i predicted a strong Q1 - they delivered. 1. Decent weather in Q1; though last year weather was decent as well, not as warm but no big snowstorms in Delaware / Balt /Philly to speak of. 2. This seems to be an amazing value, trading at low multiple to FCF; paying down debt, seemingly able to restore .05 dividend now (which would literally peg them at nearly 8% yield. 3. Maryland assembly stalled out any expanding of gaming / gambling and that if it even happens would be at least another year out.
all comes down to performance and valuation. They are going to have another 2 quarters of good comps that are beatable. Maryland's expanded gaming has stalled in their legislature. Economy continues to gradually improve. Trading below tangible book and low FCF multiple. Plus option value on potential for Delaware to reduce gaming tax rates.