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(Reuters) - Wynn Resorts is winding down its online sports betting and iGaming platform, WynnBET, in certain U.S. states due to a lack of clear rules and higher customer acquisition costs, the casino operator said on Friday.

The company said it was ceasing operations in Arizona, Colorado, Indiana, Louisiana, New Jersey, Tennessee, Virginia, and West Virginia. The decision to pull out of West Virginia comes a couple of months after it launched WynnBet in the state.

Wynn, however, said operations in Nevada and Massachusetts will continue unaffected, while those in New York and Michigan remain under review.

Wynn Chief Financial Officer Julie Cameron-Doe cited the dearth of iGaming legislation and the continued requirement for outsized marketing spend in online sports betting for the decision.

AceOfClubs

Personally, I would rather be paying for the porridge of the Directors responsible for this criminality rather than suffering a £585M penalty to keep them out of prison. It isn't going to happen,;"justice", like everything else in this country, can be bought if you'r rich enough - particularly if you are using someone else's money.

Just as concerning was an article on US sports betting: the two big beasts are Flutter and DraftKings; BetMGM was very much an "also ran" that hardly got a mention. Flutter is the market leader but DraftKings was judged to have the best technology that was attracting a lot of customers. Customers are apparently very reluctant to switch once they are signed up.

BetMGM is doing much better in online gaming: that is because of the existing customer base linked to MGM Resorts casinos.

AceOfClubs

“We have always told our shareholders that Liquidnet isn’t a cost savings deal, it’s a growth deal, he emphasises there is lots of room for growth." - John Ruskin - CEO Agency Execution TP ICAP - June 2021

"TP ICAP drained by low revenues at Liquidnet" The Times - November 2021.

" Liquidnet division revenue reduced by 6%. " TP ICAP Interim Statement - August 2023.

"The successful execution of our strategy enables us to deliver sustainable shareholder value in the medium term." TP ICAP, CEO Review - Interim Statement - August 2023.

It's an old truism - "If the Americans want to sell you something; it a'int worth buying"

TP ICAP directors won't lose any sleep over it it's been bought with somebody else's money - yours and mine.

AceofClubs

Aberdeen has £500billion assets under management and has failed over the long term to make an acceptable return for either policyholders or shareholders. AVIVA, PHOENIX and LGEN are better, but not by much. The Aberdeen anouncement is all about tinkering at the margins - "Results in H1 2023 evidence the benefit of our diversification strategy with a full six months of ii (H1 2022: one month) making a positive contribution, " - really - what evidence - another name change?

Compare and contrast with the asset managers approach to business in the US - when Steve Schwarzman announced he was going to double AUM at Blackstone in 5 years nobody doubted him, and he will.

The UK economy is held back by the lack of ambition, tempered by the lack of ability, at the UK asset managers. Without some ambition and a more positive approach nothing will change - more decline and decay.

AceofClubs

"The ESG issues are especially relevant for the UK and Aviva and while these policies are being pursued the return for investors will be poor. "

The poor performance at AVIVA and UK companies generally has been around for decades; before ESG policies were even a twinkle in the eye of any company director. Incompetent management, paid well above their ability levels, recruited by fellow cronies is the cause. You only have to read the self-penned eulogies in any public company annual report to read of their self-satisfied brilliance, dedication and sometimes earth moving genius: no matter what the financial result for the year!

I have a friend who runs a recruitment business that focuses on high level company directors, often at PLC's. Despite the outrageous fees they pay even he is sickened by the undisguised cronyism and familiarity that decides who is chosen. Once above the glass ceiling it is a glass floor and almost impossible to fall through. The rewards for failure often exceed the rewards for success. In 2023 Britain that applies not just in business but in all our institutions - Jeremy Hunt Chancellor of the Exchequer? Just look at the state he left the NHS after 6 years in charge. Andrew Bailey Governor of the Bank of England? The reward for abject failure in charge of the Financial Conduct Authority. These people are in postions of power to do enormous good for Britian. I will be be generous and say that they don't have a clue and are just too stupid to recognise their own limitations.

I cannot see this changing - for all its problems the US offers far better investment prospects.

AceofClubs

"It’s not Aviva I have a problem with, the results always looks strong and the dividends are good."

