Hot Rio Nights

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Jonas said October is showing some signs of life, but November is mixed at this point.

Thanks to their hosting of the World Cup, numerous cities across the nation have experienced higher visitor volumes this year.

They include Atlanta, Boston, Dallas, Houston, Kansas City, Los Angeles, Miami, New York City, Philadelphia, San Francisco, and Seattle. Austin, Detroit, and New Orleans have also reported higher tourism in 2026.

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Between H1 2024 to H1 2026, Lottomatica and Cirsa have grown their revenues at CAGRs of 13% and 11% respectively.

“The combined entity will be able to deliver the same rate of growth and the same rate of shareholder distribution, but with a larger pro forma free float and liquidity,” Angelozzi outlined.

“So you get the same stable and predictable growth and you get the capital returns. You get no additional risk, and you get the benefits of the new markets and the online opportunities on top of the synergies, which are also pretty significant. So that’s why this makes a lot of sense to us.”

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There is a second complication. The relentless flow of Commission statements may eventually make enforcement less damaging rather than more.

“The regulatory failures are unhelpful but perhaps the sheer number and regularity of them has made them less remarkable, such that they become ‘wallpaper’,” Waugh says.

He argues that some lawyers and licensees believe the Commission’s presentation of cases is detached from the operational reality but feel they have little option other than to accept the “regulator’s truth” when settling.