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FANTINI’S GAMING REPORT^©

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Created: 30 January 2013

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Created: 30 July 2013

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Frank Fantini – Editor & Publisher

Ashley Rentz – Assistant Editor

Simona Gallegos – Interactive Editor

TOP STORIES

            PNK LOOKING FOR LOWER LOAN RATE

MACAU BOUNCES BACK

PENINSULA VETS BACK IN BUSINESS

LINKS LIBRARY™: CZR, UWN, OLYMPIC, WYNN

INVESTORS

EARNINGS US: CZR, UWN, WYNN

EARNINGS INTERNATIONAL: OLYMPIC

            ANALYSTS:CHDN, LVS, WYNN, WYNN MACAU

            MARKETS

            BOUGHT AND SOLD: BET

COMPANIES

            US PUBLIC: TBTC

            US PRIVATE: COSMO, GLI, NEWAVE

            INTERNATIONAL: LEISURE AND RESORTS, SPO

            i-GAMING:  POKERSCOUT, WMS

            NEW PRODUCTS: MICROGAMING

JURISDICTIONS

            USA: KY, LV, MD

INDIAN COUNTRY:            NY, OK

INTERNATIONAL: MACAU, UK

            i-GAMING:  NJ

ET AL

            ONLINE, LAND-BASED GAMBLING ASSOCIATION FORMED

INVESTOR EVENTS

CONTACT US

TOP STORIES

PNK LOOKING FOR LOWER LOAN RATE

            The loan Pinnacle will use to purchase Ameristar could come with a lower interest rate, Bloomberg quoted a source.

            PNK has cut the rate it is offering to pay on the $1.6 billion of loans from LIBOR plus 3.5 percent to LIBOR plus 2.75 percent, Bloomberg quoted a source.

            The loans consist of a $1.1 billion, seven-year term loan and $500 million three year loan, and will still have a 1 percent minimum on LIBOR, the source said.

            Also, the $1.1 billion loan will be sold at an original-issue discount of 99.5 cents vs. the 99 cents that was originally planned. The $500 million debt will be issued at par.

            Goldman Sachs and JP Morgan are arranging the financing, for which commitments were due Monday.

            PNK expects to close on the purchase of ASCA next month pending approval from the Federal Trade Commission.

MACAU BOUNCES BACK

            Macau’s gaming revenue bounced back last week causing some analysts to raise their projections for the month of July just a week after some had lowered estimates because of softness the week before.

            Revenues jumped 29 percent from last year to around $135 million.

            Cameron McKnight of Wells Fargo raised his July forecast to 19-21 percent.

            A high profile boxing match at the Venetian helped drive traffic, he said, though checks indicate stronger floor traffic has continued into this week.

            Despite the continued fears of an economic slowdown in China, McKnight forecasts 16 percent gaming revenue growth for the year.

            Dave Bain of Sterne Agee tightened his estimate growth rate to 18-19 percent from 17-19 percent.

            Below are McKnight’s month-to-date market share estimates:

Las Vegas Sands                            22.8                            20.0

Galaxy Entertainment                     20.5                            19.6

Melco Crown                                                12.5                            14.4

MGM Resorts                                      9.4                             10.7

PENINSULA VETS BACK IN BUSINESS

            The folks who led Peninsula Gaming are back in the casino business, and this time their names are on the door.

            Former Peninsula CEO Brent Stevens, COO Jonathan Swain and CFO Natalie Schramm have formed JNB Gaming and they already have their first gig – the contract to manage the proposed new casino in Cedar Rapids, IA.

            They also will be investors in the project along with local businessmen who comprise Cedar Rapids Development Group.

            Gaming has been approved by the voters of Linn County, and the project now needs approval from state regulators who have yet to decide whether more casinos should be allowed in Iowa.

            The trio has experience in Iowa where Peninsula opened its first casino, Diamond Jo in Dubuque and later opened a Diamond Jo in Worth.

            Boyd bought Peninsula last November for $745 million plus debt.

            The Cedar Rapids casino would cost about $110 million.

LINKS LIBRARY™: CZR, UWN, OLYMPIC, WYNN

            Below are the story related links in our online Links Library™:

            • EARNINGS

$1-       Caesars

$1-       Nevada Gold

$1-       Olympic Entertainment

$1-       Wynn

 http://www.fantiniresearch.com/links/earnings-releases

INVESTORS

EARNINGS US:  CZR, UWN, WYNN

• CAESARS continued to lose money in the second quarter because of weak gaming revenues, but CEO Gary Loveman said the company is starting to see underlying strength in hotel and food and beverage.

CZR also continued to pay the price of its high debt as adjusted EBITDA fell to $470 million and interest expense net of capitalized interest rose to $540.1 million.

The decline in gaming revenues was blamed on increasing regional competition, the economy, and construction disruption and low table hold in Las Vegas.

Casino revenue also fell because CZR eliminated what it called unprofitable marketing.

The good news in non-gaming revenue was that food and beverage revenue grew 8.9 percent and average daily rate for Las Vegas cash hotel rooms added $10 to $107. Las Vegas room rates benefitted as PNK introduced resort fees.

On the expense side, CZR said it saved $66.9 million in the quarter in spending cuts and has identified another $148.4 million annually.

Loveman said he is excited about CZR's prospects with construction started on the Baltimore casino, and Las Vegas projects about to come online. They include the $550 million LINQ entertainment district and renovation of the former Imperial Palace into the Quad, renovation of the former Bill's Gambling Hall into an upscale Gansevoort and refurbishment of Jubilee hotel tower rooms at Bally's.

Second Quarter Highlights:

Diluted earnings per share: ($1.69) vs. ($1.29) vs. ($1.57) consensus

Net Revenue: $2.158 billion vs. $2.163 billion

Adjusted EBITDA: $470.5 million vs. $512.4 million

Diluted shares: 125.36 million

Balance Sheet: Cash: $1.810 billion vs. $1.757 billion

                            Long-term debt: $20.912 billion vs. $20.532 billion

 Year-To-Date Highlights:           

Earnings per share: ($3.10) vs. ($3.58)

Revenue: $4.301 billion vs. $4.369 billion

Adjusted EBITDA: $940.2 million vs. $1.035 billion

• NEVADA GOLD AND CASINOS exceeded its financial targets for the year and continues to pay down debt, positioning UWN for a strong 2014, CEO Michael Shaunnessy said.

