Great Canadian Gaming Corp

GC-T

Analysis and Opinions about GC-T

Signal
Opinion
Expert
Chart
TOP PICK
TOP PICK
April 24, 2018

This is the largest casino operator in Canada. It is a big business in BC, they are now doing business in Nova Scotia, and they have just been awarded bundle licenses in Ontario. The Ontario bundle includes Woodbine Race Track in the Greater Toronto Area. This is a crown-jewel level opportunity. It currently has just slot machines, but they are making a huge renovation, in conjunction with Brookfield. The Toronto area is underserved by casinos now, and they have an effective monopoly in the GTA for the next 22 years. This is an enormous opportunity. He doesn’t think that opportunity has been priced into the stock yet. There is some concern about regulatory overhead in BC, because BC has issued new rules to limit money-laundering via casinos. However, there are no allegations against Great Canadian Gaming. The impact might be to reduce the amount of business from large players, but he thinks this has already been priced into the stock. Management owns a lot of stock, the company spits out a lot of cash flow, the company trades at a reasonable multiple, and there are many barriers to entry, protecting the business. This is a good business to own in a recession. (Analysts’ price target is 39$)

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This is the largest casino operator in Canada. It is a big business in BC, they are now doing business in Nova Scotia, and they have just been awarded bundle licenses in Ontario. The Ontario bundle includes Woodbine Race Track in the Greater Toronto Area. This is a crown-jewel level opportunity. It currently has just slot machines, but they are making a huge renovation, in conjunction with Brookfield. The Toronto area is underserved by casinos now, and they have an effective monopoly in the GTA for the next 22 years. This is an enormous opportunity. He doesn’t think that opportunity has been priced into the stock yet. There is some concern about regulatory overhead in BC, because BC has issued new rules to limit money-laundering via casinos. However, there are no allegations against Great Canadian Gaming. The impact might be to reduce the amount of business from large players, but he thinks this has already been priced into the stock. Management owns a lot of stock, the company spits out a lot of cash flow, the company trades at a reasonable multiple, and there are many barriers to entry, protecting the business. This is a good business to own in a recession. (Analysts’ price target is 39$)

Colin Stewart
Price
$35.720
Owned
Yes
BUY
BUY
April 9, 2018

They have great management. There was hope that the OLD in Ontario would privatize their gaming. They are selling down some of it and GC-T has done very well. They are one of the best operators in Canada.

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They have great management. There was hope that the OLD in Ontario would privatize their gaming. They are selling down some of it and GC-T has done very well. They are one of the best operators in Canada.

Greg Dean
Price
$33.520
Owned
Yes
PAST TOP PICK
PAST TOP PICK
November 14, 2017

(A Top Pick Sept 30/16. Up 29%.) He still likes this. May be a bit conservative in the short term. They’ve been swept up in money laundering headlines. Feels a lot of people are missing the mark, where they think the company is doing something nefarious, but to him it sounds more like a broad regulatory issue in BC, and there may be some tweaks to the rules. The real story is with the GTA gaming bundle they just signed. Buying on weakness is a fine strategy.

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(A Top Pick Sept 30/16. Up 29%.) He still likes this. May be a bit conservative in the short term. They’ve been swept up in money laundering headlines. Feels a lot of people are missing the mark, where they think the company is doing something nefarious, but to him it sounds more like a broad regulatory issue in BC, and there may be some tweaks to the rules. The real story is with the GTA gaming bundle they just signed. Buying on weakness is a fine strategy.

Ryan Modesto
Price
$29.810
Owned
No
PAST TOP PICK
PAST TOP PICK
August 22, 2017

(Top Pick Nov 2/16, Up 44.16%) They signed a deal with Ontario to create casinos in Ontario. They want to develop the Woodbine site. It sets up growth potential going forward. He likes it more now than a year ago.

