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Playboy going public: Porn, Gambling, and Cannabis
NEW INFO 5 Results from share redemption are posted. Less than .2% redeemed. Very bullish as investors are showing extreme confidence in the future of PLBY. https://finance.yahoo.com/news/playboy-mountain-crest-acquisition-corp-120000721.html NEW INFO 4 Definitive Agreement to purchase 100% of Lovers brand stores announced 2/1. https://www.streetinsider.com/Corporate+News/Playboy+%28MCAC%29+Confirms+Deal+to+Acquire+Lovers/17892359.html NEW INFO 3 I bought more on the dip today. 5081 total. Price rose AH to $12.38 (2.15%) NEW INFO 2 Here is the full webinar. https://icrinc.zoom.us/rec/play/9GWKdmOYumjWfZuufW3QXpe_FW_g--qeNbg6PnTjTMbnNTgLmCbWjeRFpQga1iPc-elpGap8dnDv8Zww.yD7DjUwuPmapeEdP?continueMode=true&tk=lEYc4F_FkKlgsmCIs6w0gtGHT2kbgVGbUju3cIRBSjk.DQIAAAAV8NK49xZWdldRM2xNSFNQcTBmcE00UzM3bXh3AAAAAAAAAAAAAAAAAAAAAAAAAAAA&uuid=WN_GKWqbHkeSyuWetJmLFkj4g&_x_zm_rtaid=kR45-uuqRE-L65AxLjpbQw.1611967079119.2c054e3d3f8d8e63339273d9175939ed&_x_zm_rhtaid=866 NEW INFO 1 Live merger webinar with PLBY and MCAC on Friday January 29, 2021 at 12:00 NOON EST link below https://mcacquisition.com/investor-relations/press-release-details/2021/Playboy-Enterprises-Inc.-and-Mountain-Crest-Acquisition-Corp-Participate-in-SPACInsider-ICR-Webinar-on-January-29th-at-12pm-ET/default.aspx Playboy going public: Porn, Gambling, and Cannabis !!!WARNING READING AHEAD!!! TL;DR at the end. It will take some time to sort through all the links and read/watch everything, but you should. In the next couple weeks, Mountain Crest Acquisition Corp is taking Playboy public. The existing ticker MCAC will become PLBY. Special purpose acquisition companies have taken private companies public in recent months with great success. I believe this will be no exception. Notably, Playboy is profitable and has skyrocketing revenue going into a transformational growth phase. Porn - First and foremost, let's talk about porn. I know what you guys are thinking. “Porno mags are dead. Why would I want to invest in something like that? I can get porn for free online.” Guess what? You are absolutely right. And that’s exactly why Playboy doesn’t do that anymore. That’s right, they eliminated their print division. And yet they somehow STILL make money from porn that people (see: boomers) pay for on their website through PlayboyTV, Playboy Plus, and iPlayboy. Here’s the thing: Playboy has international, multi-generational name recognition from porn. They have content available in 180 countries. It will be the only publicly traded adult entertainment (porn) company. But that is not where this company is going. It will help support them along the way. You can see every Playboy magazine through iPlayboy if you’re interested. NSFW links below: https://www.playboy.com/ https://www.playboytv.com/ https://www.playboyplus.com/ https://www.iplayboy.com/ Gambling - Some of you might recognize the Playboy brand from gambling trips to places like Las Vegas, Atlantic City, Cancun, London or Macau. They’ve been in the gambling biz for decades through their casinos, clubs, and licensed gaming products. They see the writing on the wall. COVID is accelerating the transition to digital, application based GAMBLING. That’s right. What we are doing on Robinhood with risky options is gambling, and the only reason regulators might give a shit anymore is because we are making too much money. There may be some restrictions put in place, but gambling from your phone on your couch is not going anywhere. More and more states are allowing things like Draftkings, poker, state ‘lottery” apps, hell - even political betting. Michigan and Virginia just ok’d gambling apps. They won’t be the last. This is all from your couch and any 18 year old with a cracked iphone can access it. Wouldn’t it be cool if Playboy was going to do something like that? They’re already working on it. As per CEO Ben Kohn who we will get to later, “...the company’s casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth.” Honestly, I stopped researching Scientific Games' sports betting segment when I saw the word ‘omni-channel’. That told me all I needed to know about it’s success. “Our SG Sports™ platform is an enhanced, omni-channel solution for online, self-service and retail fixed odds sports betting – from soccer to tennis, basketball, football, baseball, hockey, motor sports, racing and more.” https://www.scientificgames.com/ https://www.microgaming.co.uk/ “This latter segment has become increasingly enticing for Playboy, and it said last week that it is considering new tie-ups that could include gaming operators like PointsBet and 888Holdings.” https://calvinayre.com/2020/10/05/business/playboys-gaming-ops-could-get-a-boost-from-spac-purchase/ As per their SEC filing: “Significant consumer engagement and spend with Playboy-branded gaming properties around the world, including with leading partners such as Microgaming, Scientific Games, and Caesar’s Entertainment, steers our investment in digital gaming, sports betting and other digital offerings to further support our commercial strategy to expand consumer spend with minimal marginal cost, and gain consumer data to inform go-to-market plans across categories.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tMDAA1 They are expanding into more areas of gaming/gambling, working with international players in the digital gaming/gambling arena, and a Playboy sportsbook is on the horizon. https://www.playboy.com/read/the-pleasure-of-playing-with-yourself-mobile-gaming-in-the-covid-era Cannabis - If you’ve ever read through a Playboy magazine, you know they’ve had a positive relationship with cannabis for many years. As of September 2020, Playboy has made a major shift into the cannabis space. Too good to be true you say? Check their website. Playboy currently sells a range of CBD products. This is a good sign. Federal hemp products, which these most likely are, can be mailed across state lines and most importantly for a company like Playboy, can operate through a traditional banking institution. CBD products are usually the first step towards the cannabis space for large companies. Playboy didn’t make these products themselves meaning they are working with a processor in the cannabis industry. Another good sign for future expansion. What else do they have for sale? Pipes, grinders, ashtrays, rolling trays, joint holders. Hmm. Ok. So it looks like they want to sell some shit. They probably don’t have an active interest in cannabis right? Think again: https://www.forbes.com/sites/javierhasse/2020/09/24/playboy-gets-serious-about-cannabis-law-reform-advocacy-with-new-partnership-grants/?sh=62f044a65cea “Taking yet another step into the cannabis space, Playboy will be announcing later on Thursday (September, 2020) that it is