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Message: Re: JUSTFAX ... a somber look at GC
1
Sep 10, 2010 04:13PM

I was into sin stocks about five years ago, and looked seriously at this one. At the time, my big concern was competition from casinos on reserves, and the proclivity of provincial governments to foist sin taxes on the casinos. There was a trend, particularly in B.C., Alberta, and Nova Scotia, of the governments looking at the casinos as revenue generating instruments. Some of the casinos on reserves give serious competition without the level of taxation and regulation. If I recall correctly, the race track in Vancouver was a perennial money losing proposition that they had tried to turn around unsuccessfully.Maybe that has changed, as I haven't looked at the stock lately.

Of course, it was trading around $4.50 back then (if I recall correctly), so I would have made some money holding it long term.

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