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Welcome to the LNY board! There is light traffic here, (lighter than I certainly would like to see) but I would be happy to chat. I agree with you about the valuation--I bought around the end of last year, when the price was around here. (slightly less) I find LNY to be interesting because of the activity / directions it is going; valuation is harder when there is significant activity or changes going on.

The CEO's family runs Station Casinos, one of which I have visited, and whose stock I have also kept watch on, though never invested in. I think the two thought's on LNY's acquisition of the Golden Nugget center on either "he knows this business" or "he's jealous of his relatives and has casino envy." I'm not thrilled with the addition of Laughlin to the purchase. One hint that it isn't good is that it wasn't first sought after by LNY. Also, Laughlin doesn't seem to have a good synergy with LNY's "destination" strategy, as outlined in the last cc. However, the Nugget properties were undervalued, in part because they got burned while experimenting with catering to high rollers. (I belive *one* person took them for $30M) Also, LNY does have some other hotel properties, so entertainment management beyond food isn't totally new to them. I have also seen through investigating the acquarium acquisitions that Landry's has kept them as subsidiary companies, so if they prove to be money pits, they shouldn't drag the company down. (or at least, it would have to be by choice, i.e. investment, not debts)

My inside track, if I have one, is that my brother-in-law is the general manager of a Saltgrass restaurant. They are rapidly expanding this brand, and may be on the verge of breaking out of regional territory. He has worked for many years in the restaurant business (as has his wife) and has been with several successful chains, leaving them as they pass their peak.

I was somewhat concerned with just how many brands Landry's has, although the "destination" strategy should be much less dependent on an established brand name. They have grown quite a bit by acquisition, and it is hard to tell how much the combined company acts efficiently (i.e. supply chain, seating/reservation management, etc.) when they don't overtly combine names.

Hope that helps frame my standpoint. The next couple quarters may stir up some general interest.

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