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Non-Tech : Grand Casinos-GND
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To: Jonathan P. Myers who wrote (366)7/2/1998 5:27:00 PM
From: Vladimir Zelener  Read Replies (1) of 380
 
Jonathan

<<Yahoo GND Valuation @ $22 - please see the following .. >>

I sow those types of messages on YAHOO. At this time I do not share those rosy opinions. They are using arbitrary numbers (like a 1.5 multiplier). Gimmiks are used to bring the current $4.2 billions combined capitalization to $6.1 billions. 1.5 multiplier appretiates current capitalization by 50% , based on what? IMO the price of the future NEWGAME will depend on earnings rather then on book value.

The HLT properties in Las Vegas and Atlantic City are in a very low margin right now because of competition comming from lots of other places. You can see that it affected all big Las Vegas and Atlantic City gaming companies (MIR, CIR, MGG) . GND's good earnings are the result of their geographical location , not much competition for now. GND shoul've reach $20 - $24 by the end of the year just based on their own earnings. HLT is definetly is buying GND at lower then that, because

1. GND management is afraid of upcomming MIR in their region
2. GND management is afraid of overall slump in gaming going on now for almost 2 years, which might continue for another year.
3. Possible special deals for GND managers in the case of takeover
4. It is possible HLT will buy CIR and this is why they are paying so litle for GND.

All of the above is just MHO.
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