Allen Khatchatrian

1/$PENN might be the most disliked and under appreciated stock in gaming right now. Down ~90% from its 2021 highs. $1.7B market cap. Activist investor war. CEO under fire. But underneath the noise, there's a stable regional casino business generating real cash flow that the market seems to be ignoring. Here's how I'm thinking about it:

@catalystbust yeah they are in a bit of a tough spot all around with their leverage levels - not sure if theyll be able to get AP financed for a permanent location

I think the unfortunate reality for $FLL is Chamomix is just not panning out as planned, maybe it turns the corner but at this point it seems like they just plainly over spent building this property. Great management team here but sometimes even Ted Williams will strike out

$MGM the Entain rumor has new life. casino.org/news/report-mg…

That was a ridiculous semifinal

A mi me tenéis que explicar porque esto no es penalti Le están robando al Bayern

TWO huge handball shouts from Bayern Munich ✋ The referee gives neither ❌

@m6drop cant give away all the secrets

MAN - THE SHARPEST PEOPLE ON VEGAS TWITTER BARELY TALK. BUT THEY HAVE MORE INSIGHT ABOUT HOW TO WORK LAS VEGAS THEN YOU COULD EVER DREAM OF.

$ACEL - looks like a strong quarter beating revenue estimates by 4%. Revs up 9% YoY for the quarter and Margins flat

$RSI - selling after the strong results: Bluhm (Exec Chair), Schwartz (CEO) and Stetz (COO) selling 10M shares (+1.5M overallotment) in a secondary at the highs - so about $300 million+ sold. Company concurrently repurchasing $30 million at the offering price, against a separate $100 million buyback authorization. Might have to do dive into this company given strong performance and unique positioning

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@IlliquidInsight @SFSEgo Allows for great learning as a junior since you end up putting on different hats versus relying on another team to ship their slides over to you. However it is a ton more work

@allenkhatch @SFSEgo 100% accurate. This applies best to BB, as you get smaller / leaner the lines blur a lot more.

Investment banking has two very different roles: • Coverage (TMT, Industrials) - cover clients, pitch ideas, provide industry expertise • Product (M&A, LevFin, RX) - Deal structuring and execution Coverage is relationship driven. Product is execution heavy.

@IlliquidInsight @SFSEgo Also depends on each partner and team in some cases. Boutiques in certain offices will do coverage and execution through one lean team as a differentiator vs bulge brackets where the workflows seem to be silo-ed

@SFSEgo True. Varies by shop, sometimes the lines aren’t this clear. This is the high level overview.

That is really the reason why there aren't any small cap casinos - just $FLL and $CTNY. They've all been consolidated and the small private ones are typically family owned or private investors with deep pockets. I think $FLL is in a tough spot b/c doing a SLB doesnt solve their issues either. Their CO property really has to ramp to give them the EBITDA base they need to de-lever

@allenkhatch Agreed, it is in a tough spot. that's an issue with small cap casinos, you take on 2 large projects, one good, one bad, you still struggles.

Down 30% YTD, near 5Y low, with a recent insider buy at 50%+ above today's price. That is Full House Resort $FLL, and its CEO Daniel Lee. A gaming veteran holding a 5% stake spent a decade fixing legacy problems. Sold off underperforming assets, built new ones, and showed early promise. "From Mirage, Pinnacle to Full House" tells the history, assets, its challenges, and opportunities. (link in bio)

$AMZN CEO: "If our chips business was a standalone business and sold chips produced this year to AWS and other third parties as other leading chip companies do, our annual revenue run rate would be $50 billion. As best as we can tell, our custom silicon business is now one of the top three data center chip businesses in the world. And the speed at which we've gotten here is extraordinary"

If you just put your entire portfolio into $GOOGL last April and then sat on the beach, you'd be up +155% in one year… You stupid idiot.

I've really liked their recent releases and think if the brand can generate some hype like you outlined, it should enter the mainstream and start snowballing from there. I think every highly desired watch brand that goes above retail in secondary market has an easily recognizable case shape or bracelet like the royal oak, submariner / daytona, nautilus, richard mille, etc and VC should play into that with the cross brand they have

My take on Vacheron The brand has been getting more and more popular every year. All my clients love the brand - everyone asks for it - but they’re still incredibly hard to get, and that’s seriously stunting their growth. This is the core issue ⬇️ Everyone loves the entry-level stainless models like the 4500V in blue, but there’s very little demand for their 60k-150k pieces. That lack of appetite at the top is causing the base models to trade below MSRP on the grey. Nobody is buying them at a loss hoping for better allocation down the road like they do with Rolex, AP, and Patek because Vacheron’s big-boy watches simply aren’t desirable enough yet. The result? 
Fewer watches hitting the grey market → tighter supply → slower brand momentum and awareness. @Vacheron1755
In my opinion, they can flip this script with a handful of smart, high-impact celebrity endorsements. Choose the right ones and Vacheron could steal serious market share from AP and Rolex.

@m6drop @parkmgm @BavettesChicago Aw man don’t blow up my fav spot

MOST UNDERRATED STEAKHOUSES IN LAS VEGAS IN NO PARTICULAR ORDER. PEOPLE ARE NOT JUMPING FOR JOY WHEN IT COMES TO @PARKMGM. YOU DO HEAR PEOPLE COMPLAINING ABOUT $50 SOMETHING DOLLARS FOR PIZZA SLICE & A SODA AT EATALY. BUT @BavettesChicago QUIETLY BRINGS SOPHISTICATION & STYLE

@biglawbro Nah public markets are getting more inefficient or at least volatile enough to create good entry points for long term investors

HOWARD MARKS ON THE MOST EXPENSIVE LESSON OF SELLING TOO EARLY: "Amazon was $90 in 1999. When the tech bubble burst, it went to $6. It was down 93%." "What if you were smart enough to buy it at $6? Would you have held to $12? What about $60? You've made 10 times your money, would you sell?" "What about when it got to $600? You made 100 times your money. Most people would sell." "At the time I wrote it, Amazon was $3,300. If you sold at $600, you left 85% of the money on the table." "Buffett says he made all his money on 12 ideas. Charlie Munger said he made all his money on 4. The big mistake is getting off too soon."

Crazy that a professional podcast like this uses the wrong sugar ray throughout this video