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GamingandLodgingIndustryOverviewEquity|UnitedStates|GamingandLodging19January20122012BofAMLGamingConference–Day1TakeawaysShaunC.Kelley+16468551005ResearchAnalystMLPF&SDay1oftheBofAML2012GamingConferenceshaun.kelley@baml.comOnthefirstdayofour2012BofAMLGamingConference,wehosted4panelAndrewG.Didora,CFA+16468552924discussionstodayandakeynotelunchcoveringregionalgamingtrends,ResearchAnalystMLPF&Sfinancing/capitalmarkets,thehealthoftheLasVegaslocalsmarketandkeyandrew.didora@baml.comissuesinonlinegaming.Keytakeawaysbelowandinside.MatthewA.Cole+16467430210ResearchAnalystRegionals:Modestgrowth,benignpromotionswillcontinueMLPF&SOurregionalroundtablepanel(DaleBlack,CFOofISLE;WilliamClifford,CFOofmacole@baml.comPENN;andAnthonySanfilippo,CEOofPNK)wasgenerallyupbeatonrevenuetrends,expectingmodestgrowthin2012,thoughlowerthanDec'sstrongpace.Thepromotionalenvironmentshouldremainfairlyconsistent,thoughonepanelistmentionedtheyhaveseenarecentupticktheyarewatchingclosely.Asfornewjurisdictions,therecentOHdelayforthecommercialproperties(relatedtolicensingshareholders)shouldbemanageable,butVLT'sarestilldependentonalawsuitthatremainsdifficulttopredictthetimingandoutcomeon.LasVegaslocalsmarketdemandrecoveringwiththeStripOurpanelists(NedMartin,CFOofAmericanCasinos;JoshHirsberg,CFOofBYD;TomLettero,CFOofCanneryCasinoResorts)seemedmoreoptimisticfor2012,afterasteadybutmodestrecoveryin'11.Spendpervisit($48-50vs.$60peak)andalackofunratedplayarethekeychallenges.Economicheadwindsfromhousingandunemploymentareabating,butLocalscustomersremainverysensitivetopromotions.Stationhasbeenmoreaggressivesinceexitingbankruptcy,butourpanelistsallsaidtheyweredisciplinedonnotchasingunprofitableoffers.Prospectsforonlinegaming“asstrongasever”Bothourexpertpanelandkeynotespeaker(FrankFahrenkopffromtheAGA),believetheclimateforfederallegalizationofonlinegamingisasfavorableasever.OptimismfollowstheDec.DoJrulingwhichshouldboostsupportfromsocialconservatives,andgivencont’dsuppo
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