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“Construction continues every day, and there are approximately 1,000 skilled tradespeople working on the construction of the permanent Bally’s Chicago resort,” Kim said.

The casino remains on track for an early 2027 opening, Kim asserted, but the company changed how it is “sequencing certain elements of the development”. Kim said that Bally’s was actually “over-delivering” on its commitments to the city and reset the construction timeline to better align with its Host Community Agreement. In addition, he noted that the company would soon be arranging tours of the construction site with investors and shareholders.

“Investors should view our actions through a straightforward lens: We are protecting the value of significant investments we’re making in Chicago while faithfully executing our contractual obligations,” Kim concluded. “And let me say this again – we remain fully committed to Chicago.”

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Additionally, it gives GiG a “strategic bridgehead” for its core B2B business, the CFO says.

“That dual value is really the point of the deal,” he explains. “Owning a leading local operator gives us direct, ground-level insight into regulatory developments, player behaviour and payment infrastructure across several African markets, insight that is very difficult to build from the outside.

“Over time we expect that knowledge and local presence to help us open conversations with other operators looking to enter or expand in Africa, in the same way our historical B2C experience in Europe underpinned our platform proposition there.

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According to Multiples.VC, the average enterprise multiple (EV/EBITDA) of top US-listed gaming companies is currently 10x. Data from New York University last updated in January pegged the overall market average at 23.9x and 19.7x among EBITDA-positive firms, suggesting the sector is undervalued relative to other industries. In a report released Monday, Fitch Ratings said most North American gaming companies hold “Stable” outlooks with “adequate rating headroom” despite consumer headwinds.

Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.

“It’s certainly not lost on us that this sector has underperformed for several years in a row just because it doesn’t have either the growth of say, tech companies, or the perceived free cash flow-insulated businesses, which we believe it does…We’ve thought there’s been value in the sector for a few years, particularly this year,” he told iGB.