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(Top Pick Nov 2/16, Up 44.16%) They signed a deal with Ontario to create casinos in Ontario. They want to develop the Woodbine site. It sets up growth potential going forward. He likes it more now than a year ago.

Peter Hodson
Price
$31.490
Owned
No
BUY WEAKNESS
BUY WEAKNESS
August 10, 2017

They are building a gambling complex in Toronto. Ontario is looking to expand gaming facilities. The GTA and Vancouver are the biggest markets in Canada. If it checks back to $28 that would be a good entry level.

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They are building a gambling complex in Toronto. Ontario is looking to expand gaming facilities. The GTA and Vancouver are the biggest markets in Canada. If it checks back to $28 that would be a good entry level.

Robert Lauzon
Price
$31.150
Owned
Unknown
BUY
BUY
April 11, 2017

Does this pay a dividend? It does not pay a dividend because they have some debt covenants on some fixed income that they issued. As a casino operator, it is kind of a stable business. Growing organically through some expansions in Vancouver. Also, have some new casinos in Ontario. OLG is opening up packages that companies can bid on as well. There is some good growth potential here. Not that expensive.

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Does this pay a dividend? It does not pay a dividend because they have some debt covenants on some fixed income that they issued. As a casino operator, it is kind of a stable business. Growing organically through some expansions in Vancouver. Also, have some new casinos in Ontario. OLG is opening up packages that companies can bid on as well. There is some good growth potential here. Not that expensive.

Ryan Modesto
Price
$24.490
Owned
No
PAST TOP PICK
PAST TOP PICK
November 25, 2016

(A Top Pick Sept 30/16. Up 4.9%.) Just released a very solid earnings report and beat estimates by a fairly wide margin. The new casino coming online is moving fine. There is still some organic growth potential through some Ontario gaming bundles that they have an opportunity to bid on. A great story that is underfollowed.

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(A Top Pick Sept 30/16. Up 4.9%.) Just released a very solid earnings report and beat estimates by a fairly wide margin. The new casino coming online is moving fine. There is still some organic growth potential through some Ontario gaming bundles that they have an opportunity to bid on. A great story that is underfollowed.

Ryan Modesto
Price
$23.770
Owned
No
TOP PICK
TOP PICK
November 2, 2016

Their casinos are mostly out West, but he likes it because they have expanded. Bought Casino New Brunswick which has 2 sites, and are building 2 sites in Ontario which will be up and running early next year. He likes it because of the share buyback. Their share count has gone down by about 22 million over the past 10 years. That just creates great earnings leverage. They don’t pay a dividend. It is gambling, so almost recession proof.

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Their casinos are mostly out West, but he likes it because they have expanded. Bought Casino New Brunswick which has 2 sites, and are building 2 sites in Ontario which will be up and running early next year. He likes it because of the share buyback. Their share count has gone down by about 22 million over the past 10 years. That just creates great earnings leverage. They don’t pay a dividend. It is gambling, so almost recession proof.

Peter Hodson
Price
$21.850
Owned
No
TOP PICK
TOP PICK
September 30, 2016

A casino operator. Starting to get some momentum behind it, but it is still pretty cheap. They operate in a stable business with some regulatory protection. There is some organic growth runway behind them as they are expanding a casino in British Columbia as well as a new one in Belleville Ontario. Thinks it may have been overlooked because of a lack of dividend, but sometimes that is good for a business.

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A casino operator. Starting to get some momentum behind it, but it is still pretty cheap. They operate in a stable business with some regulatory protection. There is some organic growth runway behind them as they are expanding a casino in British Columbia as well as a new one in Belleville Ontario. Thinks it may have been overlooked because of a lack of dividend, but sometimes that is good for a business.

Ryan Modesto
Price
$22.840
Owned
No
PAST TOP PICK
PAST TOP PICK
June 3, 2016

(A Top Pick July 7/15. Down 24.92%.) Missed a couple of quarters that really took the stock lower, and they have not recovered. Sold his holdings at around $19. The one good thing is that they have a history of buying back a lot of stock, especially after an earnings miss.

