Endeavor Buying OpenBet Sports Betting Platform From Scientific Games For $1.2 Billion

China Leaves Loan Prime Rates Unchanged

China maintained its benchmark loan prime rates for the 17 consecutive month, as widely expected.

The one-year loan prime rate was kept unchanged at 3.85 percent and the five-year LPR at 4.65 percent.

The one-year and five-year loan prime rates were last lowered in April 2020. The one-year loan prime rate was cut by 20 basis points and five-year rate by 10 basis points in April 2020.

Markets expected LPR rates to remain on hold as the People’s Bank of China had kept the rate on its medium-term lending facility unchanged early this month.

The loan prime rate is fixed monthly based on the submission of 18 banks, though Beijing has influence over the rate-setting. This lending rate replaced the central bank’s traditional benchmark lending rate in August 2019.

With the economy losing steam and concerns around the property sector growing, policy rate cuts by the PBoC could come as soon as next month, Julian Evans-Pritchard, an economist at Capital Economics.

The economist is expecting cuts to the PBoC’s policy rates, including the LPR starting next quarter.

Tsakos Energy Gains 12%

Tsakos Energy Navigation Ltd. (TNP) shares are rising on Tuesday morning trade, despite no corporate announcements from the company to impact the stock movement. The shares have been on a decline since mid-March probably on speculation of lower energy demand, however started to trend up since August last.

Currently, shares are at $10.26, up 13.75 percent from the previous close of $9.02 on a volume of 781,368. For the 52-week period, the shares have traded in a range of $6.75-$11.00 on average volume of 87,756.

Gogo Raises Long-Term Targets; Sees Revenue Growth At Compounded Annual Growth Rate Of Approx. 15%

Gogo Inc. (GOGO) said the growth in private air travel has driven record equipment sales at the company and is expected to generate growth in high-margin service revenue through its 2025 planning horizon. The company updated its long-term financial model to reflect the impact of its plans to capitalize on these trends.

Gogo now projects revenue growth at a compounded annual growth rate of approximately 15% from 2020 to 2025, revised from prior target of at least 10%. Annual adjusted EBITDA margin is anticipated to rise from 40% in 2021 to 45% in 2025. Free cash flow is projected to be approximately $125 million in 2023, and approximately $200 million in 2025.

Shares of Gogo Inc. were up 11% in pre-market trade on Tuesday.

Altimmune Shares Tank 20% After Announcing Phase 1 Results From Weight Loss Treatment Trial

Shares of Altimmune, Inc. (ALT) tanked over 20% on Tuesday morning after announcing 12-week data from Phase 1 trial for weight loss therapy.

ALT is currently trading at $12.15, down $3.04 or 20.01%, on the Nasdaq, on a volume of 7.7 million shares, above average volume of 1.6 million shares. The stock has traded between $7.80 and $24.61 in the 52-week period.

Altimmune announced that mean weight loss of 10.3% was achieved in subjects receiving 1.8 mg dose of pemvidutide, as per phase 1 clinical trial of pemvidutide or ALT-801 in overweight and obese subjects.

Thirty-four subjects in the multiple ascending dose or MAD portion of the study were assigned to receive one of three subcutaneous doses of pemvidutide (1.2 mg, 1.8 mg and 2.4 mg) or placebo once weekly for 12 weeks without dose titration.

At 12 weeks, subjects receiving pemvidutide achieved mean weight losses of 4.9%, 10.3%, and 9.0% at the 1.2 mg, 1.8 mg, and 2.4 mg doses, respectively, with the placebo group experiencing a mean weight loss of 1.6%. Weight loss occurred rapidly and consistently over 12-weeks.

“The achievement of double-digit weight loss for subjects in the 1.8 mg arm with predominantly mild side effects reaffirms our enthusiasm for the potential of pemvidutide to be a transformational therapy for obesity and NASH,” said Vipin Garg, Chief Executive Officer.

Blackstone to sell The Cosmopolitan resort and casino for $5.65B

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Blackstone Inc said on Monday it would sell its The Cosmopolitan of Las Vegas resort and casino for $5.65 billion.

As part of the deal, MGM Resorts International would buy the operations of The Cosmopolitan for $1.63 billion.


MGM would also enter into a long-term lease agreement with a partnership among Stonepeak Partners, Cherng Family Trust and Blackstone Real Estate Income Trust Inc, which will acquire The Cosmopolitan's real estate assets.

Blackstone had acquired the property for about $1.7 billion in 2014 and spent $500 million on upgrades, including renovating nearly 3,000 guest rooms and adding new restaurants and bars.


It said The Cosmopolitan's recent performance has been stronger than ever, exceeding pre-pandemic levels in the second quarter of this year.


The deal is expected to close in the first half of 2022. 

(Reporting by Kannaki Deka and Praveen Paramasivam in Bengaluru; Editing by Anil D'Silva and Uttaresh.V)

Endeavor Buying OpenBet Sports Betting Platform From Scientific Games For $1.2 Billion

Endeavor said Monday it’s struck a deal to acquire OpenBet — a content, platform and service provider to the sports betting industry — from Scientic Games Corp. for $1.2 billion in cash and stock.

It said the purchase will complement its position within the sports betting ecosystem, currently anchored by IMG Arena, which works with more than 470 leading sportsbook brands worldwide to deliver social live streaming video and data feeds for more than 45,000 sports events annually.

“OpenBet marks a strategic addition to our sports betting portfolio as we look to round out our technology and product offering for sportsbook operators and sports brands worldwide,” said Ariel Emanuel, Endeavor CEO, who acknowledged recently the company is on the prowl for “thoughtful” acquisitions. He called this one “transformational.”

“The combination of OpenBet and our IMG ARENA business will enable us to expand our footprint across the entire sports betting value chain and further capitalize on the tremendous upside we see coming from this fast-growing global industry,” he said.

The transaction is expected to close in the second quarter of 2022, subject to regulatory consents and approvals, and customary closing conditions.

The Raine Group acted as exclusive financial advisor to Endeavor on the transaction. Latham & Watkins LLP acted as legal advisor.


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