ÿ .PR NewsWire R.K. Grace & Company Initiates Coverage of Florida Gaming With A Buy Recomendation
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With A Buy Recomendation
MIAMI, June 19 /PRNewswire/ -- R.K. Grace & Company, a regional investment
banking firm with offices in Miami, Florida and San Juan, Puerto Rico
initiated coverage of Florida Gaming Corporation (Nasdaq: BETS) with a buy
recommendation. R.K. Grace & Company analyst, David Kellerman believes
Florida Gaming's common shares are extremely undervalued due to the company's
expansion of its gaming activities into low stakes poker. David Kellerman
stated, "Florida Gaming's strategy of placing low stakes poker rooms in its
existing Jai-Alai frontons will lead to dramatic earnings growth, our 1998 EPS
estimate for Florida Gaming Corporation is $0.70 per share."
Florida Gaming Corporation, owns and operates four Jai-Alai/Pari-Mutuel
facilities in Florida. The locations are: Miami, Tampa, Ft. Pierce and
Ocala. Live Jai-Alai games are played and inter-track wagering is conducted
via simulcasting of horse racing and greyhound racing. Two low stakes
poker rooms are currently in operation as of the date of this report.
The Company acquired World Jai-Alai, in Miami in January of 1997 making
Florida Gaming Corporation the largest Jai-Alai operator in the world and
potentially the largest poker room operator in Florida.
This press release contains partial information on Florida Gaming
Corporation and R.K. Grace & Company's recommendation. The information in
this press release and in the research report contains forward-looking
information, although such information is believed to be accurate, no
guarantee as to the outcome of forward-looking statements can be made.
SOURCE R.K. Grace & Company
-0- 6/19/97
/CONTACT: David P. Kellerman, R.K. Grace & Company, 305-444-4403, or
fax, 305-444-2261/
(BETS)
CO: R.K. Grace & Company; Florida Gaming Corporation
ST: Florida
IN: CNO LEI
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