I am LONG on ASCA and know that I am not alone. This viewpoint is based on revenue (UP), visiting the casino (well run, professionalism), reading industry trade pubs, and reading market research (Euromonitor and Investext Reports).
The downtrend is directly attributed to anticipated increased taxes, not fundamentals of the company. Do you actually think that a worst case scenario of an additional tax of 15% on 1 out of 7 casinos will make such a difference on profits? At worst case, that's 2% adjustment in profit, not the 25% decrease we've seen in stock price.
Please do not buy into the nonsense we hear from those SHORTing this stock.
dialogman - you're wrong - you're probably the only one still long this stock. Do you really think that this stock has been plummeting because institutions that have loads of money to analyze stocks don't understand what is going on? You must be living in some other reality. This stock is down 50%, and NONE of the potential bad news lurking in the distance has even actually happened yet. It has been among the top 1 or 2 worst performing casino stocks FOR THE LAST 6 MONTHS. Obviously, institutions know something REALLY UGLY is about to happen and are bailing out in droves. You are nuts if you really believe that there will only be a 2% "adjustment" in profits. If that were true, analysts would be falling all over themselves talking up this stock, and the idiot CEO would be making public statements about how undervalued the stock is. The silence is deafening. Also, if the stock price has been so unfairly treated, why aren't insiders scooping up boatloads of the stock at these low prices?