launching a cannabis law reform and advocacy campaign in partnership with National Organization for the Reform of Marijuana Laws (NORML), Last Prisoner Project, Marijuana Policy Project, the Veterans Cannabis Project, and the Eaze Momentum Program.” “According to information procured exclusively, the three-pronged campaign will focus on calling for federal legalization. The program also includes the creation of a mentorship plan, through which the Playboy Foundation will support entrepreneurs from groups that are underrepresented in the industry.” Remember that CEO Kohn from earlier? He wrote this recently: https://medium.com/naked-open-letters-from-playboy/congress-must-pass-the-more-act-c867c35239ae Seems like he really wants weed to be legal? Hmm wonder why? The writing's on the wall my friends. Playboy wants into the cannabis industry, they are making steps towards this end, and we have favorable conditions for legislative progress. Don’t think branding your own cannabis line is profitable or worthwhile? Tell me why these 41 celebrity millionaires and billionaires are dummies. I’ll wait. https://www.celebstoner.com/news/celebstoner-news/2019/07/12/top-celebrity-cannabis-brands/ Confirmation: I hear you. “This all seems pretty speculative. It would be wildly profitable if they pull this shift off. But how do we really know?” Watch this whole video: https://finance.yahoo.com/video/playboy-ceo-telling-story-female-154907068.html Man - this interview just gets my juices flowing. And highlights one of my favorite reasons for this play. They have so many different business avenues from which a catalyst could appear. I think paying attention, holding shares, and options on these staggered announcements over the next year is the way I am going to go about it. "There's definitely been a shift to direct-to-consumer," he (Kohn) said. "About 50 percent of our revenue today is direct-to-consumer, and that will continue to grow going forward.” “Kohn touted Playboy's portfolio of both digital and consumer products, with casino-style gaming, in particular, serving a crucial role under the company's new business model. Playboy also has its sights on the emerging cannabis market, from CBD products to marijuana products geared toward sexual health and pleasure.” "If THC does become legal in the United States, we have developed certain strains to enhance your sex life that we will launch," Kohn said. https://cheddar.com/media/playboy-goes-public-health-gaming-lifestyle-focus Oh? The CEO actually said it? Ok then. “We have developed certain strains…” They’re already working with growers on strains and genetics? Ok. There are several legal cannabis markets for those products right now, international and stateside. I expect Playboy licensed hemp and THC pre-rolls by EOY. Something like this: https://www.etsy.com/listing/842996758/10-playboy-pre-roll-tubes-limited?ga_order=most_relevant&ga_search_type=all&ga_view_type=gallery&ga_search_query=pre+roll+playboy&ref=sr_gallery-1-2&organic_search_click=1 Maintaining cannabis operations can be costly and a regulatory headache. Playboy’s licensing strategy allows them to pick successful, established partners and sidestep traditional barriers to entry. You know what I like about these new markets? They’re expanding. Worldwide. And they are going to be a bigger deal than they already are with or without Playboy. Who thinks weed and gambling are going away? Too many people like that stuff. These are easy markets. And Playboy is early enough to carve out their spot in each. Fuck it, read this too: https://www.forbes.com/sites/jimosman/2020/10/20/playboy-could-be-the-king-of-spacs-here-are-three-picks/?sh=2e13dcaa3e05 Numbers: You want numbers? I got numbers. As per the company’s most recent SEC filing: “For the year ended December 31, 2019, and the nine months ended September 30, 2020, Playboy’s historical consolidated revenue was $78.1 million and $101.3 million, respectively, historical consolidated net income (loss) was $(23.6) million and $(4.8) million, respectively, and Adjusted EBITDA was $13.1 million and $21.8 million, respectively.” “In the nine months ended September 30, 2020, Playboy’s Licensing segment contributed $44.2 million in revenue and $31.1 million in net income.” “In the ninth months ended September 30, 2020, Playboy’s Direct-to-Consumer segment contributed $40.2 million in revenue and net income of $0.1 million.” “In the nine months ended September 30, 2020, Playboy’s Digital Subscriptions and Content segment contributed $15.4 million in revenue and net income of $7.4 million.” They are profitable across all three of their current business segments. “Playboy’s return to the public markets presents a transformed, streamlined and high-growth business. The Company has over $400 million in cash flows contracted through 2029, sexual wellness products available for sale online and in over 10,000 major retail stores in the US, and a growing variety of clothing and branded lifestyle and digital gaming products.” https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF Growth: Playboy has massive growth in China and massive growth potential in India. “In China, where Playboy has spent more than 25 years building its business, our licensees have an enormous footprint of nearly 2,500 brick and mortar stores and 1,000 ecommerce stores selling high quality, Playboy-branded men’s casual wear, shoes/footwear, sleepwear, swimwear, formal suits, leather & non-leather goods, sweaters, active wear, and accessories. We have achieved significant growth in China licensing revenues over the past several years in partnership with strong licensees and high-quality manufacturers, and we are planning for increased growth through updates to our men’s fashion lines and expansion into adjacent categories in men’s skincare and grooming, sexual wellness, and women’s fashion, a category where recent launches have been well received.” The men’s market in China is about the same size as the entire population of the United States and European Union combined. Playboy is a leading brand in this market. They are expanding into the women’s market too. Did you know CBD toothpaste is huge in China? China loves CBD products and has hemp fields that dwarf those in the US. If Playboy expands their CBD line China it will be huge. Did you know the gambling money in Macau absolutely puts Las Vegas to shame? Technically, it's illegal on the mainland, but in reality, there is a lot of gambling going on in China. https://www.forbes.com/sites/javierhasse/2020/10/19/magic-johnson-and-uncle-buds-cbd-brand-enter-china-via-tmall-partnership/?sh=271776ca411e “In India, Playboy today has a presence through select apparel licensees and hospitality establishments. Consumer research suggests significant growth opportunities in the territory with Playboy’s brand and