I cannot understand this perception of AVIVA which appears to be widespread. It has been in decline for 30 years and the more recent total returns annualised are 4.82% over 10 years and -0.13% over 5 years (yes that is negative). Only over 3 years has it exceeded the FTSE100 total return, which itself has been abysmal. When will it be understood that the attractive looking yield is the result of a declining share price and not a growing business building its profitability!

Too cheap to sell but I remain a seller at 450p (I wish).

AceofClubs

Whether Burford ever receives any cash from the YPF case is a matter of judgement and opinion. TWT and BW are entitled to theirs but that does not necessarily invalidate others; time will indeed tell.

AceofClubs

So much time and effort on this board calculating the value of the YPF judgement, let alone all that accrued interest. Meanwhile in the real world: https://www.reuters.com/world/americas/argentina-imf-staff-level-agreement-set-combine-reviews-44-billion-loan-sources-2023-07-28/

Argentina is due to repay a loan instalment of $3.4B to the IMF or default. The last creditors left standing still lending to Argentina are the IMF and China. Argentina can only repay the IMF loan instalment if the IMF extends further credit.

The Argentine economy is suffering 3 digit inflation and cannot secure the imports it needs to function for lack of foreign currency.

Paying any sum in settlement of a claim litigated in New York for the benefit of a claimant who is not even the injured party is not an Argentinian priority now or in the forseeable future. The US government will not want Argentina pressed ever more tightly into the clutches of China.

Whatever the judgements, whatever the rate of interest, Burford will go unpaid.

That "First Rule of Litigation"? "Never Sue A Straw Man" - I hope Bogart didn't ignore it in his rush into court.

AceofClubs

Anybody who thinks the UK is a place to "invest" is likely to be disappointed. I hold 40-50 shares but it has been up to 70-75. When I look down my list of winners they are invariably in the US or Switzerland. The losers are in the UK. My big UK winners, ENTAIN, SOMERO ENTERPRISES, INTERMEDIATE CAPITAL GROUP, SHELL, SIRIUS REAL ESTATE, SYLVANIA PLATINUM do most of their business outside the UK. My AVIVA holding is currently 4% underwater: PHNX, BARC, VOD; all picked up when "cheap" are even cheaper now.

The current dividend returns can dazzle, but they can all be cut or even disappear. I cannot think of a single UK listed share on my watchlist, but I even have two in Norway!

We may once have deserved the epithet "lions led by donkeys"; in 2023 "carthorses led by pigs" is more appropriate.

AceOfClubs

There are of course other influences on the DEC share price but I maintain they are all marginal compared to the price DEC achieves for its main product, NG. The hedges provide a floor but they also provide a ceiling. At 1 May 2023: 80% of 2023 production is hedged at $3.79 compared to 80% of 2024 production at $3.30 and 70% of 2025 production at $3.23. Falling prices mean falling profits, every last cent is pure profit. DEC is not a master of its own destiny when it comes to hedging: it is a requirement of the bondholders, for the security of the bondholders. There will be different opinions on hedging: for me it remains a useful tool to boost profitability, which it will in 2023. If it costs you money then leave it alone.

Is DEC currently fairly priced or a gift horse? I don't know the answer but at the moment am not prepared to bet against the market. The half-year results should tell us more.

AceOfClubs

I cannot think of a single instance (there may be some) where a company buying its own equity has "stimulated" the market price of its shares. AVIVA appears to be the latest example of buybacks associated with an apparently depressed share price. PayPal has devoted most of its considerable free cash flow into share repurchases for years, to no appreciable effect.

In mu opinion there are three things that will affect DEC's share price:

1.) The price of NG

2.) The price of NG

3.) Any of the above.

AceOfClubs

Differing views on a share make a market; buyers and sellers both think they are doing the right thing. I never wanted to be an AVIVA shareholder but found myself with a pile of their equity when they bought Friends Life in 2014. I added a few more over the years, "buying the dips" as they say, but it has been a poor investment. The biggest setback was the dividend cuts in 2019 & 2020. AVIVA is now focused on the UK, an economy I have no appetite for.

AVIVA has been a drag on my investment performance for too long - my procrastination has been costly, but I shall sell at 450p - which may leave me here a while longer yet.

AceOfClubs

Loiusiana & Texas are definetly where the future price action on US NG is. Appalachia & Ohio are largely isolated from this and are their own markets.

