Loewen Play: Regulatory headache is no amusement, Prices uncertain.

All,

Please find an updated model on LoewenPlay here.

We are examining the potential to short LowenPlay bonds at current levels, as projections are very sensitive to two assumptions - the drop in GGR due to the enforcement of legislation, from February 2021, limiting players to one machine at a time;  and the number of AWP machines that will be lost to the estate due to the minimum distance regulation which will be enforced from July 2021.   We don’t share the optimism that was on the recent call about the significance of the opportunity in the newly regulated online market in Germany. 

Please do contact me if you have any questions.

Tomas