What was it in the filing that caused little Mr. Retail to run away? Everything INCLUDING THE NEW SHARE COUNT was old news. Guidance was as expected, the Galaxy sounds like just a matter of time meaning that increased guidance will follow-business in Macau is great-cash is being reinvested so cage capital keeps going up-they are going to get coverage. It was all good news. The stock was cheap, now it is cheaper thanks to some not so bright investors who don't think the thing is worth five times this year's eps. Why? I don't have any idea. I'm just grateful to be able to buy the thing under $9 again. BTW, they said they could run as many as 12 tables in the new Galaxy. That is not going to happen right away because they need to build up more cage capital. But they only have about 24 tables right now. 12 more adds 50%. If you add 50% to current guidance that is close to $100M in net income. With the eventual 45M shares out that is $2.22 in eps or a 3.9 p/e with about $15M in quarterly cash generation and zero chance of fraud.
Doesn't sound like you missed anything, other than there not being any brokerage sponsorship for the shares yet. That will come, once there is a decent float. Even at the $62-67 million guidance, on 45mil shares it isn't too shabby at all. Galaxy is a big bonus.
I listened to the conference call. Didn't know if they were going to take up the Galaxy on their invitation but it sure sounds like they are. I agree with drjack that it could push earnings over $2. It makes no sense for the stock to be down here. It is worth $15-20.