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Non-Tech : Gaming Partners International (GPIC)

GPIC 13.75

+0.1%

May 1 4:00 PM EDT

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From: Glenn Petersen	4/4/2007 11:31:36 PM
	of 45

From the April 9 issue of Forbes: The Chips Are Down Casino gambling is hot nowadays, and the companies with the glitzy palaces lining the Las Vegas Strip trade at an average 30 times trailing earnings. Focus instead on the lowly poker chip. That's the business Gaming Partners International (20, GPIC) dominates. With its three brands of chips - Paulson, Bud Jones and B&G - Gaming Partners holds 70% of the world's poker chip market. You'll find Gaming Partners chips everywhere from the new Hooters Casino Hotel in Vegas to Steve Wynn's new gambling palace in Macau. Gaming Partners has also been selling older casinos a new kind of anticheat chip, embedded with radio-frequency identification technology. These smoke out counterfeiters and also monitor high rollers to see how they are faring. Sales of the firm's chips, both high tech and low, are booming, up 30% to $75 million last year, as earnings soared 42% to $6 million. The Las Vegas company is a favorite of author and money manager Jordan Kimmel (Forbes, June 7, 2004). Gaming Partners, with a 22 P/E, is much cheaper than the casino operators. And compared with other gaming suppliers, it is on the low side: trading at 2.2 times sales versus the sector average of 5 times. -- Stephane Fitch

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