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Posted At : February 4, 2009 09:44 AM | Posted By : D McKee
Related Categories:
Riviera,Penn National,Station Casinos,Economy,Fontainebleau,The Strip,Atlantic City,Wall Street
Wall Street remains gung-ho on at least one gaming stock: Penn National. Vegas-based casino owners who are pining for Penn to buy one of their assets may have to possess their souls in patience. Joseph Greff writes that Penn is keeping its powder dry "given the belief that market clearing prices for single asset acquisitions will dip lower in 2009. We are not expecting any acquisitions any time soon." The restraint displayed by Penn's board of directors stands in silent reproof to the sheeplike tendencies displayed at other casino companies in the recent past -- the manner in which the calamitous Station Casinos buyout was rammed through is one of the more egregious instances.
The real kicker comes toward the end of a J.P. Morgan research note, which lauds Penn's all-regional portfolio, which is expected to outperform the Las Vegas and Atlantic City markets. As LVA Editor Deke Castleman put it, who'd have thought we'd ever see the day when Wall Street likes Keokuk, Iowa, better than Las Vegas?
How bad is it at Riviera? All buffets have been closed and an eyewitness tells me that only two outlets are still open in the food court. It sounds like they're just hanging on by their fingernails until Fontainebleau opens and (we hope) stimulates business up thataways.
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$10 for any decent blackjack? I'd rather go to Circus Circus!