            Shaunnessy called fourth quarter results solid, as they follow revamped efforts by UWN to optimize assets, reduce costs and sharpen focus.

            UWN’s Washington mini-casino EBITDA improved 22 percent and was flat for its South Dakota slot route. Recent fine tuning is expected to improve results in 2014.

            The active search for both new casino acquisitions and management contracts continues, Shaunnessy added.

Fourth Quarter Highlights

Earnings per share for continuing operations: 3 cents vs. (27 cents) vs. 3 cents consensus

Net revenue: $16.519 million vs. $16.568 million

Adjusted EBITDA: $1.715 million vs. $1.452 million

Diluted shares: 16.110 million vs. 15.893 million

Balance Sheet: Cash: $6.723 million vs. $5.200

                          Long-term debt: $12.930 million vs. $15.155 million

Year-End Highlights:

Earnings per share for continuing operations: 1-cent vs. (45 cents)

Revenue: $65.923 million vs. $55.628 million

Adjusted EBITDA: $5.762 million vs. $3.387 million

• WYNN RESORTS.Improved table told in Macau and Las Vegas could not offset overall weakness in Macau as Wynn earnings missed analyst consensus.

            The weakness in Macau was in VIP play, where volumes fell 1.6 percent. Mass-market faired better with an 8.5 percent revenue increase.

             Las Vegas rebounded strongly, with EBITDA soaring 65.6 percent to $135 million to offset the 4 percent Macau decline to $290.088 million.

            Results would have been worse except for Wynn playing luckier than last year at the tables. Macau rolling chip win was 2.94 percent vs. 2.79 percent last year. In Las Vegas, tables held 21.4 percent vs. 15 percent last year, offsetting a 4.8 percent decline in drop. While win was a big improvement on last year, it was not especially lucky. Normal hold range is 21 to 24 percent.

            Food and beverage, which has become increasingly important in Las Vegas thanks to the super-hot nightclub scene, revenue increased 5.9 percent to $146 million.

            On a GAAP basis, earnings declined because of a $26.6 million charge for early repayment of debt.

            Wynn also signed construction contracts for Wynn Macau fixing the cost at no more than $4 billion and setting the opening date as January 2016, in time for the Chinese New Year.

            Earlier estimates had put the cost at $3.5 billion to $4 billion, and skeptics have said the resort would not open until 2017.

            Second Quarter Highlights:

Adjusted earnings per share: $1.51 vs. $1.38 vs. $1.57 consensus

GAAP earnings per share: $1.28 vs. $1.37

Net revenue: $1.332 billion vs. $1.253 billion

Adjusted property EBITDA: $425.745 million vs. $384.129 million

Diluted shares:  101.549 million vs. 101.010 million

Balance Sheet: Cash: $2.5 billion

                            Long-term debt: $6 billion

Adjusted Property EBITDA by operation:

            Macau: $290.088 million vs. $302.210 million

            Las Vegas: $135.657 million vs. $81.919 million

Year-To-Date Highlights:

Adjusted earnings per share: $3.53 vs. $2.71

GAAP earnings per share: $3.28 vs. $2.59

Net revenue: $2.710 billion vs. $2.566 billion

Adjusted property EBITDA: $876.813 million vs. $774.786 million

EARNINGS INTERNATIONAL: OLYMPIC

            • OLYMPIC ENTERTAINMENT’s second quarter revenue increased 6.7 percent to €34.088 million, with its casinos in Lithuania, Slovakia and Latvia performing the best.

            Second Quarter Highlights:

Diluted earnings per share: 3.4 cents vs. 3.5 cents

Revenue: €34.088 million vs. €31.940 million

Revenue by country this year vs. last:

            Estonia:         €8.289 million vs. €8.180 million

            Latvia:            €8.398                   €7.767

            Lithuania:      €4.906                   €4.466

            Poland:          €7.287                   €7.138

            Slovakia:        €3.787                   €3.505

            Belarus:         €563,000              €885,000

            Italy:                €857,000              NA

Balance Sheet: Cash €30.998 million vs. €35.973 million in December

                            Borrowings: €239 million vs. €241 million

            Year-To-Date Highlights:

Diluted earnings per share: 6.4 cents vs. 6.8 cents

Revenue: €67.147 million vs. €63.607

EBITDA: €16.7 million vs. €17.3 million

ANALYSTS: CHDN, LVS, WYNN, WYNN MACAU

            • CHURCHILL DOWNS. Justin Sebastiano of Brean Capital reiterated his buy rating and $97 target ahead of second quarter earnings, which he said will likely exceed his expectations thanks to online horse wagering resuming in Illinois in June.

            CHDN’s stock price doesn’t reflect the growth potential of the Kentucky Derby, management’s acquisition strategy, continuing shift to online wagering on horse races and the opening of half-owned Miami Valley Gaming racino in Ohio in June, he said.

            • LAS VEGAS SANDS. Thomas Allen of Morgan Stanley remains bullish on Las Vegas Sands, though he cut EBITDA forecasts in Singapore and Las Vegas.

            He cited growth in Macau, LVS’ exposure to the faster-growing mass-market in Macau and growing returns to shareholders for his outlook.

             Allen upped his EBITDA estimates for the year at Sands Cotai Central to $653 million to account for its stronger-than-expected ramp up. However, Allen dropped his Four Seasons Macau EBITDA estimate from $362 million to $260 million due to the transition to mass tables.

            Allen also cut his 2013 EBITDA estimate for Singapore from $1.61 billion to $1.55 billion to account for low hold in Q2 and mid-single-digit EBITDA growth going forward.

            His EBITDA estimate for Las Vegas drops to $353 million from $375 million.

            Allen’s $65 target implies a 20 percent or more EBITDA return. He remains overweight on the stock, saying he would use any weakness in share price to buy.

            • WYNN. Despite Wynn’s second quarter miss in Macau, most analysts come away from earnings positive on WYNN’s long-term outlook.

            Some analysts actually upped their targets, including Brian McGill of Janney Capital, who raised his target from $185 to $190 and reiterated his buy rating.

            The focus should shift from Macau market share to fundamentals and the opportunity presented by Wynn Cotai, he said. That resort opens in 2016.

            Wynn Cotai should add significantly to WYNN, and as of now is worth $50 a share, McGill said.

