Acquisition targets, page-4

https://www.forbes.com/sites/willyakowicz/2021/05/28/nevada-gaming-revenues-surpass-1-billion-for-second-month-in-a-row/
"Nevada collected more than $1 billion in gambling revenue from casinos in April, an 11% jump from pre-pandemic levels in April 2019—a sign that the state’s gaming industry is inching towards a recovery from the pandemic-induced recession."

"Nevada’s slot machines brought in the highest revenues in state history at $793.7 million, beating the previous record in October 2007 by $14 million."


If Vegas is sign for the rest of the US, which it likely is, ALL is making record amounts on its US profit share machines (participation business). Certainly helped by stimulus cheques, but a lot of travel and spending will still be ramping up all this year. So the bounce back should offset any post stimulus cheque drop off.

Also, if Casinos are making good money, and they are, this should bring forward the ability for casinos to splash on new machines outright. I think the travel boom over the next year, combined with accumulated savings, will be boom times for gaming and capex will pick up.

Pretty much ALL will be exceeding pre covid now on profit share machines and not far away from pre covid on machines outright sales in comming months.

Boom times is not an environment to be acquiring businesses, so really hope they dobt pay 10 times revene for something. The run in the share price is just reflecting a very strong outlook for the existing biz.