ATLANTIC CITY, N.J. (AP) -- Michael Garrity recalls sitting on a pile of dirt at the end of the Atlantic City Boardwalk in 2006 with Kevin DeSanctis, a former New Jersey state trooper and casino executive. Morgan Stanley, Garrity's Wall Street investment firm, had just lined up land for what would become Revel, a new casino resort....
Trump Plaza, the Boardwalk centerpiece of Donald Trump's one-time Atlantic City empire, was sold to a California company for $20 million in the cheapest of a series of bargain-basement deals for distressed gambling casinos in the struggling New Jersey seaside resort.
A month after Hurricane Sandy pounded the New Jersey Shore; Atlantic City is back in business. Even though most of the casinos, restaurants and the famous boardwalk suffered very little damage in the storm, they're now suffering from a lack of visitors.» E-Mail This » Add to Del.icio.us
As part of our process at Valuentum, we perform a rigorous discounted cash-flow methodology that dives into the true intrinsic worth of companies in our coverage universe. In Boardwalk Pipeline's (BWP) case, we think the firm is fairly valued at $32 per share, materially higher than where it is currently trading.
Valuentum's Report on Boardwalk Pipeline