            Carlo Santarelli of Deutsche Bank raised his target a dollar to $156, saying that near-term results are less important than the long-term.

            Santarelli reaffirmed his buy rating, though he did shave earnings estimates to $6.70 and $8.11 a share this year and next.

            Robert LaFleur of Cantor Fitzgerald dropped his target $1 to $162, but noted that still represents 21 percent upside. LaFleur also pointed to WYNN’s $1 dividend per quarter, while reflects a 3 percent yield.

            His earnings estimates for this year and next are $6.86 and $7.10 a share.

            Ian Weissman of ISI trimmed his target $2 to $147 from $149, but also maintains his buy rating.

            The lower target largely reflects his belief that Wynn Cotai will not open until 2017.

            Weissman said he is somewhat concerned about the near-term and whether WYNN can keep pace with the market's overall growth rate.

            Still, WYNN is one of his top picks as Weissman expects free cash flow yield of 9 to 10 percent over the next three years, over $2 billion in cash on the books by year-end and a possible special dividend.

            His earnings estimates are $6.50 a share this year and $7.10 next.

            Other analysts:

Barclays

Felicia Hendrix         $150               overweight                $6.52  $7.34

CLSA

Jon Oh                       $143               outperform                 $6.86  $7.45  $7.86

JP Morgan

Joe Greff                    $155               overweight                $6.82  $8.12  $9.05

Macquarie

Chad Beynon           $132               neutral                       $6.34  $6.55  $7.57

Stifel

Steve Wieczynski    NA                  hold                            $6.69  $7.14

Susquehanna

Rachael Rothman   $155               positive                      $6.45  $6.80

UBS

Robin Farley             $124               neutral                       $6.10  $7.04  $7.55

Wells Fargo

Cameron McKnight $150-$170     outperform                 $6.74  $6.90

            • WYNN MACAU. Phoebe Tse of Barclays upped her target from HK$23.50 to HK$23.63 but maintains her equal weight rating citing weak growth potential until Wynn Cotai opens in 2016.

            Wynn Macau is the premium brand gaming operator in Macau, but it will grow EBITDA just 7 percent this year, and 5 to 6 percent in 2014 and 2015, she said.

            Gary Pinge of Macquarie reiterated his neutral rating and HK$21.80 target saying growth momentum will slow until Cotai opens, but its 4 percent dividend should protect the stock price.

MARKETS as of 4:30 p.m. US Eastern Time Monday:

            • FANTINI’S GAMING INDICES:

North American Index:        138.25            -0.06 percent

World Index:                          148.25            -0.05

Details on the indices, including charts and graphs, are at  http://www.fantiniresearch.com/fantini-gaming-indices.

Fifty-two week closing highs:

No 52-week closing lows.

            Five percent movers:

Wells-Gardner          +6.18 percent

Empire Resorts         +5.10

            BOUGHT AND SOLD: BET

            • BETFAIR founder Andrew Black lowered his holdings in BET from 6.68 to 4.508 percent, or 4.715 million shares.          

COMPANIES

            US PUBLIC: TBTC

            • TABLE TRAC. The Red Solo Cup promotion at Glacier Peaks Casino in Montana, powered by Table Trac’s casino management system, won the Diamond Romero Award at the Casino Marketing Conference in Las Vegas.

            US PRIVATE: COSMO, GLI, NEWAVE

            • COSMOPOLITAN. Protests by the Culinary Union at Cosmopolitan Las Vegas continue, as the union pushes to organize workers.

             Wednesday's planned protest will be the fourth demonstration at Cosmo since January, the Las Vegas Sun reported.

            • GLI will hold its Latin American regulators roundtable August 12 and 13, and expects a wide audience of regulators from the region.

            • NEWAVE will exhibit its software at the upcoming Oklahoma Indian Gaming Association Conference August 12-14.

            NEWave has products in 36 casinos in Oklahoma.

            INTERNATIONAL: LEISURE AND RESORTS, SPO

            • LEISURE AND RESORTS WORLD CORP received regulatory approval to allow junkets to serve its casino in the Midas Hotel in Pasa City, the Philippine Business Mirror reported.

             Prime Investment Korea will be its casino junket operator.

            • SPORTECH upgraded the online horse wagering service it supplies to Maywood Park in Illinois.

            Among BetZotic.com’s updated features are a more intuitive wager pad and better mobile capabilities.

            i-GAMING: POKERSCOUT, WMS

            • POKERSCOUT’s number one ranked PokerStars had a total 135,836 total players online over the past week, of which 27,435 were cash players. Its 24-hour peak was 30,469.

            The top 10, by seven-day average:

            PokerStars                            20,000

            iPoker (Playtech)                   2,400

            Full Tilt (PokerStars)              2,300

            888 Poker (888)                      2,050

            PartyPoker (bwin.party)        1,880

            PokerStars, Italy                     1,580

            PokerStars, Spain                  1,480

            Bodog                                                  1,300

            Winamax, France                  1,100

            PokerStars, France                1,020

            Play for fun top 10:

            Zynga Poker                         62,600

            PokerStars                            19,600

            DoubleDown (IGT)                4,000

            PartyPoker (bwin.party)        1,820

            Full Tilt (PokerStars)              1,660

            888 Poker (888)                         950

            PKR                                             345

            Club WPT                                   310

            Appeak Poker                            285

            Merge Gaming                           210

• WMS’ Williams Interactive is about to launch its first play-for-fun social casino at Snoqualmie Casino near Seattle.

            NEW PRODUCTS: MICROGAMING

            • MICROGAMING has introduced what it says is an industry first online poker feature: Blazing Cannon.

            The game, available on the MPN Poker network, allows players to add extra chips to use on their next hand by knocking down tokens on a house of cards.

JURISDICTIONS

            USA: KY, LV, MD

   • KENTUCKY is getting Keno.

            The state lottery plans to begin Keno operations November 4, and within five years hopes to have the game in operation in 600 to 700 retailers.

            The state expects 400 retailers will carry the game within the next year.

            • LAS VEGAS. Room rates quoted to free and independent travelers on the Strip are down 1 percent for the week ending August 24, according to the weekly survey from Joe Greff of JP Morgan and 13 percent according to the survey by Robert LaFleur of Cantor Fitzgerald.

            Third quarter-to-date rates are up 4 percent in Greff’s survey and down 3 percent in LaFleur's.

