Re: Magna down 20% (505 Views)
Posted by:
brokerstip (IP Logged)
Date: January 16, 2004 04:16PM
Magna is an interesting stock.
Dave Rocker's hedge fund had a large position last I heard.
The optimists are looking at a gaming bonanza.
At this juncture, Flamboro in Canada is the only Magna track that has slots. (I'm pretty sure that is the case)
Pa. is very very close to a slots deal and Magna owns the Meadows in Pittsburgh area.
So, there is momentum there as well as Maryland from what I hear.
In other gaming/track news, Penn Gaming just bought Bangor and Scarborough Downs in Maine. Bangor passed a slots resolution recently while Scar rejected it locally. (they are looking to make compromise).
Of course, Penn owns Charlestown and a number of riverboats etc. They are more of a gaming company than a track operator at this point. But, they still own Penn in Grantville Pa. (near Harrisburg) and Pocono Downs in Wilkes-Barre Pa. So, slots seems to be in their picture as well.
Churchill has some prospects with their properties as well.....
Just FYI
Brokerstip
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