I think this stock needs to be liquidated. It has been slowly bleeding to death.We have about $80 M Cash sitting around and not giving us any return. Meanwhile we are paying high corporate expenses and granting stock options s to the management who had nothing to show to increase the value of the Co.Somebody commented that nobody will be interested to buy a small casino like Rocky Gap. How about at a fire sale price? Will anybody pay $30 or $40 M? And the $ 60 M Jamul future note? Will anyone pay $15 M at present?
You are right. These people who took Harrah's private will not lose a dime while we the bondholders will not be paid. I think the whole Co needs to be liquidated pay all the creditors and the owners including the stockholders should receive nothing.
At today's close LACO has market cap of $85 M. This does not make sense for a company with cash of $80M unless Lyle and Co has been hiding something from us. Did we not just lose our investment in Rock Ohio or are we responsible for more liabilities as a partner? Or maybe our $80 M cash was lost in a poker game.
I think the short run from 5.2 resulting from good earnings is over. I sold 2000 shares today and looking to accumulate again when it goes back down. This stock will be in hibernation mode again with downward bias.
This is travesty. Some bondholders like me will get nothing while the Apollo's group who took this Company private will have their investment intact
If the stock keeps on going up, does that mean Apollo Group will do Ok with their investment? How much did they actually put in in their leveraged buy out of CZR and how much will remain after bankruptcy? As a bondholder, I know I will be wipe out.
Thank you for the info. So please correct if I am wrong. The Horseshoe Cleveland and Horseshoe Cincinnati are jointly owned by CZR and ROCK OHIO VENTURES IIA LLC. ROCK OHIO VENTURES IIA LLC is owned by Gilbert's Rock Gaming and I presumed that's where we sunk our $20 M investment. I have the link to the revenues of the Horseshoe Cleveland and Cincinnati for the last 3 yrs. Did they make money all those years and why did we not participate in the profits? If they lost money, did they lost that much money that our equity became zero? For our participation to be worth zero, ROCK OHIO VENTURES IIA LLC should be in a dire situation. http://casinocontrol.ohio.gov/Compliance/MonthlyCasinoRevenueReports.aspx
Can you please illuminate me on the nature of our $ 20 M investment on Rock Ohio? What is our relationship with CZR Ohio Casinos? Do we have risk/reward with the Casino operations? If we just own part of the license, then we should not lose the whole $20 M investment.
Thanks for the info. I did not know that a hotel casino resort that cost $35 M ( about $3 per share) to build and making money will have no value.
I agree. If they lose everything they buy, our investment is in danger. This Company needs to be LIQUIDATED or SOLD. Jamul is a non event for now but when Jamul Casino opens, it is nice to share the $2.4 M per interest per year. At a discounted value the note, should be worth at least half of the $60 M or about $ 2.25.
You are right. With what happened with Rock Ohio and high corporate expenses our $6.19 per share CASH is in danger. I think LACO should find a buyer. I do not know what the plan of the financial advisers they hired. Rocky Gap as a stand alone Company makes about 1-2 Million per quarter and should be worth at least $5 per share. Add $2 for Jamul and the value of Net loss Tax benefits and LACO should fetch in at least $10.
Despite the setback on Rock Ohio, I am still a buyer of this stock at 6.91. Our Cash is 6.19 so Rocky Gap is only valued at .72 or $9.64 M based on13.39 M shares. I am sure everyone will agree that Rocky Gap is worth more than that. This does not include the potential return from Jamul which is about $4 per share.
My greatest fear is that Lyle will finally divulge the truth about Rock and our stock will drop like dead fly.
I do not know what I inhaled last night, but I dreamt CXDC reported this week, exceptionally good earnings and announced a Buyback. When I look at the price it was........
With all the experts in LACO's payroll, I suggest they look at this Casino, north of San Francisco. The Casino and Hotel was built by Sonoma Indian Tribes using $160 M from bonds offering. They were able to pay the $12 M yearly interest until this year when their revenues were halved because of a new Casino built closed to San Francisco. As a result, they missed the bond payment this past May 2014. The bonds now are trading 10 cents per dollar. That means the Casino and Hotel are just worth $16M. During the first 6 months last year, their revenue was $63 M with net profit of $26 M. This year the 6 month's revenue was down to $31.8 and net income was way down to $143,000.
You are right. Today is the 3rd time the stock is down in the low 5's. I added another 900 shares today at 5.18 and 5.19. Let see whether it will go up again in the hi 5's before it drops to below 5.
I own 10 HARRAHS OPER INC GTD SR NT 5.75000% 10/01/ and valued on my account today for 250/1000 or $2,500.