The Company manufactures and supplies gaming equipment and supplies such as gaming chips, table layouts, playing cards, dice, gaming furniture, roulette wheels, table accessories and other products that are used with casino table games.
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Solid company with great management. Insiders own well more than half of the company's common stock.
I definitely suggest reading the annual report, as it provides an abundance of straight-forward information about the company and its businesses.
Macau also presents a great growth market for GPIC.
GPIC is an interesting company. The short term proscpects look bright to me as the RFID technology is adaopted and with casino expansion, Looking longer term, I am wondering about repeat sales. Sustainability is investment principle number one.
In the latest earnings report management mentions technological obsolence, re-branding (e.g. a casino changes names or is taken over) plus organic growth in gamlbing (more gamblers) as long term drivers. What are your thoughts on this? If there is just a huge initial sell in and no repeat this could drop at some point. How long do the chips last? Do they wear out?
sw
Good questions stillwater:
They are quite right to include those for long term. Casino's are all about customer satisfaction and eye-candy. If anything in a casino is pulling down profits, even the name, it's gotta go. Out of the two I can see "organic growth" as being excused easily, but it shouldn't be.
Chips do wear out, but more to the point. People often take a few for their collection (despite rules) and sometimes they are even sold after light use. Gambling is also a very addictive and social game, which is why its fan base grows so easily (and also why the USA gov fears and spears it).
overall I'm liking GPIC. Has a good look for '07 and, like many other gambling-based companies, has taken an exaggerated hit from recent changes to US laws.
huh.. I might just have to put a green thumb on this puppy.