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Strategies & Market Trends : Value Investing -- Ignore unavailable to you. Want to Upgrade?

To: Spekulatius who wrote (52170)	8/20/2013 9:01:34 AM
From: Paul Senior	Respond to of 78655

TPCA: PNK/PENN, Gaming. Thanks for checking and reply. It is my error here. I've confused Pinnacle and Penn. It's PENN who are the capital allocators that I've liked.

To: Spekulatius who wrote (52170)	11/20/2013 12:57:32 AM
From: Spekulatius	2 Recommendations Recommended By Jurgis Bekepuris MCsweet Read Replies (1) \| Respond to of 78655

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