I don't see how you keep the price of Penn out of the 30's for any measurable time based on guidance and the reality of these excellent vlt numbers that are coming out week after week now. I really doubt that these vlt numbers were actually projected in the winter weeks. The implementation of the $5 max slots has not even been completed. Parking situation will be addressed by June.
I see no reason for this stock to trade at a p/e less than 15 times 2002 earnings and given what Carlino kept saying about 2003 in the CC, I wonder what those numbers are saying. At some point 2003 becomes relevant and if it shows eps growth of at least 20%, then why shouldn't Penn trade at 20 times 2002 eps as the year moves along??
Hard to see where there are any negatives out there that will impact price. The only thing I can see is if some people came in solely for legislative action on table games or slots and that failed to materialize, they might simply sell out and move on. But that just becomes another buying opportunity if the price is less than a 15-16 p/e on 2002 earnings.
The equity offering is even positive because it puts more shares in the hands of outsiders, eliminates those "insider trust sales" that pop up periodically, and reduces debt and increases capital.
Early action today hopefully signifies that reality is coming back and the offering will be priced at or above $30 like Carlino said on the CC was a BOTTOM. No matter, I see this stock trading up once the equity offering is finished.