Monday, June 18, 2012

Nevada Gold, Outlasting The Competition, & Some Legislation.

With Nevada Gold, it has certainly been a waiting game. As a matter of fact, my investment is underwater at the moment. However, I think that there are items that look up for the company.

I recently read an article about a card room in Renton closing. It is ~2 miles from 2 of Washington Gold's card rooms (owned by UWN). While Freddie's Club is very close to some other card rooms, I would imagine that SOME of the ~$4.4 million in revenue that it formerly produced will come through to Nevada Gold.

While the loss of jobs is abhorrent for not only Renton, but for Washington, the lengthening of the unemployment lines can in part be blamed on none other the state's legislature (the controlling party, by the way, takes a ton of contributions from Tribal Gaming entities):

"Dolores Chiechi, executive director of the Recreational Gaming Association of Washington, said Monday she received word of the closure over the weekend. 
Her association represents mini-casinos throughout the state and has lobbied the state Legislature to allow electronic gaming devices – essentially slot machines – in privately owned as well as tribal casinos. 
“I’m hearing from my members that they’re hanging on from a string. A lot of transitions are going on,” she said. 
“We’re still going through with our request to the Legislature,” she said. “We believe it will create jobs. We will continue to ask the Legislature to look at our proposal.”"

Read more here:

When the state legislature reconvenes, hopefully, they will reconsider what promised to be a great price of legislation. This was a bill that would have funded education, public safety, and those that are most vulnerable. It was a measure that was supported by the public, regardless of if they knew about the legislation or not, as is shown by the poll that I had done in February:
Washington Results

Presently, it seems that the Republican running for the Governor's office has a slight lead in the race. Traditionally, in Washington, this is good for gaming and by extension, the state's massive budget problems.

In the meantime, the waiting game continues... more to come.

Disclosure/Disclaimer: I, various members of my family, and our family investment club are long shares of UWN. I reserve the right to change my (our) positions at any time. This post is my opinion. Always do a ton of your own research before even contemplating anything that I say, do, write, or so much as think about.

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