Gateway Casinos Income Fund (GCI.UN.TO) Buy,…

Gateway Casinos Income Fund (GCI.UN.TO)

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WAIT

An industry that is very well suited to the trust model. Very strong and stable cash flows. The gaming industry in British Columbia is expanding by leaps and bounds. The only chink in the armour is the build out of the Burnaby casino which is a massive construction project. Wait to see Burnaby get built out.

BUY ON WEAKNESS

Shorter term, it will continue to come under pressure. 4th quarter results were a little bit soft. A lot of new competition coming into the Vancouver market. Expects there will be some downward pressure on slot machine revenues. Likes it for the longer term.

BUY

Just bought more on the recent pullback. Seeing increased competition and probably won't see the same growth rate that it has had, but it will continue to grow internally and they are expanding their Burnaby casino. This year will be a transition year. Expect your 7% yield and maybe get 3/4% squeezed out of it. High cash flow/margin business.

HOLD

Just reported this morning and their numbers were a little bit soft. Expects results in the near term are going to be a bit choppy. Quite a bit of competition coming into the market. Taking steps to address this, by expanding their Burnaby casino. Likes this trust for the longer term. Short term take a bit of money off the table.

SELL

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

DON'T BUY

Expects it to at least maintain, if not grow, their distributions in a small way. Too expensive.

WEAK BUY

Has shown good growth and is concerned if it can keep it up, but his partner feels it can. About a 6.5% yield.

BUY

Like. Focuses on casinos. Very profitable. Well managed. $18 in one years time.

WEAK BUY

Raised its distribution recently. Very strong trust. Fully valued. The British Columbia liquor commission may be making changes which will affect their competitive environment. Good, long-term hold.

BUY

Too small a market cap for them to hold, but gambling is a big revenue generating business. Have a good track record.

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Gateway Casinos Income Fund (GCI.UN.TO)