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Stock Market & Financial Investment News

News Breaks
May 12, 2014
04:55 EDTIGT, IGT, IGT, MGM, MGM, MGM, MNTG, MNTG, MNTG, MCRI, MCRI, MCRI, GLPI, GLPI, GLPI, SGMS, SGMS, SGMS, BYI, BYI, BYI, PENN, PENN, PENN, BYD, BYD, BYD, CHDN, CHDN, CHDN, PNK, PNK, PNK, ISLE, ISLE, ISLEWells Fargo to hold a conference
5th Annual Wells Fargo Gaming Conference to be held in Las Vegas on May 12-14.
News For IGT;PNK;CHDN;BYD;PENN;BYI;SGMS;GLPI;MCRI;MNTG;MGM;ISLE From The Last 14 Days
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July 7, 2015
08:07 EDTPNK, GLPIGaming and Leisure increases offer to acquire Pinnacle real estate assets
Gaming and Leisure Properties (GLPI) disclosed that it sent a letter to the board of directors of Pinnacle Entertainment (PNK) conveying a "significantly" increased offer to acquire the real estate assets of Pinnacle. As previously announced, GLPI has proposed that Pinnacle's operating business would be spun off into a separately traded public company and its remaining real estate assets would be merged into GLPI. Under GLPI's revised proposal, Pinnacle shareholders would receive a fixed exchange ratio of 0.85 GLPI common shares per Pinnacle share for PropCo, which is a 54% increase over the previously announced exchange ratio of 0.5517 on March 9 and values PropCo at over $31.50 per Pinnacle share based on GLPI's closing share price yesterday. This implies a PropCo enterprise value of $5B, or approximately 13.3x the initial year's PropCo adjusted EBITDA, while maintaining a lease coverage ratio at OpCo of 1.9x property EBITDAR/lease expense. Pinnacle shareholders would also continue to receive one share of OpCo common stock for each share of Pinnacle they own, which has an assumed value of approximately $16.00 per Pinnacle share. The total implied value would be approximately $47.50 per share, which is a 73% premium to Pinnacle's unaffected stock price on March 9, and a 27% premium to the current stock price. GLPI has committed financing in place and is ready to finalize this transaction immediately, and we would expect to close our transaction within approximately six months of signing. Pro forma for the transaction, Pinnacle shareholders would own 100% of OpCo and an approximately 28% equity interest in an enlarged GLPI, which would be the third-largest triple-net REIT by enterprise value, with the scale, diversity and financial strength to deliver increased value to both companies' shareholders. Under the enhanced GLPI proposal, Pinnacle's OpCo would continue to own and operate certain other assets, including Belterra Park Gaming & Entertainment, the Heartland Poker Tour, Pinnacle's interest in Retama Park, gaming licenses, gaming equipment as well as approximately 450 acres of developable land adjacent to real estate GLPI would acquire.
July 6, 2015
07:14 EDTPENNPenn National Plainridge casino has strong first week, says Janney Capital
Janney Capital noted that Penn National's new Plainridge casino generated $6.1M in revenues for its first seven days and while the firm expects a fall-off from initial levels it also believes there will be upside to consensus estimates for the property. Janney has a Buy rating and $19 fair value estimate on Penn National shares.
July 2, 2015
17:03 EDTIGTInternational Game signs agreement with Veikkaus Oy in Finland
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12:11 EDTMGMJPMorgan says Macau view largely unchanged after visa news, June numbers
JPMorgan views Macau's gaming revenue for June as modestly positive given that it was down less than the prior month and better than Street expectations. The firm also said the visa policy easing news was a surprising, but welcome, development, but that its view on the Macau names was largely unchanged following the news.
11:16 EDTMGMUBS 'constructive' on Macau names after restrictions eased
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08:57 EDTPENNPenn National Plainridge casino expectations too high, says Morgan Stanley
Morgan Stanley believes Penn National Plainridge Park casino consensus expectations for $250M revenue and $60M EBITDA in 2016 are too high. The firm said other city property openings within proximity suggest lower win, unit and spend, and will likely face capacity issues. Morgan Stanley rates Penn National an Underweight with a $15 price target and says risk/reward is unfavorable.
08:29 EDTMGMUBS shifts from cautious stance on Macau gaming after policy change
UBS said it is taking a more constructive stance on of Macau gaming names sector as it believes the recent visa policy change lowers fears on further local tightening. The firm also cited the lowered risk of large scale downgrades in the sector and valuations that support the sector, though it noted that larger upside depends on an earnings upgrade cycle. UBS said it is unattractive to take a negative sector position given the backdrop. Publicly traded companies in the Macau gaming space include Las Vegas Sands (LVS), MGM Resorts (MGM), Melco Crown (MPEL) and Wynn Resorts (WYNN).
July 1, 2015
10:09 EDTSGMSHigh option volume stocks
High option volume stocks: ACE APOL SC SCHN SGMS BDBD OFG HTS AVAV CAVM
08:40 EDTIGTBofA/Merrill's Top 10 US Ideas for Q3
BofA/Merrill published its Top 10 U.S. Ideas Quarterly for Q3 that identifies companies it sees having significant catalysts in the next three months. The list includes eight Buys and two Underperforms. The Buys are Applied Materials (AMAT), Boise Cascade (BCC), Burlington Stores (BURL), Comcast (CMCSA), Comerica (CMA), Eli Lilly (LLY), Facebook (FB), and International Game (IGT). The Underperforms are BlackBerry (BBRY) and PBF Energy (PBF).
06:48 EDTMGMMacau reports June casino revenue down 36.2% to 17.36B patacas
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June 30, 2015
15:17 EDTMGMMacau visa change does not signal a change in policy, says Wells Fargo
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12:50 EDTMGMMacau transit visa rules reversed, signal end of tightening, says BofA/Merrill
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12:44 EDTMGMMacau appears to re-lengthen visas to 7 days, says Brean Capital
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09:03 EDTBYDBoyd Gaming announecs expansion of Delta Downs racetrack casino hotel
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June 26, 2015
09:32 EDTPENN, MGM, BYDNevada reports May Statewide gaming win up 3.33% to $1.0B
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June 24, 2015
09:13 EDTPENNPenn National’s Plainridge Park Casino debuts as Massachusetts’ first casino
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