            From the JP Morgan survey:

Las Vegas Sands                +10 percent               -  2 percent

MGM Resorts                        + 4                               + 8

From the Cantor Fitzgerald survey:

Las Vegas Sands                -11 percent                - 8 percent

MGM Resorts                        -12                              +1

            • LAS VEGAS II. The D Casino in downtown Las Vegas will hold the first live nationally televised sports event from the Fremont Street Experience on September 20, the Las Vegas Review-Journal reported.

            The event is a Muay Thai Fight.

            • MARYLAND’s lottery has introduced instant lottery tickets featuring the Baltimore Ravens (football team).

INDIAN COUNTRY: NY, OK

• NEW YORK.The Stockbridge Munsee Indians of Wisconsin are still pursuing a casino in the Catskill Mountains.

The tribe’s land-in-trust application for a casino there is still very much alive in the Bureau of Indian Affairs, according to the tribe’s attorney.

The feds have twice turned the tribe down.

• OKLAHOMA. A federal district court rejected a lawsuit filed against the US Department of Interior by Cherokee County, KS, over the Quapaw Tribe’s Downstream Casino in Quapaw, OK.

The county claimed the land-in-trust procedures were not followed.

Downstream Casino straddles the state line with its parking lot in Cherokee County.     

            INTERNATIONAL:  MACAU, UK

            • MACAU. Unemployment remained at a record low of 1.8 percent in Macau for the period between April and June, the Macau Daily Times reported.

• UNITED KINGDOM. Scottish gamblers spent £4.4 billion on fixed-odds-betting terminals last year, up 4 percent from the previous year, Scotland’s the Daily Record reported.

          i-GAMING: NJ

            • NEW JERSEY (KGM, MGT, SPIN GAMES). In addition to the 12 casino operators and their respective partners, MGT Capital and KGM Gaming have applied for licenses to offer i-gaming services in New Jersey.

Casino equipment manufacturer KGM has applied to offer remote gaming server Robust Online Client, which it is licensing from Spin^™ Games.

 MGT owns casino gaming system patents as well as the fantasy sports wagering website FanTD.

ET AL

ONLINE, LAND-BASED GAMBLING ASSOCIATION FORMED

            Online and land-based gaming operators have joined forces to launch a gaming association, P3 Group.

            Among the founders are Rank Group, Paddy Power, Sky Bet, Aspers Casinos, and Ladbrokes.

            The point of P3 is to share information for best practices for minimizing potential harm from gambling.

INVESTOR CONFERENCES:

            • 2013 Gaming Investment Forum (in conjunction with G2E), hosted by Deutsche Bank and UBS, September 23, 24, Las Vegas. Registration at:  http://conferences.db.com/americas/gif13/  Pass code: gaming 13.

CONFERENCE CALLS:     

            • MULTIMEDIA GAMES. July 30, 9:00 am ET. Phone: +1-720-545-0001, and via  http://ir.multimediagames.com/events.cfm. Replay on the website.

            • BUTLER NATIONAL. July 30, 10 am ET. Phone: 800-624-7038, passcode: Butler National Corp.

            • MOHEGAN TRIBAL GAMING. July 30, 11:00 am ET. Phone: 877-756-4274 US, +1-706-643-0107 international, pass code: 23775256, and at www.mtga.com. Replay through August 13 at 855-859-2056 US, +1-404-537-3406 international, passcode: 23775256 and on the website.

            • BOYD GAMING. July 30, 12 noon ET. Phone: 888-317-6003, passcode: 6502739, and at www.boydgaming.com. Replay through August 6 at 877-344-7529 passcode: 10031889 and on the website.

            • GTECH. July 30, 12:15 pm ET (6:15 pm CET). Phone: +1-646-254-3362 US, +39 06 8750 0874 Italy, +44 (0)20 3427 1909 UK, and any of these numbers for all other international callers; passcode: 6228715, and at www.gtech.com.

            • CHURCHILL DOWNS. August 1, 9:00 am ET. Phone: 877-372-0878 US, +1-253-237-1169 international, passcode: 23597619 and at  http://ir.churchilldownsincorporated.com/events.cfm.

            • 888 HOLDINGS. August 6, 5:30 am ET (10:30 am BST). Phone: +44(0)20 3427 1909, pass code: 5088805. Replay at +44(0)20 3427 0598, passcode: 5088805.

            • MGM RESORTS. August 6, 11:00 am ET. Phone: 800-560-7376 US or +1-706-758-3659 international, pass code: 15164251 and at www.mgmresorts.com. Replay through August 13 at 855-859-2056 US, +1-404-537-3406 international, passcode: 15164251 and on the website.

            • MTR GAMING. August 6, 4:30 pm ET. Phone: 888-438-5519, pass code 9028873 and at www.mtrgaming.com. Replay through August 13 at 877-870-5176, passcode: 9028873 and on the website. 

            • TRANSACT TECHNOLOGIES. August 6, 4:30 pm ET. Phone: +1-678-825-8259, and at www.transact-tech.com. Replay on the website.

            • GLOBAL CASH ACCESS. August 6, 5:00 pm ET. Phone: 877-941-8410 US, +1-480-629-9856 international, and at www.gcainc.com. Replay through August 13 at 877-870-5176 US, +1-858-384-5517 international, passcode: 4631205.

           • UNIBET GROUP. August 7, 3:00 am ET (9:00 am CEST). Phone: 877-788-9023 US, +44 20 3364 5372 UK, and at www.unibetgroupllc.com.

            • MELCO CROWN. August 7, 8:30 am ET. (8:30 pm Hong Kong). Phone: 866-519-4004 US, 1-845-675-0437 international, 800-930-346 or 852-2475-0994 Hong Kong, 080 823 46646 UK, 1 800 457 076 Australia, 1 800 165 10607 Philippines, pass code: MPEL, and at www.melco-crown.com. Replay at 855-452-5696 US, +1-646-254-3697 international, 800 963 117 Hong Kong, 1 800 161 20166 Philippines, passcode: 22636948.

            • SCIENTIFIC GAMES. August 8, 8:00 am ET. Phone: 80-295-4740 US/Canada, +1-617-614-3925 international, passcode: 78727593 and at www.scientificgames.com Replay on the website.

            • ENTERTAINMENT GAMING ASIA. August 8, 8:30 am ET. Phone: 800-905-9496 US, +1-212-231-2937 international, and at www.EGT-Group.com. Replay on the website.