Centrica and Delfin Midstream Inc. today announced the signature of a long-term Sale and Purchase Agreement for 1.0 million tonnes per annum (MTPA) of Liquefied Natural Gas (“LNG”) for 15-years on a Free on Board (“FOB”) basis at the Delfin Deepwater Port, located 40 nautical miles off the coast of Louisiana. This agreement will see Centrica take delivery of around 14 LNG cargoes per year and could provide enough energy to heat 5% of UK homes for 15 years.

The deal, with a market value of $8bn, marks an additional move by Centrica to build further resilience in the UK’s energy security. It follows a three-year supply agreement with Equinor that will heat 4.5m UK homes through to 2024 and the reopening of the Rough gas storage facility in October 2022. Rough now provides half of the UK’s total gas storage capacity with the potential to store over 50 billion cubic feet (bcf) of gas, enough to heat almost 10% of UK homes throughout winter.

As a foundation customer of the Delfin LNG project, Centrica’s offtake underpins investment in the next wave of incremental LNG supply from the US. It will complement a diversified and flexible LNG portfolio.

https://delfinmidstream.com/news/centrica-signs-major-lng-supply-agreement/

AceOfClubs

"Aviva normally one of the robust at delivering performance. dyor"

Doing my own research tells me AVIVA share price has dropped 40% in the past 5 years - not robust performance in my book. It's too cheap to sell but I see 450p as full value.

AceOfClubs

CEO of TotalEnergies Patrick Pouyanne, speaking 8 July:

"Americans base all their policies on the domestic price of gas or oil, they have resources, and if they feel that exports are driving their prices up, they block us."

Pouyanné also said he expected a "sustainably high" oil barrel price due to the global shift towards cleaner sources of energy and the decrease in oil investments.

https://www.reuters.com/business/energy/totalenergies-boss-2024-us-election-could-cause-energy-shock-2023-07-08/

AceOfClubs

He clearly sees greener pastures elsewhere. If the CFO is giving up on CMC why should anybody else invest?

https://www.londonstockexchange.com/news-article/CMCX/directorate-change/16031140

Difficult one to value, is Peter Crudas any longer up to it?

AceOfClubs

Anybody paying attention to analyst targets is likely to be rather disappointed; Phoenix last achieved the analyst average consensus in November 2020, (784p) sigh!

Current average is 700p - highest 830p, lowest 627p.

Difficult to value this one with such long-term liabilities and investments. Actuarial calcalations are invariably useless and the actuaries long retired or dead before they are tested by reality.

Dividend yield is attractive but is a result of a declining share price rather than a rising payout. Cash flow per share and net asset value in steep decline.

I hold plenty of these accumulated over the years but never expected to be underwater. The half year results may give us a steer.

AceOfClubs

"Norway's parliament in 2020 introduced temporary tax incentives to encourage petroleum investment at a time of low activity, triggering a rush of applications from energy companies."

https://www.marketscreener.com/quote/commodity/WTI-2355639/news/Norway-approves-more-than-18-bln-in-oil-gas-investments-44211297/

Meanwhile, Tweedledum and Tweedledee compete with each other to stifle investment in very necessary UK resources.

AceOfClubs

Sage words:

"When you analyze Argentina, don't think as a trader and look to the local market as a thermometer of where are things heading. Common sense and critical thinking left Argentina decades ago and have never returned. Look at the country's problems and you will see that YPF of Banco Galicia stock prices are rallying because they were depressed for a long long time, and the market loves the idea of this current government leaving office in 6 months time. But the problems will remain and to solve them Argentines need more than good intentions."

Banco Galacia: Forecast 2023 P/E 18.8 - Yield 0.75%

Barclays Bank: Forecast 2023 P/E 4.5 - Yield 6.1%

Where would you rather be?

AceOfClubs

Wether DEC can benefit depends on them being able to get their production to the Louisiana and Texas coast. Appalacia is a long way from the Gulf of Mexico and there has been environmental based opposition to a lot of proposed new pipeline development. Some of the infrastructure is already operating at 100% capacity. DEC have moved into Texas and Louisiana, chasing better prices.

https://seekingalpha.com/news/3982532-lng-project-approvals-set-to-push-us-to-process-record-volumes

AceOfClubs