Facility expansion at Gateway Casinos Income Fund's Lake City venues in B.C. should be completed this year and add $6 million in operating earnings in 2008, according to Merrill Lynch's Joel Sutherland. In a research report, Mr. Sutherland estimates growth in the number of gaming tables at the Lake City facilities in Kamloops, Kelowna and Vernon will increase as much as 57% once expansion is complete. Growth in slot machines will increase almost 47%.Noting the high probability that expansion will be completed this year, Mr. Sutherland raised his price target for Gateway Casinos from $21 to $23, representing an upside of roughly 13.5%. His "buy" rating remains unchanged. ------------------------------
Don Quixote Note: You know it is almost a done deal when stock analysts are saying the Casino Expansion in Vernon will probably be done this year. (2007) If you thought that the numbers of slots in this town could be doubled without meaningful council and public input you were right !
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