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Dover Downs Gaming & Entertainment Inc. Message Board

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  • slim_niceguy slim_niceguy Jan 7, 2013 9:44 PM Flag

    trading less than book...

    Because the dividend was cut by 33% last quarter. They are about to breach debt covenants in the first half of this year. Huge new competion from a giant new casino in Maryland and others in that state and other surrounding states. They will have a difficult comparison in quarter four of 2012 because of the competition and the fact that two important race dates at the nascar track fell in the fourth quarter last year and third quarter this year. Very possible the dividend will be cut again or eliminated.

    Sentiment: Sell

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    • You were right Slim.... Good thing to look forward to is this nugget by Denis McGlynn:

      "We remain confident that Delaware’s internet casino offerings will be among the first to come online and set the standard for other states. Our goal remains to stay one step ahead of the competition and to continue offering our patrons the region’s finest amenities and richest gaming experiences.”

      Sentiment: Strong Buy

      • 1 Reply to ich1banf40
      • Unfortunately internet gaming is widespread already and most analysts agree that it will be no more than s marketing tool to try and get people in the casinos rather than generate any meaningful profit. The two big problems now for this company, among many are: 1. Half their profit has come from across state lines. 2. There will be little or no growth in their local market to even remotely compensate for the our of state business loss
        The company's business is permanently impaired and the stock should be sold. Opening up a celebrity restaurant out of state #$%$ new growth initiative as they mentioned on their conference call Thursday is a laughable response and will not end well.

        Sentiment: Strong Sell

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