Financial PerformanceRevenue came in sharply below investor expectations and late March pacing targets.
ManagementThe transition to a third CFO in the last several years would create negative light on the company, hence the stock losing USD ~$1.2bn of market cap in today's trading in London.
Market ConditionsThe Australian racing market is under structural pressure, and since that accounts for ~70% of total activity, the outlook has been tempered to assume that pressure persists.