            • NAGA CORP. August 8, 10:00 am ET (10:00 pm Hong Kong). Phone: 800-762-8779 or 1-480-629-9645 US, 800-908-530 or 852-3009-5027 Hong Kong, 10800-744-0091 or 86-400-628-0672 Northern China, 10800-440-0091 or 86-400-628-0671 Southern China, 80-88-49-19 or 45-3271-4672 Denmark, 800-448-1303 or 65-6823-2087 Singapore, 0800-358-5271 or 44-208-515-2301 UK.

            • FULL HOUSE RESORTS. August 8, 11:00 am ET. Phone: 888-438-5491 US, +1-719-325-2177 international, and at www.fullhouseresorts.com. Replay through August 15 at 877-870-5176 US, +1-858-384-5517 international, passcode: 8077527.

            • GREAT CANADIAN GAMING. August 14, 5:00 pm ET. Phone: 888-390-0546 US/Canada, +1-416-764-8688 international, passcode: 94682617, and at www.gcgaming.com. Replay on the website.

            • BALLY TECHNOLOGIES. August 15, 4:30 pm ET. Phone: 866-524-3160 US, +1-412-317-6760 international, and at www.BallyTech.com. Replay through September 13 on the website.

            • CODERE. August 30, 10:00 am ET (4:00 pm CET). Pre-register for phone access: https://eventreg1.conferencing.com/webportal3/reg.html?Acc=927222&Conf=188173. Replay at www.codere.com.

CONFERENCE CALL REPLAYS:

            • AGILYSYS www.agilysys.com/home/InvestorRelations/EventPresentation.htm.

            • CAESARS through October 30 at www.caesars.com.

            • DEQ through August 1 at 1-800-558-5253 or +1-416-626-4100, passcode: 21662442, and at www.deq.com.

            • DOVER DOWNS through August 2 at +1-203-369-1489, passcode: 3103.

            • IGT through August 6 at 866-395-7260 US, +1-203-369-0489 international, and at www.IGTcom/InvestorRelations.

            • LAS VEGAS SANDS through July 31 at 855-859-2056 US, +1-404-537-3406 international, passcode: 19204877.

            • NATIONAL INDIAN GAMING COMMISSION at www.nigc.gov.

            • NEVADA GOLD through August 6 at 877-870-5176 US/Canada, +1-858-384-5517 international, passcode: 7997705 and at  http://ir.nevadagold.com/events.cfm.

            • PENN NATIONAL through August 24 at www.pngaming.com.

            • PINNACLE through August 8 at +1-404-537-3406, passcode: 13741536.

            • WYNN RESORTS through August 12 at 855-859-2056 US, +1-404-537-3406 international, passcode: 23769654 and at www.wynnresorts.com.

• ZYNGA at  http://investor.zynga.com.

GAMING CONVENTIONS, CONFERENCES, EXPOS

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FANTINI’S GAMING REPORT

More Important Than Your Morning Coffee

More Necessary Than Ever

November 9, 2009
Frank Fantini
Editor & Publisher

TOP STORIES:
LVS SEEKS $3.82 BILLION IN HK; LV SUITS DISMISSED
ILLINOIS DOWN, BUT BEST IN TWO YEARS
OH: TWO CHALLENGES TO CASINO APPROVAL
MO INVESTIGATING DAN LEE INCIDENT

INVESTORS
MARKET ACTION
ANALYST ACTION: IGT, LVS, MGM, MNTG
BOUGHT AND SOLD: ASCA, BALLY, WYNN

BRIEFLY
COMPANY NEWS: TACT, TROP LV, WM HILL
AROUND THE WORLD
USA: AC, IN, LV, MS, NY, PA, SD, WV
INDIAN COUNTRY: AZ, CA
INTERNATIONAL: BERMUDA, BULGARIA, MACAU
INTERNET: BODOG, GAMING MEDIA, NEO GAMES

ET AL
INVESTOR EVENTS
CONTACT US


TOP STORIES


LVS SEEKS $3.82 BILLION IN HK; LV SUITS DISMISSED

Las Vegas Sands apparently will seek to raise nearly twice the money in a Hong Kong IPO than previously thought.

The company is proposing to raise up to US$3.35 billion by selling stakes in its Macau operations, the Wall Street Journal reported from sources. Previously, LVS had been expected to raise $2 billion or so.

The price of HK$10.38 to HK$13.88 a share is 13.5 to 16.5 times projected 2010 earnings of its Macau properties, Reuters said.

The amounts to be raised would clearly be enough for LVS to revive construction of sites Five and Six in Macau as the company develops the Cotai Strip, a 20,000-room, multi-resort version of the Las Vegas Strip.

Citigroup and Goldman Sachs are the global coordinators of the sale and will be co-book runners along with BNP Paribas and Barclays.

Elsewhere, three shareholder lawsuits in Nevada have been dismissed.

The suits, similar to those against other companies with the collapse of stock prices late last year through March, blamed the board for the plunge in share value and said directors weren’t independent enough of CEO Sheldon Adelson.


ILLINOIS DOWN, BUT BEST IN TWO YEARS

In another sign that casinos are stabilizing, Illinois reported its best year-over-year comparison in two years in October.

Revenues fell 4.25 percent, but that was the best comparison since November 2007, the last time Illinois grew revenues, 4.24 percent at the time.

The showing also is a big improvement over the 9.94 percent year-to-date decline through September.

However, an indication of how far Illinois has fallen between the 2008 smoking ban and the recession is reflected in the October comparison to 2007, down 28.74 percent.

Illinois is the second major casino state to report. Iowa also showed less decline in its October numbers.

The story will take fuller shape by Tuesday when Indiana, Missouri and Atlantic City will have reported.

October benefitted from 10 weekend days compared to nine last year.

