Opinions
Kevin Hall BComm, CFA
Gateway Casinos Income Fund
GCI.UN-T
WEAK BUY
Aug 26, 2005
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.
$18.100
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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.
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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.
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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.
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