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Posted At : April 17, 2009 12:37 PM | Posted By : D McKee
Related Categories:
Station Casinos,Current,Wall Street
With Deutsche Bank bailing out of its coverage of casino stocks, analyst Bill Lerner is testing the waters with his own firm. Normally this wouldn't rise to the level of an S&G mention (other than perhaps to deplore Deutsche Bank's cutback) had Lerner not stuck his neck out as follows: "Lerner said Union Gaming will not be a 'cheerleader' for the gaming industry, but views the gaming industry as a long-term opportunity."
That's pretty rich when you consider that Lerner and rival analyst Larry Klatzkin are the "sunshine boys" of the gaming group. There never was a dark cloud from which they've been unable to extrapolate a silver lining. (Though some of the wacky pronouncements emerging from those crazy kids at Sanford Bernstein are starting to make Klatzkin and Lerner look dour.)
One of the all-time best Lerner bon mots came during a Face to Face TV taping, in which he told interviewer Jon Ralston not to worry about Station Casinos' current pickle, it had strong management in place -- you know, that same crackerjack managerial team that drove Station into the ditch in which it's currently spinning its wheels, struggling for traction.
For those who feel there's too much pessimism in current gambling coverage, Union Gaming's research reports should be just what the doctor ordered.
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