KeyBanc Maintains a 'Buy' Recommendation on Three Gaming Stocks - ASCA, MGM and PENN
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KeyBanc maintains a 'Buy' recommendation on three gaming stocks. Those are Ameristar Casinos, Inc. (NASDAQ: ASCA), MGM MIRAGE (NYSE: MGM) and Penn National Gaming, Inc. (NASDAQ: PENN).
The KeyBanc analyst believes that 2009 is not going to be any less challenging. That being said, we see some reasons for optimism for a select few stocks based on improving balance sheets, low valuations
and/or stabilizing fundamentals.
KeyBanc rates the other stocks in the gaming group - Boyd Gaming (NYSE: BYD), Isle of Capri (Nasdaq: ISLE) , Las Vegas Sands (NYSE: LVS), Wynn Resorts (Nasdaq: WYN), Trump Entertainment (Nasdaq: TRMP), MTR Gaming (NYSE: MTR), Dover Downs Entertainment (NYSE: DDE) and Pinnacle Entertainment (NYSE: PNK)- in our opinion, are somewhere between fairly and fully valued."
KeyBanc likes Penn National and says investors have taking notice of PENN's strong balance sheet and liquidity.
As for MGM MIRAGE, the analysts that met with MGM's financial team, feels confident the company will cover its huge financial requirements, but less confident, that 2010 debt maturities of $1.1 billion will also covered.
MGM MIRAGE is a gaming company. It is engaged in the ownership and operation of casino resorts, which includes offering gaming, hotel, dining, entertainment, retail and other resort amenities. [SM]
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"wyn"
mike r on Jan 15, 2009 10:08 AMwrong symbol for Wynn Resorts Limited