I hadn't given much thought to this so I just read the definitive merger announcement, investor presentation, and did some other DD.
Tilman Fertitta, the CEO seems crafty and slick to me. He was the owner of the LCA spac that took GNOG public, too. He got paid on both ends. Something about this doesn't sit well with me.
Looks like most of the money is going to debt, and not innovation.
GNOG is only the online gaming component of his company, but so much of the Investor presentation focused on all of his other companies.
His first SPAC took Waitr (WTRH) public, and that has been a disaster for everyone except @Doomsday whose WTRH option plays seem to be working.
Fertitta seems to be taking all of his companies public via SPAC, but he still maintains a controlling interest.
Some of his companies seem like they should be mature enough for a traditional IPO, but it doesn't look like his companies balance sheets are that healthy.
I think the igaming space is going to explode, but I am not hitching myself to Fertitta.
Don't even let me get into his handling of the Rockets. Daryl Morrey would have been fired as soon as he sent those anti-China texts. Since Yao Ming played in Houston, the city has been the darling of the Chinese market. Nobody would have been allowed to put that golden goose at risk.
I wrote all of this to say, I think this is the right sector, but the wrong horse.
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seems like once we talk about something on here it’s a YouTube video that pops up.