categories of focus.” “Playboy Enterprises has announced the expansion of its global consumer products business into India as part of a partnership with Jay Jay Iconic Brands, a leading fashion and lifestyle Company in India.” “The Indian market today is dominated by consumers under the age of 35, who represent more than 65 percent of the country’s total population and are driving India’s significant online shopping growth. The Playboy brand’s core values of playfulness and exploration resonate strongly with the expressed desires of today’s younger millennial consumers. For us, Playboy was the perfect fit.” “The Playboy international portfolio has been flourishing for more than 25 years in several South Asian markets such as China and Japan. In particular, it has strategically targeted the millennial and gen-Z audiences across categories such as apparel, footwear, home textiles, eyewear and watches.” https://www.licenseglobal.com/industry-news/playboy-expands-global-footprint-india It looks like they gave COVID the heisman in terms of net damage sustained: “Although Playboy has not suffered any material adverse consequences to date from the COVID-19 pandemic, the business has been impacted both negatively and positively. The remote working and stay-at-home orders resulted in the closure of the London Playboy Club and retail stores of Playboy’s licensees, decreasing licensing revenues in the second quarter, as well as causing supply chain disruption and less efficient product development thereby slowing the launch of new products. However, these negative impacts were offset by an increase in Yandy’s direct-to-consumer sales, which have benefited in part from overall increases in online retail sales so far during the pandemic.” Looks like the positives are long term (Yandy acquisition) and the negatives are temporary (stay-at-home orders). https://www.sec.gov/Archives/edgadata/1803914/000110465921006093/tm213766-1_defa14a.htm This speaks to their ability to maintain a financially solvent company throughout the transition phase to the aforementioned areas. They’d say some fancy shit like “expanded business model to encompass four key revenue streams: Sexual Wellness, Style & Apparel, Gaming & Lifestyle, and Beauty & Grooming.” I hear “we’re just biding our time with these trinkets until those dollar dollar bill y’all markets are fully up and running.” But the truth is these existing revenue streams are profitable, scalable, and rapidly expanding Playboy’s e-commerce segment around the world. "Even in the face of COVID this year, we've been able to grow EBITDA over 100 percent and revenue over 68 percent, and I expect that to accelerate going into 2021," he said. “Playboy is accelerating its growth in company-owned and branded consumer products in attractive and expanding markets in which it has a proven history of brand affinity and consumer spend.” Also in the SEC filing, the Time Frame: “As we detailed in the definitive proxy statement, the SPAC stockholder meeting to vote on the transaction has been set for February 9th, and, subject to stockholder approval and satisfaction of the other closing conditions, we expect to complete the merger and begin trading on NASDAQ under ticker PLBY shortly thereafter,” concluded Kohn. The Players: Suhail “The Whale” Rizvi (HMFIC), Ben “The Bridge” Kohn (CEO), “lil” Suying Liu & “Big” Dong Liu (Young-gun China gang). I encourage you to look these folks up. The real OG here is Suhail Rizvi. He’s from India originally and Chairman of the Board for the new PLBY company. He was an early investor in Twitter, Square, Facebook and others. His firm, Rizvi Traverse, currently invests in Instacart, Pinterest, Snapchat, Playboy, and SpaceX. Maybe you’ve heard of them. “Rizvi, who owns a sprawling three-home compound in Greenwich, Connecticut, and a 1.65-acre estate in Palm Beach, Florida, near Bill Gates and Michael Bloomberg, moved to Iowa Falls when he was five. His father was a professor of psychology at Iowa. Along with his older brother Ashraf, a hedge fund manager, Rizvi graduated from Wharton business school.” “Suhail Rizvi: the 47-year-old 'unsocial' social media baron: When Twitter goes public in the coming weeks (2013), one of the biggest winners will be a 47-year-old financier who guards his secrecy so zealously that he employs a person to take down his Wikipedia entry and scrub his photos from the internet. In IPO, Twitter seeks to be 'anti-FB'” “Prince Alwaleed bin Talal of Saudi Arabia looks like a big Twitter winner. So do the moneyed clients of Jamie Dimon. But as you’ve-got-to-be-joking wealth washed over Twitter on Thursday — a company that didn’t exist eight years ago was worth $31.7 billion after its first day on the stock market — the non-boldface name of the moment is Suhail R. Rizvi. Mr. Rizvi, 47, runs a private investment company that is the largest outside investor in Twitter with a 15.6 percent stake worth $3.8 billion at the end of trading on Thursday (November, 2013). Using a web of connections in the tech industry and in finance, as well as a hearty dose of good timing, he brought many prominent names in at the ground floor, including the Saudi prince and some of JPMorgan’s wealthiest clients.” https://www.nytimes.com/2013/11/08/technology/at-twitter-working-behind-the-scenes-toward-a-billion-dollar-payday.html Y’all like that Arab money? How about a dude that can call up Saudi Princes and convince them to spend? Funniest shit about I read about him: “Rizvi was able to buy only $100 million in Facebook shortly before its IPO, thus limiting his returns, according to people with knowledge of the matter.” Poor guy :( He should be fine with the 16 million PLBY shares he's going to have though :) Shuhail also has experience in the entertainment industry. He’s invested in companies like SESAC, ICM, and Summit Entertainment. He’s got Hollywood connections to blast this stuff post-merger. And he’s at least partially responsible for that whole Twilight thing. I’m team Edward btw. I really like what Suhail has done so far. He’s lurked in the shadows while Kohn is consolidating the company, trimming the fat, making Playboy profitable, and aiming the ship at modern growing markets. https://www.reuters.com/article/us-twitter-ipo-rizvi-insight/insight-little-known-hollywood-investor-poised-to-score-with-twitter-ipo-idUSBRE9920VW20131003 Ben “The Bridge” Kohn is an interesting guy. He’s the connection between Rizvi Traverse and Playboy. He’s both CEO of Playboy and was previously Managing Partner at Rizvi Traverse. Ben seems to be the voice of the Playboy-Rizvi partnership, which makes sense with Suhail’s privacy concerns. Kohn said this: “Today is a very big day for all of us at Playboy and for all our partners globally. I stepped into the CEO role at Playboy in 2017 because I saw the biggest opportunity of my