kai99 Posted April 16, 2014 Share Posted April 16, 2014 What do you guys think of a restructured BYD. Management seems pretty focused on clearing debt and strengthening core business. On top of that expansion into online gaming. Looking at it as a possible turnaround. What do you guys think? $525 million debt repaid Annual interest expense reduced by $60 million (projected) $100 million in free cash flow from Peninsula Link to comment Share on other sites More sharing options...
DTEJD1997 Posted April 16, 2014 Share Posted April 16, 2014 I owned this years ago and sold for a small profit. I was off put by the fact that these guys could never really earn any serious money. They were saddled with too much debt. Additionally, they wrote off a TON of money on the Echelon project in Vegas. Poor management in that case. It appears they have 4.4BB in debt, so $500MM, while a good start, is not really moving the needle that much. They also have big exposure to Atlantic City and Tunica, which are poor markets. Book value is only $4.35, so you are paying a huge premium to book on a company that doesn't really make any money? Better opportunities in the gaming sector...but I think the gaming sector is a poor choice at this point. Link to comment Share on other sites More sharing options...
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