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re: Casino stocks
Posted on 5/19/20 at 11:37 am to Bestbank Tiger
Posted on 5/19/20 at 11:37 am to Bestbank Tiger
Anyone still in penn? Hell of a jump last few days.
4
Posted on 5/19/20 at 11:40 am to Huge Richard
I'm still in. Got in below $15
Posted on 5/19/20 at 11:48 am to Bucktail1
Hell yea
Posted on 5/19/20 at 11:55 am to Huge Richard
I’ve been in PENN and ERI exclusively since the end of April. I didn’t quite get in at the bottoms of early May, but I have enjoyed some very nice gains.
Posted on 5/19/20 at 11:56 am to dualed
What’s moving these casino stocks?
Is it the move to inline gambling?
Is it the move to inline gambling?
Posted on 5/19/20 at 12:04 pm to SlidellCajun
ERI and PENN own Louisiana casinos that reopened yesterday.
Posted on 5/19/20 at 12:48 pm to dualed
My MGM position is up 44% and they announced they are opening their MS casinos on Monday. DKNG is up as well for me.
Posted on 5/19/20 at 1:29 pm to Paul Allen
quote:
Penn
I just looked at their stock price history and am kicking myself for not thinking about them when all of this COVID stuff went down. That was one of the stocks that you knew would bounce back and they already have for the most part. I still bought a few shares today because I like their outlook
Posted on 5/19/20 at 2:14 pm to ColoradoAg03
I got in to MGM at $12.65/share first week of May. Wish I would have bought more. It's up almost 20% as I'm typing this.
Posted on 5/19/20 at 2:17 pm to Huge Richard
Just bought 100 shares of PENN.
Posted on 5/19/20 at 2:54 pm to Baws
Sold all of my PENN today. Will buy back in if we get below $20.
Posted on 5/19/20 at 2:55 pm to Hazelnut
quote:
I just looked at their stock price history and am kicking myself for not thinking about them when all of this COVID stuff went down. That was one of the stocks that you knew would bounce back and they already have for the most part. I still bought a few shares today because I like their outlook
I think PENN is an absolute dog shite company/casino with a goldmine in barstool
that was really my only hesitation in investing moreThis post was edited on 5/19/20 at 3:00 pm
Posted on 5/19/20 at 3:19 pm to hiltacular
quote:
I think PENN is an absolute dog shite company/casino with a goldmine in barstool that was really my only hesitation in investing more
I'll be honest, a lot of my opinion of them is based on their stake in Barstool. I just think they are set up REAL well with a company like Barstool for when sports gambling becomes legal across the country. And you know with COVID hitting that states will start to look for more revuenue streams and will start considering sports gambling as a way to add some revenue. Plenty of states were already looking at that, but this will just accelerate it imo.
As far as their casino operations go, even if it isn't run as well, they can still be profitable (and they appear to be). Especially with the high barriers to entry that come with owning a Casino. They don't have to worry THAT much about competition. As long as those high barriers exist, the demand will be there and people will still go if their options are limited.
That's my 10,000 foot view of the casino industry. But if someone sees some flaw in my logic, I'd love to hear it. It's an industry I want to learn more about as an investor
Posted on 5/19/20 at 3:31 pm to Huge Richard
quote:
Anyone still in penn? Hell of a jump last few days.
Yup
Very nice
Posted on 5/19/20 at 3:36 pm to Hazelnut
They have one of the worst balance sheets you will ever see, buying Barstool was the equivalent of throwing a last second hail mary. With that said, buying BS just as sports gambling really takes off is one hell of a hail mary and BS's following can singlehandedly revive PENN.
I think BS could have done better than Penn but I can't fault Portnoy for cashing out.
I think BS could have done better than Penn but I can't fault Portnoy for cashing out.
This post was edited on 5/19/20 at 3:43 pm
Posted on 5/19/20 at 3:55 pm to hiltacular
quote:
I think BS could have done better than Penn but I can't fault Portnoy for cashing out.
I don't believe he cashed out.
Got paid in stock.
Posted on 5/19/20 at 4:05 pm to hiltacular
I’m guessing most of penn’s values comes from its recent stake in barstool. It’s not a bad bet. Portnoy is obviously a smart guy and I think many investors like the fact that he’s now connected to Penn
Posted on 5/19/20 at 4:11 pm to boomtown143
By "cashing out" i meant selling a large stake of his business
Posted on 5/19/20 at 4:37 pm to hiltacular
that balance sheet is bad
Hopefully they can overcome that with Barstool. And if not, I didn't put a ton in them anyway
Hopefully they can overcome that with Barstool. And if not, I didn't put a ton in them anyway
Posted on 5/19/20 at 4:59 pm to Transplant Tigah
The only one I would consider is Sands. They're more diversified, especially with their properties in Macau and Singapore, and have real growth potential once everything blows over. Also, Sheldon Adelson's family - which owns a controlling percentage of shares - has enough personal money to back the company in lean times. In fact, that's exactly what happened in 2008-09.
The other casino stocks are either over leveraged (MGM and Caesars) or have continuing leadership concerns (Wynn).
The other casino stocks are either over leveraged (MGM and Caesars) or have continuing leadership concerns (Wynn).
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