career. Playboy is a brand and platform that could not be replicated today. It has massive global reach, with more than $3B of global consumer spend and products sold in over 180 countries. Our mission – to create a culture where all people can pursue pleasure – is rooted in our 67-year history and creates a clear focus for our business and role we play in people’s lives, providing them with the products, services and experiences that create a lifestyle of pleasure. We are taking this step into the public markets because the committed capital will enable us to accelerate our product development and go-to-market strategies and to more rapidly build our direct to consumer capabilities,” said Ben Kohn, CEO of Playboy. “Playboy today is a highly profitable commerce business with a total addressable market projected in the trillions of dollars,” Mr. Kohn continued, “We are actively selling into the Sexual Wellness consumer category, projected to be approximately $400 billion in size by 2024, where our recently launched intimacy products have rolled out to more than 10,000 stores at major US retailers in the United States. Combined with our owned & operated ecommerce Sexual Wellness initiatives, the category will contribute more than 40% of our revenue this year. In our Apparel and Beauty categories, our collaborations with high-end fashion brands including Missguided and PacSun are projected to achieve over $50M in retail sales across the US and UK this year, our leading men’s apparel lines in China expanded to nearly 2500 brick and mortar stores and almost 1000 digital stores, and our new men’s and women’s fragrance line recently launched in Europe. In Gaming, our casino-style digital gaming products with Scientific Games and Microgaming continue to see significant global growth. Our product strategy is informed by years of consumer data as we actively expand from a purely licensing model into owning and operating key high-growth product lines focused on driving profitability and consumer lifetime value. We are thrilled about the future of Playboy. Our foundation has been set to drive further growth and margin, and with the committed capital from this transaction and our more than $180M in NOLs, we will take advantage of the opportunity in front of us, building to our goal of $100M of adjusted EBITDA in 2025.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company Also, according to their Form 4s, “Big” Dong Liu and “lil” Suying Liu just loaded up with shares last week. These guys are brothers and seem like the Chinese market connection. They are only 32 & 35 years old. I don’t even know what that means, but it's provocative. https://www.secform4.com/insider-trading/1832415.htm https://finance.yahoo.com/news/mountain-crest-acquisition-corp-ii-002600994.html Y’all like that China money? “Mr. Liu has been the Chief Financial Officer of Dongguan Zhishang Photoelectric Technology Co., Ltd., a regional designer, manufacturer and distributor of LED lights serving commercial customers throughout Southern China since November 2016, at which time he led a syndicate of investments into the firm. Mr. Liu has since overseen the financials of Dongguan Zhishang as well as provided strategic guidance to its board of directors, advising on operational efficiency and cash flow performance. From March 2010 to October 2016, Mr. Liu was the Head of Finance at Feidiao Electrical Group Co., Ltd., a leading Chinese manufacturer of electrical outlets headquartered in Shanghai and with businesses in the greater China region as well as Europe.” Dr. Suying Liu, Chairman and Chief Executive Officer of Mountain Crest Acquisition Corp., commented, “Playboy is a unique and compelling investment opportunity, with one of the world’s largest and most recognized brands, its proven consumer affinity and spend, and its enormous future growth potential in its four product segments and new and existing geographic regions. I am thrilled to be partnering with Ben and his exceptional team to bring his vision to fruition.” https://www.businesswire.com/news/home/20201001005404/en/Playboy-to-Become-a-Public-Company These guys are good. They have a proven track record of success across multiple industries. Connections and money run deep with all of these guys. I don’t think they’re in the game to lose. I was going to write a couple more paragraphs about why you should have a look at this but really the best thing you can do is read this SEC filing from a couple days ago. It explains the situation in far better detail. Specifically, look to page 137 and read through their strategy. Also, look at their ownership percentages and compensation plans including the stock options and their prices. The financials look great, revenue is up 90% Q3, and it looks like a bright future. https://www.sec.gov/Archives/edgadata/1803914/000110465921005986/tm2034213-12_defm14a.htm#tSHCF I’m hesitant to attach this because his position seems short term, but I’m going to with a warning because he does hit on some good points (two are below his link) and he’s got a sizable position in this thing (500k+ on margin, I think). I don’t know this guy but he did look at the same publicly available info and make roughly the same prediction, albeit without the in depth gambling or cannabis mention. You can also search reddit for ‘MCAC’ and very few relevant results come up and none of them even come close to really looking at this thing. https://docs.google.com/document/d/1gOvAd6lebs452hFlWWbxVjQ3VMsjGBkbJeXRwDwIJfM/edit?usp=sharing “Also, before you people start making claims that Playboy is a “boomer” company, STOP RIGHT THERE. This is not a good argument. Simply put. The only thing that matters is Playboy’s name recognition, not their archaic business model which doesn’t even exist anymore as they have completely repurposed their business.” “Imagine not buying $MCAC at a 400M valuation lol. Streetwear department is worth 1B alone imo.” Considering the ridiculous Chinese growth as a lifestyle brand, he’s not wrong. Current Cultural Significance and Meme Value: A year ago I wouldn’t have included this section but the events from the last several weeks (even going back to tsla) have proven that a company’s ability to meme and/or gain social network popularity can have an effect. Tik-tok, Snapchat, Twitch, Reddit, Youtube, Facebook, Twitter. They all have Playboy stuff on them. Kids in middle and highschool know what Playboy is but will likely never see or touch one of the magazines in person. They’ll have a Playboy hoodie though. Crazy huh? A lot like GME, PLBY would hugely benefit from meme-value stock interest to drive engagement towards their new business model while also building strategic coffers. This interest may not directly and/or significantly move the stock price but can generate significant interest from larger players who