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00:00And this is what I'll need some explanation on here, because you guys have a story about
00:07how they could potentially be interested in this, again, potential merger between Penn
00:12Entertainment Gaming and Boyd.
00:15So what would they be interested in?
00:18What are the assets that they would want to purchase in a deal like this?
00:22Yeah, you know, this Penn story about being sold is messy for a whole bunch of reasons,
00:28simply because Penn is such a big company.
00:31We had an investor, they say they're not activist investors, but they had an investor come out
00:36at the end of May, write this whole story about how Penn just lost all this money in
00:42Interactive, they're losing money now because people are worried more about Interactive
00:46than the brick and mortar business.
00:48And so they were linked to being sold.
00:52And Boyd is linked to buying them at this point.
00:55Now Boyd can't just buy all of it, right?
00:57They are competitors in the market, they'll have some casinos that need to be sold.
01:01And Boyd also doesn't necessarily want to buy the Interactive business.
01:06And that's where Flutter is saying that they could come in, we have these unconfirmed anonymous
01:11reports from this website called The Deal.
01:14It's a subscription only website, so couldn't even get your hands on the report.
01:18But they're saying that Flutter would be interested in buying the Interactive assets.
01:23And you have to wonder why.
01:25I don't know exactly.
01:26We know after the Barstool deal failed, and Jay Snowden kind of went on and gave us some
01:33details from that, that they didn't do very well with Barstool in terms of building up
01:38a database and this and that.
01:41They had the ESPN bet now, and that's great.
01:43Maybe they have something a little more lucrative that a FanDuel could buy.
01:49But Flutter and Boyd actually already have a business relationship.
01:55And FanDuel in 2018, they agreed on a market access agreement.
01:59So Boyd actually owns 5% of FanDuel.
02:02That's worth a lot, as you can assume, I'm sure.
02:06So it's interesting to see that these two could be working together to get a pen deal done.
02:11They are not the only ones that would need to work on this, though.
02:13Like I said, there would need to be some casino operators that step in to buy some of the
02:18jointly owned casinos by this merch company that would need to be gotten rid of for
02:26competitive purposes, frankly, Craig.
02:28There'd be a lot of regulators with their hands in this.
02:31But yeah, certainly interesting report.
02:35It was another report that saw the Penn share price jump up.
02:38So really interesting to see what the stock is going to do going into earnings season.
02:46I don't know that we'll hear anything from Flutter directly on this or Boyd or Penn, frankly,
02:52with how many moving parts there are.
02:54But interesting report to see that maybe Flutter would buy it just to, I don't know, kick
03:01somebody else out of the market, maybe.
03:03Who knows what they would do with that Disney deal?
03:04But it's definitely something we're watching.