Have been holding for 2.5 years after buying in in the low 40's. After 2.5 years of lawsuits, china scares, CEO mishaps in talking, Conference Calls mistakes, etc etc, Im heavily thinking about throwing in the towel on this stock. After 2.5 years I have 25% appreciation and yes a special dividend and decent 2.5% yield. All this while the S&P has moved a similar percentage? So whats the sense of holding this stock still?
The 2.7% yield? Id rather own a real dividend stock instead...
Price appreciation? Im still waiting for it. As Spok says many see this as over valued on a PE basis. Not many look at this on an EBITDA basis. Thats great but that doesnt help by pocket book.
Marketshare? Marketshare has gone from 13%-21%. PPS still trades in the 40's-50's. No help for my pocketbook.
Asset Sales? Oh they got the approval to sell the condos in Macau? Wow I didnt notice as The stock dropped 20% after the darn announcement...These things are worth what 10B? Whens that going to take place? 2014, 2016, 2018? Who knows. Id have to say keep wishing, wishing is getting old.
Buyback? As management adds 9M shares over the last 4Q this will do little if any to share count. The CEO owns more then 50% and thats all that matters.
Future projects? The parisian? In 2015? Then what? Maybe hope for Japan in 5 years? Maybe add/build on in Singapore? Spain? That income will hit the books in 2016 if we are lucky.
Special div? Thats always nice but who cares if I get a 5% special div when this thing drops 15-20% MULTIPLE times. How about a 50% drop last year? What kind of an investment is that? Yes it came back doesnt it get a little old?
Another lawsuit? Again, and again, and court, and then court again, yada, yada,. Ive been 2.5 years patient, my bitter guess is this isnt going away any time soon. Look for another 1-2 years of this.
Ive come to the realization that the market does not care one bit about the future projects, special divs, buybacks, asset sales etc. The MARKET