will. Bull Case: The year is 2025. Playboy is now the world leader pleasure brand. They began by offering Playboy licensed gaming products, including gambling products, direct to consumers through existing names. By 2022, demand has skyrocketed and Playboy has designed and released their own gambling platforms. In 2025, they are also a leading cannabis brand in the United States and Canada with proprietary strains and products geared towards sexual wellness. Cannabis was legalized in the US in 2023 when President Biden got glaucoma but had success with cannabis treatment. He personally pushes for cannabis legalization as he steps out of office after his first term. Playboy has also grown their brand in China and India to multi-billion per year markets. The stock goes up from 11ish to 100ish and everyone makes big gains buying somewhere along the way. Bear Case: The United States does a complete 180 on marijuana and gambling. President Biden overdoses on marijuana in the Lincoln bedroom when his FDs go tits up and he loses a ton of money in his sports book app after the Fighting Blue Hens narrowly lose the National Championship to Bama. Playboy is unable to expand their cannabis and gambling brands but still does well with their worldwide lifestyle brand. They gain and lose some interest in China and India but the markets are too large to ignore them completely. The stock goes up from 11ish to 13ish and everyone makes 15-20% gains. TL;DR: Successful technology/e-commerce investment firm took over Playboy to turn it into a porn, online gambling/gaming, sports book, cannabis company, worldwide lifestyle brand that promotes sexual wellness, vetern access, women-ownership, minority-ownership, and “pleasure for all”. Does a successful online team reinventing an antiquated physical copy giant sound familiar? No options yet, shares only for now. $11.38 per share at time of writing. My guess? $20 by the end of February. $50 by EOY. This is not financial advice. I am not qualified to give financial advice. I’m just sayin’ I would personally use a Playboy sports book app while smoking a Playboy strain specific joint and it would be cool if they did that. Do your own research. You’d probably want to start here: WARNING - POTENTIALLY NSFW - SEXY MODELS AHEAD - no actual nudity though https://s26.q4cdn.com/895475556/files/doc_presentations/Playboy-Craig-Hallum-Conference-Investor-Presentation-11_17_20-compressed.pdf Or here: https://www.mcacquisition.com/investor-relations/default.aspx Jimmy Chill: “Get into any SPAC at $10 or $11 and you are going to make money.” STL;DR: Buy MCAC. MCAC > PLBY couple weeks. Rocketship. Moon. Position: 5000 shares. I will buy short, medium, and long-dated calls once available.
The next Detroit: The catastrophic collapse of Atlantic City
With the closure of almost half of Atlantic City's casinos, Newark set to vote on gambling and casinos or racinos in almost every state, it seems as if the reasons for the very existence of Atlantic City are in serious jeopardy. Israel Joffe Atlantic City, once a major vacation spot during the roaring 20s and 1930s, as seen on HBOs Boardwalk Empire, collapsed when cheap air fare became the norm and people had no reason to head to the many beach town resorts on the East Coast. Within a few decades, the city, known for being an ‘oasis of sin’ during the prohibition era, fell into serious decline and dilapidation. New Jersey officials felt the only way to bring Atlantic City back from the brink of disaster would be to legalize gambling. Atlantic City’s first casino, Resorts, first opened its doors in 1978. People stood shoulder to shoulder, packed into the hotel as gambling officially made its way to the East Coast. Folks in the East Coast didn't have to make a special trip all the way to Vegas in order to enjoy some craps, slots, roulette and more. As time wore on, Atlantic City became the premier gambling spots in the country. While detractors felt that the area still remained poor and dilapidated, officials were quick to point out that the casinos didn't bring the mass gentrification to Atlantic City as much as they hoped but the billions of dollars in revenue and thousands of jobs for the surrounding communities was well worth it. Atlantic City developed a reputation as more of a short-stay ‘day-cation’ type of place, yet managed to stand firm against the 'adult playground' and 'entertainment capital of the world' Las Vegas. Through-out the 1980s, Atlantic City would become an integral part of American pop culture as a place for east coast residents to gamble, watch boxing, wrestling, concerts and other sporting events. However in the late 1980s, a landmark ruling considered Native-American reservations to be sovereign entities not bound by state law. It was the first potential threat to the iron grip Atlantic City and Vegas had on the gambling and entertainment industry. Huge 'mega casinos' were built on reservations that rivaled Atlantic City and Vegas. In turn, Vegas built even more impressive casinos. Atlantic City, in an attempt to make the city more appealing to the ‘big whale’ millionaire and billionaire gamblers, and in effort to move away from its ‘seedy’ reputation, built the luxurious Borgata casino in 2003. Harrah’s created a billion dollar extension and other casinos in the area went through serious renovations and re-branded themselves. It seemed as if the bite that the Native American casinos took out of AC and Vegas’ profits was negligible and that the dominance of those two cities in the world of gambling would remain unchallenged. Then Macau, formally a colony of Portugal, was handed back to the Chinese in 1999. The gambling industry there had been operated under a government-issued monopoly license by Stanley Ho's Sociedade de Turismo e Diversões de Macau. The monopoly was ended in 2002 and several casino owners from Las Vegas attempted to enter the market. Under the one country, two systems policy, the territory remained virtually unchanged aside from mega casinos popping up everywhere. All the rich ‘whales’ from the far east had no reason anymore to go to the United States to spend their money. Then came the biggest threat. As revenue from dog and horse racing tracks around the United States dried up, government officials needed a way to bring back jobs and revitalize the surrounding communities. Slot machines in race tracks started in Iowa in 1994 but took off in 2004 when Pennsylvania introduced ‘Racinos’ in an effort to reduce property taxes for the state and to help depressed areas bounce back. As of 2013, racinos were legal in ten states: Delaware, Louisiana, Maine, New Mexico, New York, Ohio, Oklahoma, Pennsylvania, Rhode Island, and West Virginia with more expected in 2015. Tracks like Delaware Park and West Virginia's Mountaineer Park, once considered places where local degenerates