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About Spinata Grande
Since returning its prediction market to the US, Polymarket has regularly engaged in nonconforming advertising. Painting a water tower in the company’s blue and branding the structure with its logo is the firm’s latest marketing ploy.
In March, Polymarket opened The Situation Room, a pop-up “newsbar” in Washington, DC. The bar and lounge’s televisions played various content related to prediction markets, like Bloomberg Terminals, cable news, and live social media feeds that were “dedicated to monitoring the situation.”
A month earlier, Polymarket opened a free grocery store in New York City. The promotion ran Feb. 12-16, with shoppers allowed to gather up to $50 per person in free groceries.
What is Spinata Grande?
The way the phrase explodes onto the local paper, complete with context that the phrase was used by Metro, and the way it was used incessantly is all hard to ignore,” said Jeffrey Carlson, who publishes the Vintage Las Vegas history website, which features a post on Naked City.
Over the decades, Carlson said, he spoke to dozens of residents of the area in the ’60s and ’70s who “never heard the name.”
The name didn’t sit well with Naked City’s property owners, including Bob Stupak, who, in 1979, opened the Vegas World casino resort on land he owned in the neighborhood.
What is Spinata Grande?
Following the decision, the odds of one additional rate hike this year jumped to 48% on Wednesday afternoon on Polymarket. The contract asks traders to predict whether the upper bound of the Fed Funds Rate will hit 4.25% by the end of 2026. There is now a 21% chance that the Fed will stand pat for the remainder of year, with a slightly lower probability that the upper bound will reach at least 4.5%.
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.
