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Blair Wilson Gateway Casinos Income Fund GCI.UN-T SELL Jan 18, 2005

Have been very successful in raising distribution in the past and expects a jump to $1.57 in 2005. Has a 3 sector underperform.

Blair Wilson

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$21.000

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WEAK BUY

Longer term it's a great name to hold. Owner/ opperator of casinos in B.C. They are expanding casinos, but have run into obstacles. Anticipated growth has been delayed.

BUY

Longer term, the casino business, particularily in B.C. is a very good model. Basically all the capital expenditures are funded by the provincial government and in turn they get a fairly big chunk of the operating profits. Long term, it is very well positioned. Shorter term, it will continue to face some challenges in competition. Not a bad entry point.

HOLD

The market in this sector is becoming over crowded. Expects this stock will bounce back in the short term.

BUY

Has had a pretty dramatic correction. Stumbled in the 1st quarter and a little bit in the 2nd because the competitive environment in Vancouver has become very tough. The growth is going to take some time. At a level where most of the downside is reflected in the price. Long term, really likes the stock as it is well suited to the trust model.

TOP PICK

Possibly a slightly risky play, but over the long-term a good place to be. The company has a number of short-term challenges. A lot of new competition has come into the Vancouver area.

BUY

This is more of a longer term play. Not going to get a lot of upside in the unit price over the next 6/12 months. Facing a number of operating challenges. The number of slot machines in the Vancouver area has more than quadrupled. Stable income stream. Limited capital expenditures needed.

HOLD

At these prices, it's dead money for a year. Likes it, but doesn't expect any growth. Having a little bit of trouble meeting their construction timeline on the new hotel/casino, which will probably affect earnings in the short-term. 8% percent yield.

WEAK BUY

It has had a great year. It is a small cap business. It might advance a little. If you are a risk taker you might want to consider this trust.

BUY ON WEAKNESS

Casinos, primarily in B.C. and Alberta. Trading in line with its US comparables. Expanding their flagship in Burnaby with a hotel that adds an element of risk. Would prefer it around $15.

SELL

Has been the subject of a takeover offer by private equity. It is unlikely there will be a higher bid. If you own, take your profit and move on.

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Blair Wilson Gateway Casinos Income Fund GCI.UN-T SELL Jan 18, 2005

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