bet on broken-down nags in claiming races, are now among the wealthiest tracks around, with the best races. The famous Aqueduct race track in Queens, NY, once facing an uncertain future, now possesses the most profitable casino in the United States. From June 2012 to June 2013, Aqueduct matched a quarter of Atlantic City's total gaming revenue from its dozen casinos: $729.2 million compared with A.C.'s $2.9 billion. It has taken an estimated 15 percent hit on New Jersey casino revenue and climbing. And it isn't just Aqueduct that's taking business away from them. Atlantic City's closest major city, Philadelphia, only 35-40 minutes away, and one of the largest cities in America, now has a casino that has contributed heavily to the decline in gamers visiting the area. New Jersey is the third state in the U.S. to have authorized internet gambling. However, these online casinos are owned and controlled by Atlantic City casinos in an effort to boost profits in the face of fierce competition. California, Hawaii, Illinois, Iowa, Massachusetts, Mississippi, Pennsylvania and Texas are hoping to join Delaware, Nevada, New Jersey and the U.S. Virgin Islands in offering online gambling to their residents. With this in mind, it seems the very niche that Atlantic City once offered as a gambling and entertainment hub for east coast residents is heading toward the dustbin of history. Time will tell if this city will end up like Detroit. However, the fact that they are losing their biggest industry to major competition, much like Detroit did, with depressed housing, casinos bankrupting/closing and businesses fleeing , it all makes Atlantic City’s fate seem eerily similar.
Estranged for 17 Years, Considering Allowing Limited Contact
Hello, everyone. I have reached the point in my life where I have now been estranged from my mother for a longer period of time than when I had a relationship with her. I cut her off shortly before I turned 17 so many years ago, and now 17 years later I am 34, married, and with two children. First, I'd like to share my story, which starts in the city of Dallas one July morning when I was born. My mother and father had married when they found out they were having me, but that marriage only lasted until my first birthday. Following the divorce, my father joined the US Navy and fought in Desert Storm, while my mother spirited me away first to Arizona for a year, and finally to Las Vegas, NV to attend college at UNLV. Shortly thereafter, I was three years old with a step-father and a new baby half-sister, and two more half-brothers would come in the coming years. My earliest memory living in Las Vegas also happens to be the only happy memory I had of living there. When I was five, my dad took leave and visited me, and we spent the whole week together including a trip to Circus Circus. It was a theme that would be constant for the rest of my child -- the only times I ever felt happy was when I was not in Las Vegas with my mother and the new family that she started. Even from early on, I never felt like I belonged with the family that I was living in. I had a different father who lived on the opposite coast, and I was treated far differently as if I was an inconvenient child that nobody knew what to do with. I was not my step-father's son, and unlike my sibling my interactions with him usually ended up explosive in temperament, including having objects thrown at me, with my mother doing little to stop it. In fact, my mother often reinforced the behavior which only led to fights and arguments with her as well, fights which would only subside when my dad calmed me down over the phone. While my half-siblings did like me and looked up to me, I also never felt as strong a bond with them as they did with each other, or with their parents. I had my own room, and my own stuff, while they had to share among themselves. They received care and affection from both of their parents, while I had a tumultuous relationship with the one we shared and a long distance relationship with the one we did not. When my step-father's family came over, it was my half-siblings who were showered with attention while I was just the other child from their in-law's failed marriage. From very early on in my childhood it was clear to me that I did not belong with this family. Then there was the effect that Las Vegas has on many adults living there. I remember being nine years old witnessing screaming arguments between my mother and step-father. You see, my step-father had a gambling addiction where he would receive his paycheck and swiftly deposit it into the slot machines at the grocery store hoping for a payout that would never come. There was also the work schedules. Since Las Vegas is a 24/7 town, it is not unusual for people to work odd shifts including evenings and into the wee hours of the night. I was often left to entertain myself while my mother was asleep all day with the blackout curtains drawn. As a means of coping, I applied myself academically at school because it was something that I actually felt that I could do well. Unfortunately, my July birthday meant that I was always the youngest kid in all of my classes and that, coupled with my small frame, meant that I was often picked on and bullied with nobody at home that I thought would really support me. The only times that I ever felt happy were when I flew to Dallas for the summer to visit my grandparents and the rest of my dad's side of the family, and my dad would always organize his leave to meet me there too. I have several cousins who are close to my age living there, and I have many fond memories of summer pool parties every Sunday afternoon at my grandparent's house. I looked forward to flying out every summer because I felt like it was where I belonged. At nine years old, shortly after finishing the fourth grade, was when I hit my first breaking point with my mother. I don't remember at all what we were fighting about, but it became so intense that it ended with my mother packing away all of my things and sending me to live with my dad within the week. I was that child that she didn't know what to do with and she just sent me away, and I was thrilled. My dad had just been stationed in Oklahoma City for shore duty, a mere three hour drive from Dallas, and I would live with him for the next three years through fifth, sixth, and seventh grades. The change was great for me, and I think that those three years were the golden years of my early childhood. While my dad does not speak much, and he occasionally had to leave me with a babysitter when he was on duty, with him I felt like I was listened to and that I belonged. We often took weekend trips to Dallas and I developed a strong bond with my grandparents and all of my cousins. I remember him taking me camping and fishing, teaching me how to shoot a gun, letting