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John, I am barely playing the gambling stocks now. I own some Intl.
Gaming Technology and am in a convertible arbitrage on WMS. I had
some puts on MGM, Mirage, and Hilton a few months back, but I have
cashed them in. Right now, I am looking to counterpunch. If they go
down to where I believe they have value, I will buy some stocks. If
they go back up, I'll buy some puts. But right now I think they are
slightly pricey but not so overpriced that I have to own puts. Casino
Data Systems is trying to grab some of the IGT and WMS business and
they have done well so far. However, I think they peaked back when
The Wall Street Journal ran an article on them and that they, along
with everyone else, will discover just how tough IGT can be when they
fear for their market share. Also, you have to be a lawyer to figure
out who is allowed to sell machines where. MB |
