Trump took office, USCIS inherited a budget surplus. A large amount of funding is drained by its deliberate creation of more busy work for immigrants and their lawyers — as well as thousands of USCIS employees. These changes are designed to make it harder for people to apply for, receive or retain lawful immigration status.
Asylum-seeking migrants locked up inside an Arizona ICE detention center with one of the highest number of confirmed COVID-19 cases say they were forced to clean the facility and are 'begging' for protection from the virus
ICE plans to spend $18 million on thousands of new tasers and the training to use them
Landcadia Holdings II (LCA) is Worth Your Investment, and Here’s Why… $LCA
Landcadia Holdings II (LCA) is Worth Your Investment, and Here’s Why… Tilman J Fertitta, owner of Golden Nugget casinos and CEO of LCA, holds a net worth of $4.9 Billion according to Forbes. He entered a purchase agreement on June 28th, 2020 in an effort to merge both of these companies, here is the 8k sec filing. The merge is set to happen sometime in the 3Q changing ticker from LCA to GNOC, as stated in this article. Although there is no current price target on LCA, it had an enterprise valuation of $385.94 M on 09/30/2019, fairly close to its competitor DraftKings (DKNG) with a valuation of $392.86 M on 09/30/2019. However, it should be noted that these valuations were published before the actual merger of DraftKings and Diamond Eagle Acquisition Corp. We could have a similar scenario with LCA once the merger happens, potentially surpassing DraftKings' share price, since Golden Nugget has continued producing revenue throughout this pandemic. Golden Nugget is leading the New Jersey online casino market and was responsible for 33.8% of the state’s $85.9m gross gaming revenue in May alone, according to igaming. We could see an increase in revenue for GNOC given that the following states have active bills looking to legalize sports betting: Alabama, Alaska, Arizona, California, Connecticut, Hawaii, Kansas, Louisiana, Maryland, Massachusetts, Minnesota, Missouri, Nebraska, Ohio, South Dakota, Vermont, and Virginia. If California were to do so, it could generate them an approximate 700 million every year in tax revenue, according to the Los Angeles Times. Texas could potentially be open to online gambling as well, as Fertitta has joined Governor Abbott’s advisory council to safely reopen the state. Fertitta is not only looking out for himself, but his investors as well.
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