my twelve year old self drive the car on some old country roads, building a go-kart for me to drive around the neighborhood, and all kinds of experiences that I never had in Las Vegas. My school life was much better, too, and I had a good group of friends at the time. My relationship with my mother was limited to phone calls from time to time and brief summer trips to Las Vegas. Ironically, fate made the phone calls very rare when our WebTV internet service ended up charging up an $1800 phone bill leading our phone to be disconnected for over a year. Since it was a bit of a hike to walk to the convenience store to call my mother from the pay phone, it happened less frequently and that is probably a good thing as she was also going through her second divorce while I was living in Oklahoma. Unfortunately, my time with my dad came to an end when his shore duty tour ended and he was assigned to an aircraft carrier that was about to deploy. In the eighth grade, I moved back to Las Vegas to live with my mother. At the time, she was dating another guy who had two kids of his own, and they had moved in. My half-siblings were living with their father as he had the family support network in Las Vegas whereas my mother did not. All of the same problems that we had in early childhood existed now, except with a new guy in the house and a new set of kids that I had no bond with whatsoever. I was going to a new school, too, but it was not a very good school and I was always isolated and bullied there. I didn't even make it through the school year before I hit my second breaking point. Our constant fighting probably led to her boyfriend from breaking things off with her, and I always felt like she was blaming me for it. One day, we got into an argument so intense that she drove me in the middle of the night to admit me into a mental hospital where I would spend two weeks being told how much of a terrible child that I was until I would admit that to the doctor and my mother in a consultation. It was easily the most humiliating experience I had ever gone through in my life. A month after I had been discharged I was given the option to move in with my dad in Virginia Beach, VA, and I took the opportunity without hesitation. During that year, my dad married the woman who he had been dating. She already had a toddler child out of wedlock and was expecting a child by the time that I moved in. It was a little weird, because here I was a 14 year old entering high school with a step-mother who was 23 years old, but I was just so happy to move away from Las Vegas and the toxic relationship that I had with my birth mother. My poor relationship with my step-father before, however, certainly affected me in my relationship with my step-mom. She was young and unfamiliar with what to do with a teenager step-son who is not that much younger than her, and I was conditioned by previous experiences to be distrusting of her. We had some growing pains during my teenage years for sure, but nothing ever got as bad as what I experienced in Las Vegas. I also formed more of a bond with my toddler step-sister and the two half-brothers that would be born because I was trusted with the responsibility of helping to care for them as infants given our large age gap, and I do believe that made a difference. While there may have been times that I felt that maybe I didn't belong in this new family, I think that was remedied by my dad and step-mom keeping me involved and trusting me. I also felt like I had direction in my high school years. I had joined the school's NJROTC unit, made some close friends that I still talk to today, and really enjoyed those years. I spent my freshman and sophomore years in Virginia Beach, and I felt like I had a clear path forward into adulthood all laid out for me. Unfortunately, that all came to an end when my dad was deployed again during my junior year. With my dad being out to sea for nine months, my step-mom wanted to move back to Georgia where her family could help to take care of my step-sister and my first infant half-brother, a decision which I fully understand. My mother decided that it would be best for me to move to Las Vegas to live with her, however, and I didn't have a say in the matter. During this move, she couldn't even be bothered to fly me like during past moves, and I embarked on a three day Greyhound bus adventure across the country where I feared I was going to be kidnapped or raped at any moment. to live with my mother in Las Vegas. This time I was not only living with my mother, I was also living with her mother and drunkard brother because she could not afford to live on her own. I wanted to just emancipate myself right then and there, and I would have tried to do so if I would have qualified to do so. The only difference was that we did not fight as often, it was more of a silent treatment. She often worked all night, or went out to party and go to concerts, and slept all day with the blackout curtains drawn anyways. I have memories of her being dumped by some guy and then closing herself in her room to eat bowls of straight powdered sugar, and I felt nothing but shame that she was my mother. As before, I had no friends in Las Vegas although my junior year at school wasn't as bad as previous experiences in earlier childhood. I felt isolated and alone, and was just biding my time to move back with my dad for my senior year. When I finally moved back, taking another greyhound bus across the country, my last works to her were, "I don't ever want to see or speak to you again." and for 17 years I had followed through on that. She certainly tried to contact me at first. All through my senior year she tried calling the house frequently, but I never accepted the phone call. When I was 19 I had moved out on my own and also moved back to Dallas, so she would try to reach me through my grandparents with no success. For the first four years I was also inundated with unwanted letters from her trying to justify herself through emotional sob stories, never once acknowledging what she had done to push me away. She even tried to show up at my work one day, an event that ended with me denying knowing her and having security escort her off premises. Eventually the attempts to recontact stopped until about five years in it was as if she did not exist to me. In the time that I was estranged from my mother, I had graduated high school, obtained my drivers license, joined the US Navy and served for six years, obtained a college degree all while serving, met my beautiful spouse, and had two children (4 years old and 4 months old), and got my dream job as an engineer living and working in Japan. I do not regret walking out on her at all because she was not a positive influence in my life at all and I just feel like she would have kept me held back. My only regret in cutting