Chicagoland

Grand Vic Elgin (50/50 MGM, Hyatt) $23.605 million - 9.44 percent
Hollywood Aurora (PENN) $15.318 - 9.57
Empress Joliet (PENN) $12.942 - 9.71
Harrah's Joliet (Harrah's) $20.306 -11.16

Chicagoland total $72.171 -10.01
Chicagoland same store $59.229 -10.07


St. Louis

Alton Belle (PENN) $ 6.663 - 8.31
Casino Queen, E. St. Louis $11.790 - 3.50

St. Louis total $18.453 - 5.29

Elsewhere

Jumer's Rock Island $ 6.393 +155.62
E. Peoria (BYD) $ 9.724 + 0.82
Metropolis (Harrah's) $10.099 - 1.00

State total $116.840 million - 4.25 percent
* Same store $110.447 - 7.60

2007 Comparison to 2009
State total $163.963 - 28.74
* Same store $161.083 - 7.60

Multiple property companies:

Harrah's $30.405 million - 8.02 percent
Penn National $34.923 - 9.39

* Excludes Rock Island, which doubled capacity in a new casino last year.



OH: TWO CHALLENGES TO CASINOS APPROVAL

At least two challenges are imminent to the referendum victory that permits Penn National and Dan Gilbert to build a total of four casinos in Ohio.

Long-time casino advocate Sen. Lou Blessing will push for another referendum in May that would strip PENN and Gilbert of the casinos, instead putting them up for bid. His bill also would require local approval, which could KO plans in Columbus where Franklin County residents voted against Issue 3, the Akron Beacon-Journal reported.

Elsewhere, the American Policy Roundtable intends to announce a plan to undo Issue 3, the newspaper said. The Roundtable also wants to amend Ohio’s constitution to allow referendums only in major elections every two years, noting that fewer than 10 percent of voters decided for casinos.

But Gov. Ted Strickland, who opposed Issue 3, will focus now on implementing the casinos, the newspaper reported.

Strickland must appoint a seven-member gaming commission, and the legislature has six months in which to enact enabling legislation.



MO INVESTIGATING DAN LEE INCIDENT

The incident in which a local official accused Dan Lee of intimidation may be growing into something more than a flap.

The Missouri Gaming Commission has agreed to investigate the incident in which County Councilman Steve Stenger accused the Pinnacle CEO.

The issue arose when Stenger said he felt intimidated after Lee urged him to vote against a casino rezoning that could open the door to a competitor in St. Louis, and then after Stenger had voted for the rezoning, approached him shouting about Stenger having made a big mistake.

Lee e-mailed an apology saying he meant no harm but just spoke passionately about the matter, the St. Louis Post-Dispatch had reported.

However, the apology “does not dismiss the seriousness of the threat,” State Sen. Tem Green wrote to the commission in asking for an investigation.

Lee was opposing a rezoning for a casino in north St. Louis County. Although there are no casino licenses available in Missouri, the gaming commission has indicated it can take away the license held by PNK’s President Casino when that riverboat’s marine certification expires next year. If that happens, it could free the license for the north St. Louis project.

In the meantime, PNK is investing heavily in St. Louis, having built upscale Lumiere Place in downtown St. Louis and currently constructing River City in south St. Louis County. PNK also intends to repair the President’s hull hoping to extend its license.


INVESTORS

MARKET ACTION

Closing averages for Friday:

Big cap +1.13 percent
Mid cap +0.80
Small cap - 0.66

No 52-week closing highs or lows.

Five percent movers:

AMZ Holdings + 8.87 percent
IGT + 8.73

Lakes - 7.16
Diamondhead Casino - 9.21
AsianLogic -10.20
MTR Gaming -11.29


ANALYST ACTION: IGT, LVS, MGM, MNTG

• IGT David Katz of Oppenheimer said IGT’s results and guidance suggest that the trajectory of recovery will largely depend of its ability to bring new products to market, the timing of new market opportunities and the scale of improvement in replacement activity.

Katz maintained his perform rating, but raised his target price from $19 to $22 saying that management is pursuing a solid product and operating strategy.

His 2010 and 2011 earnings estimates go to $0.95 and $1.18.

David Bain of Sterne Agree downgraded his earnings estimates to 16 and 21 cents a share, a revenue mix shift more weighted to one-time product sales rather than he previously modeled.

He maintains a neutral rating and $18.10 target price.

Steve Kent of Goldman Sachs maintains his buy rating, target price and earnings estimates $18.56 and $1.00 for fiscal 2010.

Joe Greff of JP Morgan reiterated his overweight rating and $23 price target saying that management’s EPS estimates of 83 to 93 cents a share for fiscal 2010 is a good base to start. His earnings estimates are 90 cents this year and $1.13 next.

Other analysts on IGT:

Firm Rating Target EPS 2009/2010/ 2011/ 2012

Stifel Nicolaus Buy $24 $0.78/ $0.88
Steve Wieczynski

Bofa/ML Buy $24 $0.84/ $1.00/ $1.11/$1.26
Vincent J. Zahn

Macquarie Neutral $18 $0.83/ $1.05/$1.05/$1.08
Joel Simkins

Ralph Schackart Outperform N/A $0.51/$0.82/$1.08
William Blair & Company


• LAS VEGAS SANDS Scott Barry of Credit Suisse raised his target price from $9 to $13 citing a stronger than expected recovery for LVS in Macau. He maintains a neutral rating, while his 2009 and 2010 earnings estimates are minutes 27 cents a share this year and positive 39 next.

Todd Eilers lowered his target a buck to $16 saying IGT had a strong fourth quarter but its conservative guidance is disappointing. IGT guided to 83 to 93 cents a share factoring out a 6-cent hit on valuation of its convertible debt.

Eilers, who rates IGT a hold rating, forecasts the company to earn 83 cents a share this fiscal year and $1.01 next.

• MGM MIRAGE John Kempf of Barclays upgraded MGM’s senior unsecured notes to Market weight saying third quarter results were above his expectations. He maintains his market weight rating on the senior secured notes saying the high dollar price and relatively short duration should limit upside.

Scott Barry of Credit Suisse maintained his neutral rating and target price of $8 on MGM stock. His 2009 and 2010 earnings estimates are minus 67 cents a share this year and minus 42 next.

Shaun Kelley of Bank of America/Merrill Lynch lowered his target a dollar to $13 and maintains a neutral rating saying he sees both the bull and bear case on the stock.

While he sees MGM losing money over the next three years, he also sees EBITDA growing to $1.38 billion next year and $1.448 billion in 2010.

Joel Simkins of Macquarie remains neutral on MGM with an $8 target saying the modest improvement in the fourth quarter is basically insignificant in the bigger picture.

• MTR GAMING. Steve Wieczynski of Stifel Nicolaus reiterated his hold rating noting that MNTG properties will be hurt by new Ohio casinos and that, while the company may have growth opportunities, it can only invest $40 million after which it must fund them with 50 percent equity.

