Morgan Joseph Initiates Lakes Entertainment (LACO) with a Buy
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Morgan Joseph initiates coverage on Lakes Entertainment (NASDAQ: LACO) with a Buy rating and $10 price target.
The firm said, "The company has development and management agreements with Native American Tribes for casino projects in Michigan, California, and Oklahoma. These contracts typically constitute very little, if any, capital investment but have the potential to generate significant cash flow over the term of the contract. We believe the management contracts provide low-cost capital to fund long-term growth of company-owned commercial casino projects."
In addition, Lakes owns a majority stake in a joint venture to develop a commercial casino in Ohio. Ohio voters must approve the referendum, but if it is passed it could contribute $1 to full year 2012 EPS.
Lakes Entertainment develops, finances, and manages Indian-owned casino properties
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