off contact was actually cutting off my half-siblings as well. While I never felt like I belonged with them, they did look up to me dearly and I do feel like I have betrayed them in a cruel way. I just could not allow myself to have any ties to my mother or to the city of Las Vegas, because my time there was too much to bear, so my relationship with them ended up being a casualty of my fallout with my mother. I stalk them online from time to time, though, and I am happy that they are doing well. My half-sister followed her dream and became an event photographer for a local radio station in Las Vegas, my older half-brother just finished his Associates in accounting and got picked up for a pretty good job also in Las Vegas, and my younger half-brother is just figuring out his early 20s. I'm sincerely happy that they are all doing well and I am sorry for any pain that I caused them from severing ties with our mother. That brings me to the present day, where I have just turned 34 years old meaning that I have been apart from my mother for longer than I have had any association with her, and I am considering restoring limited contact with her for a few reasons. First, and this is the main reason, I had checked in on her FaceBook page and it seems like she has become a different person than I remembered before. Her posts are generally positive and she is often spending time with her other three adult children. I looked through her entire Facebook feed to 2008 and I did not find a single post where she laid out the self-victimization sob stories that were in the letters she sent when we first broke contact. When she did mention me, it was her posting a message wishing me a happy birthday every year where she apologizes for hurting me and is praying that I would recontact her one day, or an old photograph with her commentary on what was a happy time to her, or posts where she is expressing happiness for what I have achieved in my life when she hears about them. It actually makes me cry because I believe she is actually sincere since these kinds of posts go back for the last nine years and I never had any idea. Second, while I resent what she has done to me in my childhood, now that I am a parent myself I can appreciate the impossible situation she was in given that appeasing me may very well have been alienating to her other three children. There were times when I treated her unfairly, and I am willing to take responsibility and apologize for those times if she is also willing to take responsibility and apologize for how her actions hurt me. Finally, I do not want to deny my children the right to get to know their grandmother, especially since she seems to have changed over the past 17 years. I am considering extending an olive branch and allowing her to visit her grandchildren here in Japan as soon as all of the travel restrictions are lifted. If she has changed for the better, and is willing to take responsibility for her actions, and is willing to come to us to meet, then I can see our relationship being reconciled. To be honest, though, I am scared to reach out. I got her cell phone number and put it in my phone, but I have not yet found the courage to hit dial. I also fear what my half-siblings must think of me, but I do think it is finally the time to make the move and try to reconcile. Thank you if you took the time to read my story. Mostly it helps me to just get it all written down, but I hope it is a change since there are so few stories on this subreddit of estranged adult children actually talking about reaching the point where reconciliation may be an option.
Virginia has passed some bills that were supposed to regulate online gambling in the state. And they did, as they put a ban on operating or being a user of an online gambling site located within the borders of the state. To be precise, Virginia laws don’t say anything regarding online gambling activities in offshore casinos. Virginia is limited when it comes to legal gambling options. Within the state’s borders, residents won’t find casinos, racinos, card rooms, tribal casinos, or sports betting. The only types of gambling activities that are approved in the state are daily fantasy games, the lottery, and pari-mutuel horse race bets. Virginia requires gambler to be at least 18 years of age. Only bingo, a state lottery, horse racing and daily fantasy sports are considered legal in the state. Virginia law exempts any gambling that occurs in a private residence as long as it is not considered a commercial operation. This includes home poker games and casino nights among friends. One of the significant parts included in the Virginia online gambling laws is the legal age for wagering. That part of gaming in Virginia is covered by the Code of Virginia (section 18.2-325 et seq. and 59.1-364 et seq.). The minimum age to participate in all forms of gambling, including DFS contests, is 18. The Virginia Lottery Board will regulate casinos in the Commonwealth and the law establishes a minimum gambling age of 21. Virginia Online Gambling. Chapter 8, Article 1 of the Code of Virginia deals with gambling in the Commonwealth and prohibits most forms of gaming. VA Code § 18.2-325 defines illegal gambling as follows: As it stands today, you’ve a fairly meagre selection of options when it comes to gambling within the law in Virginia. There is a state lottery, and a small amount of pari-mutuel horserace wagering. Other than that, you can play games held by charitable organizations, play at home socially within the letter of the law, or stick to freerolls. Virginia Gambling Laws – A Brief History. Where Virginia lead the way is in their pari-mutuel horse-race betting infrastructure. This State only has one racetrack (called Colonial Downs). They make up for this by legalizing off-track betting terminals, as well as the more recent EZ Betting terminals in restaurants and bars. Virginia doesn’t have restrictive gambling laws on the books. Players must be 21 years of age to gamble online, but otherwise it’s not restricted. The minimum age for bingo sites is 18. Land-based gambling is more restricted, though several groups have sought land-based casinos in the past 5 to 10 years. Online Gambling Options in Virginia. The state of Virginia doesn’t regulate online gambling or allow any casinos to operate within state lines. But since the state’s laws don’t mention online gambling at all, it’s technically legal to gamble with offshore-based casino, poker, and sports betting sites. After a push for gambling expansion, a bill gained serious momentum in the opening months of 2019; That bill has now been signed into law by the governor, making casinos and online gaming legal in the state; Move to legalization. For many years, Virginia was very conservative about gambling.
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