Opinions
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.
$21.000
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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.
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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.
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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.
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