Important Updates for Investors
Carla Pasternak's Premiere Issue of High-Yield International Just
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Income expert Carla Pasternak's debut issue of High-Yield
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The
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Despite the U.S. national debt, there is a silver lining for income
investors. This massive spending, combined with movement out of U.S.
Treasuries, is going to take its toll on the dollar, and
international income investors could reap the rewards in the form of
higher dividends. |
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| Boyd
Gaming (BYD) Looks Enticing |
Published: October 3, 2006
Among those that don't closely
track the casino industry, Boyd Gaming (NYSE: BYD, $38.44) is probably
not a household name. But that is rapidly changing. With more than $2.2
billion in annual revenues, Boyd is actually the nation's third-largest
gaming company, trailing only Harrah's Entertainment (NYSE: HET) and MGM
Mirage (NYSE: MGM).
Today, Boyd manages 18 casino resorts spread throughout six states.
Combined, the company oversees nearly 1 million square feet of gaming
space, containing more than 600 table games and 26,000 slot machines.
Locating the Locals
Along with rival Station Casinos (NYSE: STN), Boyd is entrenched as a
leader in the Las Vegas locals market. The unique demographics of this
niche are difficult to ignore. The Las Vegas metro area has been the
fastest growing in the nation in the past decade, with a population base
that doubled to 1.6 million people during the 1990s. And with another
7,000 people moving to the area every month, the surrounding suburbs are
quickly filling with potential customers -- most of them relatively
affluent and with a taste for gaming.
Generally speaking, these people prefer to avoid the hustle and bustle
of the strip, instead choosing to visit their local casinos. Compared to
the tourist-filled palaces lining Las Vegas Blvd., quiet neighborhood
casinos typically offer affordable dining, favorable odds, and generous
comps (casino freebies).
While capacity in the market has increased somewhat with flashy new
resorts like Red Rock Station, regulatory barriers have limited future
casino development to previously zoned areas, thereby digging a wide
moat for established casinos. We think Boyd is well positioned to
capitalize on this niche market in the years ahead.
Unlike Station, Boyd's geographic reach extends far beyond Summerlin,
Henderson, and other Las Vegas suburbs. Along with co-owner MGM, Boyd
also manages Borgata, which has quickly become Atlantic City's hottest
resort. The trendy property routinely generates the market's highest
table and slot machine wins on a per-unit basis. The Borgata also just
put the finishing touches on a new 85-table poker room that has
reportedly been packed to capacity at all hours of the day.
Elsewhere, the firm manages several historic properties in downtown Las
Vegas, as well as a handful of resorts in key riverboat markets from the
Great Lakes to the Gulf Coast.
Ante-Up for Growth
Boyd's plans for the resurgent north-end of the Las Vegas Strip have
generated a great deal of buzz lately. By next year, the outdated
Stardust will make way for Echelon Place, a sprawling $4 billion
development project ambitious even by Las Vegas standards.
This amenity-laden property will give Boyd a prime opportunity to hone
its cross-marketing capabilities and extract more non-gaming revenues
from visitors. It will also be the final piece in the geographic puzzle.
Boyd will be the only gaming company on the planet to have a strong
position in all three Las Vegas markets -- locals, downtown, and the
Strip -- as well as exposure to key markets in the Midwest, the Gulf
Coast, South Florida, and Atlantic City.
Despite the enthusiasm for its development pipeline, shares of BYD have
pulled back sharply in recent months on concerns that the Las Vegas
housing market is headed for a continued slowdown. While it is
impossible to forecast exactly how the chips will fall over the next few
months, we are confident that the area's population will continue to
increase over the long haul -- as will Boyd's share price.
Note:
The above article was free advice given by Nathan
Slaughter and Paul Tracy -- the editors of Half-Priced
Stocks. The mission of Half-Priced Stocks is to
help readers identify securities that are trading at a steep
discount to their intrinsic net worth. In some cases this
discount can reach up to 50% or more, giving savvy value
investors the chance to purchase quality stocks for just pennies
on the dollar. To learn more about our Half-Priced Stocks
service, please visit the following link:
https://www.StreetAuthority.com/subscribe-hps.asp |
Thanks for reading!
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Nathan Slaughter
Editor
Half-Priced Stocks, The ETF Authority
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in-depth guidance on today's leading value opportunities, plus educational guidance, please subscribe to
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