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Small Gaming Companies


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I have start looking at small gaming cos as a few of them are trading at significant discounts to larger firms, have decent margins, small amounts of debt and are selling a relatively inexpensive multiples of FCF.  Two in particular that fall into this category are Full House (FLL) and Lakes Entertainment (LACO).  FLL is selling at 2.7x FCF and 3.1x EBITDA (assuming pending GV acquisition occurs) and LACO is selling under the value of its receivables (some of these receviables may non be collected for awhile - from Indian casino construction) and has $12 million in FCF.  


Another small gaming name I hold is machine maker Mutlimedia Games (MGAM) which sells for 4.3x FCF and 2.9x EBITDA.  The other interesting larger lottery company is Lottomatica which sells for 5.7x EBITDA and 5.8x EBITDA versus SGMS which trades a 11.0x FCF.  Has anyone looked at these names or is familiar with the management teams?  TIA.



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