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Stock Market & Financial Investment News

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March 11, 2014
12:28 EDTDDE, PNK, MCRI, PENN, ISLE, BYDCasino operators climb after hedge fund discloses Boyd Gaming stake
The shares of a number of U.S. casino operators focused on properties outside of Las Vegas are rising after a hedge fund announced a significant stake in one of the companies in the sector, Boyd Gaming (BYD). WHAT'S NEW: Hedge fund Elliott Management last night disclosed that it had obtained 4.99% of Boyd's outstanding shares and an additional 2.05% exposure to the stock through derivatives. Elliott’s filing status allows the fund to seek talks with Boyd’s management or its board regarding a variety of strategic alternatives, but the filing said the fund has no present plan or proposal to engage management. ANALYST REACTION: In a note to investors earlier today, research firm Janney Capital called Boyd Gaming shares expensive. The company is unlikely to be sold for much above its current share price, given the stock's high valuation, wrote the firm, which has a $9 price target and Neutral rating on the stock. WHAT'S NOTABLE: Companies that own U.S. casinos outside of Las Vegas have reported largely disappointing results in recent weeks, with Pinnacle Entertainment (PNK) and Isle of Capri (ISLE) announcing results that missed expectations. Meanwhile, Penn National (PENN) reported lower than expected fourth quarter revenue and provided weaker than expected first quarter guidance last month. Separately, well-known investor Leon Cooperman disclosed on February 25 that he had sold his stake in Penn National last quarter. Another in the space, Monarch Casino (MCRI), reported higher than expected revenue but profits that came in below analysts' consensus estimate. PRICE ACTION: In early afternoon trading, Pinnacle Entertainment jumped 5.4% to $25.60, Isle of Capri advanced 2.5% to $8.72, Dover Downs Gaming (DDE) climbed 1.9% to $1.58, and Boyd Gaming jumped 18% to $13.90. Bucking the trend, Penn National slid 0.9% to $12.77 and Monarch Casino dropped 1.5% to $18.95.
News For BYD;PENN;PNK;ISLE;MCRI;DDE From The Last 14 Days
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October 12, 2015
09:00 EDTBYD, ISLE, PENNBofa/Merrill global gaming analysts hold analyst/industry conference call
Global Gaming analysts discuss the industry's 3Q on an Analyst/Industry conference call on October 14 at 11 am.
October 7, 2015
14:40 EDTBYDNRT Technology signs multi-year pact with Boyd for payments, kiosk solutions
NRT Technology announced that it has signed an exclusive multi-year agreement with Boyd Gaming to provide its 22 casino properties with NRT's full suite of Cash-to-Floor products, solutions and services. Under the terms of the agreement, Boyd Gaming will utilize NRT's QuickJack ticket redemption kiosks and SmartAcquirer ATM and Cash Advance platform for all of its cash access needs. In addition, NRT and Boyd will launch the SecureSmart end-to-end Encryption and Tokenization security solution. NRT will be Boyd Gaming's exclusive provider of ticket redemption kiosks and related bill-breaking and cash access services at all 22 Boyd casinos across the U.S., the company said.
September 30, 2015
09:31 EDTBYD, PENNLas Vegas reports August gaming win down 1.4% to $908.24M
Las Vegas strip August gaming win fell 4.7% to $527.38M. Publicly traded companies in the casino space include Boyd Gaming (BYD), Caesars (CZR), Las Vegas Sands (LVS), MGM Resorts (MGM), Penn National (PENN) and Wynn Resorts (WYNN).
07:07 EDTBYD, PENNDeutsche Bank to hold a conference
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September 29, 2015
10:57 EDTPENNPenn National to hold an investor meeting and facility tour
Management holds an Investor Meeting and Facility Tour to introduce their recently acquired property, The Tropicana, in Las Vegas on September 29 at 9 pm.

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