PokerTek (PTEK) fireworks may be short-lived
Today's Financial News - Posted March 19, 2009
Shares in Las Vegas Sands (LVS), MGM MIRAGE (MGM), Riviera Holdings Corp. (RIV) have crashed and burned. So why is Pokertek (PTEK) soaring?
by J. Christoph Amberger
Baltimore—TFN: Shares of PokerTek, Inc. (NASDAQ:PTEK) rose almost 90% today. The company had issued a press release that it was “pleased to announce the installation of ten PokerPro tables at Indiana Live! Casino in Shelbyville, near Indianapolis, Indiana.”
I’m sure they were pleased. After all, PokerTek develops automated poker tables and related software applications to increase casino revenue.
The casino was pleased, too. “Our poker playing guests will appreciate the amenities in our new state-of-the-art poker room,” says Aaron Gomes, Vice President of Operations and Marketing for the Cordish Company, owners of Indiana Live! Casino.
Pleased vendor, pleased customer, pleased poker players.
Life is good.
At $1.34, PTEK stock now is worth half as much as a share in Las Vegas Sands (NYSE:LVS) and MGM MIRAGE (NYSE:MGM), and more than Riviera Holdings Corp. (AMEX:RIV).
Not bad for a company with $10 million in current assets.
Given that the gambling industry has crashed and burned since people started pinching pennies, I think that the inflationary effect of the ten poker tables in beautiful Shelbyville will have a shorter life span than the serious acting career of Pauly Shore.
(Am I dating myself?)
But if you’ve got gambling in your blood… shorting opportunities certainly don’t get more obvious than this!
Next Article: Best Options Play: Leverage FDA approval in this $2.55 stock into potential 300% options gains
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March 19th, 2009 at 6:11 pm
The bump was for nevada gaming approval, nor for Indiana