BancBoston Robertson Stephens Delivers Update on Gaming Industry
SAN FRANCISCO, July 14 /PRNewswire/ -- The following is being issued by BancBoston Robertson Stephens, a member of the National Association of Securities Dealers, CRD number 41271:
BancBoston Robertson Stephens senior gaming and lodging analyst Harry C. Curtis today provided an update on the gaming industry.
''We estimate that gaming companies will generally meet or beat our second-quarter 1999 earnings-per-share estimates,'' said Curtis. ''Our conversations with management, observations from a recent field trip to Las Vegas and our in-house room surveys suggest that business trends in Las Vegas remain healthy, with strong year-over-year increases in visitation and flat to slightly-higher room rates during the quarter.
''We expect that Hollywood Park (NYSE: HPK - news), Station Casinos (NYSE: STN - news), and MGM Grand (NYSE: MGG - news) will report earnings ahead of consensus,'' said Curtis. ''In addition, we believe that there is at least $.01 upside to our estimates and consensus for Park Place (NYSE: PPE - news), Harrah's (NYSE: HET - news) and Atzar (NYSE: AZR - news).''
''We believe that IGT (NYSE: IGT - news), Sun International, (NYSE: SIH - news) and Mandalay Resort Group (NYSE: MBG - news) will report earnings in-line with our estimates,'' said Curtis. ''We remain cautious on shares of Mirage Resorts (NYSE: MIR - news), based on valuation and estimate risk.''
''In our view, the best large-cap values are Park Place and Harrah's, trading at 6.2 times and 6.8 times estimated 2000 EBITDA, respectively ,'' said Curtis. ''The best small-cap value remains Hollywood Park at 4.9 times estimated 2000 EBITDA.''
Clients interested in receiving more information should contact their salesperson at 415-781-9700.
BancBoston Robertson Stephens is a leading international investment banking firm focused on growth companies. The firm's 55 equity and high yield research analysts cover more than 600 companies. Additional information is available upon request |
