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About Wheel
Vegas will lean heavily on younger players for the opening stretch of exhibition games, according to general manager Kelly McCrimmon.
That strategy opens the door for Trevor Connelly, Vegas’ 2024 first-round pick. Connelly entered training camp skating on the club’s third line, and after the departure of several depth players this offseason, the 20-year-old left winger has a clear path to earn a roster spot.
Off the ice, the Golden Knights secured captain Mark Stone with a two-year extension worth $9 million annually.
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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.
About Wheel
While the new figures underline the sheer scale of Britain’s regulated market, leading operator Entain is pressing the government for tougher action against black-market platforms.
Entain highlighted that 11 of 20 Premier League clubs currently hold sponsorship or advertising arrangements with gambling operators lacking a Gambling Commission license—up from government estimates of eight clubs during the 2025/26 season.
“The government made clear in February that it would bring in a ban and it should do so immediately,” said Entain CEO Stella David, noting that clubs entering new agreements had already been warned. “Inconvenience is not an excuse for inaction.”
