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Strategies & Market Trends : Value Investing

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Jurgis Bekepuris

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To: Spekulatius who wrote (52170)	11/20/2013 12:57:32 AM
From: Spekulatius	2 Recommendations Read Replies (1) of 78656

Re TPCA - a pretty interesting presentation about TPCA. The target audience are lenders for a new credit facility to refinance the impending Lumiere acquisition. It is interesting that TPCA makes an effort to present the company to lenders, but does nothing to present to their shareholders - no doubt that this is because TPCA is majority owned by Icahn and we minority owners are just along for the ride. This does not bother me too much because the jockey is pretty good. Anyways, my 50m$ EBITDA estimate for Lumiere was too high, the correct EBITDA is 38M$ , still cheap for a casino that apparently cost 600M$ to build, is on the sellers book for ~400M$ and is sold to Tropicana for ~260M$. sec.gov

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