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(A Top Pick July 7/15. Down 24.92%.) Missed a couple of quarters that really took the stock lower, and they have not recovered. Sold his holdings at around $19. The one good thing is that they have a history of buying back a lot of stock, especially after an earnings miss.

Jason Mann
Price
$17.460
Owned
No
COMMENT
COMMENT
April 6, 2016

This is still one of his largest holdings. Had a bit of a tough period 9 months ago when they missed, and the stock came off. It also took a hit when the Government changed its policy on VIP customers, but that hasn’t appeared to be a problem, and has since recovered a bit. Price momentum is a little weak, but valuation is really solid. This is generally a cash machine. 20% ROE. Doesn’t pay a dividend, because they prefer to buy back stock.

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This is still one of his largest holdings. Had a bit of a tough period 9 months ago when they missed, and the stock came off. It also took a hit when the Government changed its policy on VIP customers, but that hasn’t appeared to be a problem, and has since recovered a bit. Price momentum is a little weak, but valuation is really solid. This is generally a cash machine. 20% ROE. Doesn’t pay a dividend, because they prefer to buy back stock.

Jason Mann
Price
$18.010
Owned
Yes
HOLD
HOLD
December 9, 2015

Has owned this in the past and has it on his radar screen. There is not going to be as many people with disposable income for gambling and restaurants in the current economic situation. Would like to see some stabilization in the Canadian economy, followed by a pick up, before adding this.

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Has owned this in the past and has it on his radar screen. There is not going to be as many people with disposable income for gambling and restaurants in the current economic situation. Would like to see some stabilization in the Canadian economy, followed by a pick up, before adding this.

PAST TOP PICK
PAST TOP PICK
November 25, 2015

(A Top Pick July 7/15. Down 29.38%.) Has been in and out of this since he picked it. 2 quarters ago they reported a miss and he sold at around $19. Recently bought a small position based on an earnings report that looks better. A very friendly shareholder management team.

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(A Top Pick July 7/15. Down 29.38%.) Has been in and out of this since he picked it. 2 quarters ago they reported a miss and he sold at around $19. Recently bought a small position based on an earnings report that looks better. A very friendly shareholder management team.

Jason Mann
Price
$16.160
Owned
Yes
PAST TOP PICK
PAST TOP PICK
October 13, 2015

(A Top Pick Oct 27/14. Down 6.31%.) Did a big buyback a couple of years ago and they continue to buy back stock. It is almost like an ongoing privatization. In a gambling situation, sometimes you get a good quarter and sometimes you get a bad quarter. A very solid company. Economically sensitive, because they do have hotel exposure. Largely BC based and have expanded into Ontario, so are starting to expand across the country. Still likes it.

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(A Top Pick Oct 27/14. Down 6.31%.) Did a big buyback a couple of years ago and they continue to buy back stock. It is almost like an ongoing privatization. In a gambling situation, sometimes you get a good quarter and sometimes you get a bad quarter. A very solid company. Economically sensitive, because they do have hotel exposure. Largely BC based and have expanded into Ontario, so are starting to expand across the country. Still likes it.

Peter Hodson
Price
$17.760
Owned
No
PAST TOP PICK
PAST TOP PICK
September 8, 2015

(A Top Pick July 7/15. Down 23.24%.) Sold his holdings when price momentum turned negative, but thinks it is a well-run company. From a valuation perspective, longer-term the company is still in the top 20% for him. Good ROE’s and trades at about a 9% free cash flow yield. Have been aggressive in buying back their stock.

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(A Top Pick July 7/15. Down 23.24%.) Sold his holdings when price momentum turned negative, but thinks it is a well-run company. From a valuation perspective, longer-term the company is still in the top 20% for him. Good ROE’s and trades at about a 9% free cash flow yield. Have been aggressive in buying back their stock.

Jason Mann
Price
$17.670
Owned
No
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