Wieczynski estimates that MNTG will lose 12 cents a share this year and 6 next.


BOUGHT AND SOLD: ASCA, BALLY, WYNN

• AMERISTAR. Sirios Capital reporting owning 3.074 million shares or 5.33 percent of ASCA.

• BALLY. Director David Robbins sold 40,000 shares at prices ranging from $41.54 to $43.30. He has 107,858 shares remaining.

• WYNN. Waddell & Reed reported owning 14.294 million shares of WYNN, 11.3 percent and up from 5.21 percent as of June 30.


BRIEFLY

COMPANY NEWS: TACT, TROP LV, WM HILL

• TRANSACT TECHNOLOGIES will be the exclusive printer provider to Spielo as it places slot machines in the emerging VLT market, TACT announced.

TACT expects to ship $1 million of printers this quarter and $2 million throughout 2010.

Spielo is a subsidiary of Lottomatica, parent of GTECH to whom TACT is the exclusive supplier of printers.

• TROPICANA Las Vegas has appointed Charles Esposito as GM. Espositor is the latest of several Fontainebleau LV executives hired by the Trop, which recetly emerged from bankruptcy is in the midst of its first of several planned renovations.

• WILLIAM HILL is issuing its first bonds as part of its plan to diversify its debt structure now that its bank debt has been refinanced.

The British bookmaker will raise £300 million in sales to institutional investors of bonds with a 7.125 percent coupon later this week.

Among other purposes, proceeds will reduce bank debt.


AROUND THE WORLD

USA: AC, IN, LV, MS, NY, PA, SD, WV

• ATLANTIC CITY casinos shed more than 500 jobs last month, The Press of Atlantic City reported.

New figures by the Casino Control Commission revealed that all 11 hotels cut jobs in October. The Borgata cut 175 jobs, while the others made small reductions.

AC casinos now employ 36,812 workers, 3,312 fewer than last year and 28.6 percent below the 51,560 peak in July 2007.

• INDIANA racetracks likely will not get their slot taxes reduced from 50 percent to the 35 percent paid by riverboats.

Gov. Mitch Daniels has come out saying he opposes lower taxes, the Louisville Courier-Journal reported.

However, Daniels did indicate he may consider other forms of relief, such as allowing riverboats to end the expense of having to be marine certified.

A legislative committee is currently doing a comprehensive study of Indiana gaming with some possibilities being to allow the racetracks to have table games, and allowing casinos to build on land.

• LAS VEGAS. Fontainebleau might be getting help from very interested third parties – the contractors to whom the project owes money.

According to the Las Vegas Sun, contractors, including giant Tutor Perini, are trying to find lenders and casino companies that can help finance, finish and run the upscale casino that sits idle along the Strip, 70 percent complete.

The contractors have motivation. They have filed $615 million in liens against the project, plus there are hundreds of millions more to be spent on completion.

• LAS VEGAS. In an agreement that probably means next to nothing, Tamares Group and Elad have settled their differences to allow Elad to use the Plaza name on its proposed $8 billion Las Vegas mega resort, globes.co.il reported.

Tamares, which owns the Plaza Casino in downtown Las Vegas, objected to Elad, owner of the Plaza Hotel in New York, intending to use that name on the mega resort.

Elad’s project, planned for the acreage once occupied by the New Frontier, has sat idle during the credit crunch, recession and fear of overbuilding along the LV Strip.

• MISSISSIPPI Developers of the proposed 266-acre Broadwater casino resort have been given a two-year extension by the Biloxi Planning commission, the Biloxi Sun-Herald reported.

The plan features a marina, hotel, retail space and golf course.

So far, the plan has been granted two extensions with Foxwoods Casino backing out in 2006 and financial backer Lehman Brothers going bankrupt last fall.

Developers are Roy Anderson III and Cotton Fore.

• NEW YORK. Steve Wynn might have quit the Aqueduct slot parlor race when required to pony up $200 million in advance, but the five remaining bidders are staying in.

All five met Friday’s deadline to promise to pay a $200 million fee within 30 days of being selected to develop the 4,500-machine slot parlor, Blood-Horse reported.

The bidders are Larry Woof’s Navegante Group, which also said it can have slots operational within six months of selection, Delaware North-Harrah’s, SL Green-Hard Rock, Penn National, and Peebles-MGM Mirage.

• PENNSYLVANIA. The Rivers Casino, off to a slow start in downtown Pittsburgh, now has two unions seeking to organize its, workers the Pittsburgh Post-Gazette reported.

The Security, Police and Fire Professionals of America also filed an unfair labor practice alleging, among other things, that the casino has threatened some workers with loss of wages, etc., if they vote to unionize.

The United Steelworkers of America is also seeking to enroll up to 800 non-security employees at Rivers casino.

• SOUTH DAKOTA. Officials at the $47 million casino, resort, hotel and convention center in Deadwood announced the property is on schedule to be open in early December, the Rapid City Journal reported.

The casino will have 300 slot machines.

• WEST VIRGINIA. Here’s a switch. A politician proposing to lower taming taxes.

Sen. Ed Bowman wants to cut the 35 percent able and 49 percent slot tax on the state’s casinos to help them compete with the coming Ohio casinos, West Virginia Public Broadcasting reported.

The four just-approved Ohio casinos will pay a 33 percent tax.


INDIAN COUNTRY: AZ, CA

• ARIZONA Fire Rock Navajo Casino, the Navajo’s first casino, reported a stellar performance first year, The Navajo times reported.

Though is not releasing financial details, Fire Rock says it is on track to repay its $34 million debt owed to Navajo Nation.

The casino player club boasts 51,000 members and Fire Rock made changes to increase revenue, such as reducing its 500-seat bingo hall to 250 to make more room for more slots.

Fire Rock is the first of a half-dozen casinos the Navajo will open on their reservation in Arizona and New Mexico.

Elsewhere, the Salt River Pima-Maricopa Indians are scheduled to open their $400 million hotel and casino in April. At 497 rooms, 800 slot machines, 50 poker tables, keno and off track betting space, the of 240,000 square foot casino will be the biggest in Arizona.

• CALIFORNIA. The Big Sandy band of Western Mono Indians withdrew its application for more slot machines despite receiving gaming commission approval, The Fresno Bee reported.

