PNK is buying , or trying to buy ASCA, (could be another offer), and PENN is going to spin off their properties as a REIT. PENN had said previous to the PNK/ASCA offer that after the REIT spinoff, they would be looking for new gaming acquisitions.
Does onyone else see an offer this year as part of the gaming consolidations?
Seems like for a little over $100M, someone could diversify into a lot of non-Nevada properties - with or with out trying a REIT spin. At basically book value for a profitable concern.
I believe, only my guess, that there could easily be a nice bid made on this little company. There is a strong push for consolidation in gaming, plus, this idea of REITS for the real estate holdings and increase in return to stckholders is going to be powerful.
I've posted this a few times as have many on the board, but it's come on deaf ears. I can just say I would not short this thing! It's as if it's being held done by someone. I cannot figure how MNTG is trading where it is on 0 earnings and a ton of debt. If it's because of Penn, then as you stated why wouldn't they look at CNTY for more diversity and a cleaner balance sheet? Whatever.