His reasons are almost point-for-point the reasons bears have given for remaining bearish on this company, even after flopped from their highs two years ago:
Chickakasaws are contemplating a new casino to adjacent to the Winstar casino financed by Multimedia, giving MGAM a guaranteed fixed percent of the win per day: ..."Obviously, if built, the win-per-day would decline at Winstar, impacting Multimedia's revenues from the facility." Especially if Multimedia isn't financing, which effect is its own version of pay to play.
Oklahoma, its biggest market: "...organic market share decline and patron dollars flowing to competitor games."
New York lottery: "...We believe other vendors may aggressivley attempt to get involved..."
Mexican bingo: "...timing of the roll-out of games and potential win-per-day, per device in Mexico may be less than we had hoped for -- at least in the near term."
The beat goes on...