They were awarded 1,650 slot licenses on October 5, but never made the $2 million licensing payment and withdrew their application.

They operate 350 slots at their casino in Fresno County.


INTERNATIONAL: BERMUDA, BULGARIA, MACAU

• BERMUDA. Prime Minister Ewart Brown appears determined to put a study of legalizing gaming in front of parliament before he leaves office next October, The Royale Gazette reported.

However, he faces opposition from members of parliament, many of whom point to the Gazette’s survey that only 34 percent of Bermudans want to legalize gaming while 47 percent oppose, the newspaper said.

• BULGARIA, which has one of the fastest-growing casino industries in Europe, though hurt by recession, is considering raising the gaming tax from 10 to 12 percent.

• MACAU. The long-expected 1.25 percent cap on VIP junket commissions is being delayed again.

The Macau government has delayed implementation until December 1, the Wall Street Journal reported.


INTERNET: BODOG, GAMING MEDIA, NEO GAMES

• BODOG hired Everest PR chief Ed Pownall to head a new global press office in London, EGR Magazine reported. Pownall previously worked in marketing roles for Jackpotjoy, Skybet and Blue Square.

• GAMING MEDIA announced that it is acquiring 49 percent of Ipgrach.com, the leading online gaming company in Bulgaria.

• NEO GAMES, the online scratch card business, launched a new game called the fairy tale, EGR Magazine reported. The game was localized to all Neogames’ licensees, is available in 11 European languages.


ET AL

INVESTOR EVENTS:

CONFERENCE CALLS:

• CENTURY CASINOS. November 9, 12:30 pm ET. Phone: 800-895-0198 domestic or 1-785-424-1053 international; pass code Quarter 3; and via webcast at www.cnty.com/corporate/investor/financial-results/.

• 888 HOLDINGS. November 10, 4:30 am ET. Phone: +44 020 7138 0816; pass code 6477869. Replay available through November 17at +44 020 7111 1244; pass code 6477869.

• ELIXIR GAMING. November 10, 8:30 am ET. Phone: 800-915-4586 domestic or 1-212-231-2900 international; and via webcast at www.elixirgaming.com. Replay will be archived on the website through December 9.

• FULL HOUSE RESORTS. November 10, 9:30 am ET. Phone: 877-941-8418 domestic and 1-480-629-9809 international; and via webcast at www.fullhouseresorts.com. Replay available through November 17 at 800-406-7325 domestic and 1-303-590-3030 international; pass code 4181220.

• WELLS GARDNER. November 10, 11 am ET. Phone: 888-713-4215 domestic; pass code 82796507; and via webcast at www.wellsgardner.com. Replay available through December 11 at 888-286-8010; pass code 69773235.

• PENINSULA GAMING. November 10, 1 pm ET. Phone: 877-741-4240. Replay available through November 24 at 888-203-1112; pass code 6973240.

• LOTTOMATICA. November 11, 12 noon ET. Phone: 1-646-843-4608 US; +39 02 362 696 65 Italy; +44 020 3023 4491 UK; and via webcast at www.lottomaticagroup.com.

• YOUBET.COM. November 11, 5 pm. ET. Phone: 877-857-6163 and via webcast at www.youbet.com. Replay available through November 18 at 888-203-1112; pass code 8430700; and archived on the website through December 12.

• CRYPTOLOGIC. November 13, 8:30 am ET. Phone: 1-800-766-6630 US; 416-340-8410 Canada; ++ 00-800-4222-8835 UK and international; and via webcast at www.cryptologic.com. Replay available November 12 at 416-695-5800 or 1-800-408-3053; pass code 6421021# and transcript available at the company’s website.

• RIVER ROCK. November 16, 5 pm ET. Phone: 888-525-6276 domestic or 1-719-457-2668 international; and via webcast at www.riverrockcasino.com. Replay available through November 23 at 888-203-1112 domestic or 1-719-457-0820 international; pass code 8301464.

• MOHEGAN SUN. November 20, 11 am ET. Phone: 888-748-0596 domestic and 1-706-643-0107 international; pass code 39942165; and via webcast at www.mtga.com. Replay available through December 4 at 800-642-1687 domestic and 1-706-645-9291 international; pass code 39942165.


CONFERENCE CALL REPLAYS:

• AMERISTAR. Replay available through November 18 at 800-642-1687 domestic and 1-706-645-9291 international; pass code 36216401.

• BALLY TECHNOLOGIES. Replay will be archived at www.ballytech.com.

• GLOBAL CASH ACCESS. Replay available at: 888-286-8010 domestic and 1-617-801-6888 international; pass code 64976997.

• IGT. Replay will available through November 13 at 800-293-4240 domestic and 1-203-369-3224 international; and archived at www.igt.com/investorrelations.

• LAKES ENTERTAINMENT. Replay available through November 19 at 888-286-8010; pass code 16421772.

• LITTLEFIELD CORP. Replay will be archived through January 28 at www.vcall.com.

• MGM. Replay available through November 11 at 1-800-642-1687 domestic; 1-706-645-9291 international; pass code 35345375 and archived at www.mgmmirage.com.

• MTR GAMING. Replay will be archived at www.mtrgaming.com

• PENN NATIONAL. Replay available through November 20 at 800-633-8284 domestic or 1-402-977-9140 international, pass code 21440021; and archived at www.pngaming.com.

• PINNACLE. Replay available through November 12 at 800-642-1687 domestic and 1-706-645-9291 international; pass code 35542900.

• SCIENTIFIC GAMES. Replay will be archived through November 25 at www.scientificgames.com.

• TRANSACT TECHNOLOGIES. Replay available through November 9 at 888-203-1112; pass code 3094364; and archived at www.transact-tech.com.

• WMS. Replay will be archived through November 25 at www.wms.com.

• WYNN. Replay available at 800-642-1687 domestic and 1-706-645-9291 international; pass code 37555715.


INVESTOR EVENTS/WEBCASTS:

• MERRIMAN CURHAN FORD – 6th ANNUAL INVESTOR SUMMIT 2009 November 10. www.wsw.com/webcast/mcm12

- Electronic Game Card; 3:30 pm ET. www.wsw.com/webcast/mcm12/egmi


• G2E GAMING INVESTMENT FORUM hosted by Deutsche Bank Securities and UBS Investment Bank – November 17

- Elixir Gaming; 3:00 pm ET. www.elixirgaming.com



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