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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Perspective who wrote (61629)	5/22/2006 3:32:42 PM
From: UncleBigs	Respond to of 110194

i'm short stn. Las Vegas winnings are anniversaring some staggering numbers. I think stn gets cut to $45 over time. i've stayed away from lvs. it's illiquid and controlled by a family. wouldn't surprise me if they get bought out. looks way overvalued to me however.

To: Perspective who wrote (61629)	5/22/2006 3:34:08 PM
From: patron_anejo_por_favor	Respond to of 110194

STN is Station Casinos, the largest chain of "locals" casinos in Vegas. They've been on a building binge of late, having opened the somewhat more upscale Red Rock Station Casino in Summerlin last month. Their debt load has always been a short magnet...in a sense they are tightly linked to the Las Vegas growth story as much as anything else. It'll be interesting to see what happens to their revenues when construction jobs nose dive in response to the imploding real estate bubble there. LVS is basically the Venetian plus a Macau property. They've been expanding both in Vegas and I believe will either soon open or already opened the place in Macau. They were kinda viewed as a China play since a large portion of their patrons come from the mainland as well as Hong Kong and other parts of Asia.