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Can Gaming Partners extend winning streak

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2008-08-25 03:45:44     
Stockhouse Inc.

Shares of Gaming Partners International Corporation (Nasdaq: GPIC), a leading worldwide provider of casino currency and table gaming equipment have been on a spectacular run since reporting second quarter results on August 14th with shares up nearly 70%.

For the second quarter of 2008, the Company reported revenues of $18.9 million, which were up 28% compared to revenues of $14.8 million for the second quarter of 2007. The increase in revenues was due to sales of casino chips to newly opened casinos in the United States, such as the MGM Grand at Foxwoods, the strengthening of the euro against the dollar, and increased sales of gaming chips to casinos in Macau.

A significant part of the GPIC strategy is to create new demand for casino chips through the use of RFID technology. RFID imbedded casino chips provide casinos with enhanced security against counterfeiting of "currency" while also enabling casino chip and player tracking. RFID allows casinos to account automatically for their inventory of casino chips and monitor their table games in a manner similar to their slot machines. GPIC does not offer comprehensive computer systems or after-sale services, and recently formed strategic alliances with Progressive Gaming International Corporation (PGIC) and International Game Technology (IGT) in order to offer RFID casino chip technology as part of a comprehensive tracking and management system. RFID chip sales have grown from 4% of total chip sales in 2004 to 41% of total chip sales for the first 6 months of 2008. With nearly 70% of second quarter revenues coming from casino chip sales GPIC would appear to be establishing a leading position in the gaming chip market. If PGIC and IGT maintain and grow solid long term positions in the gaming industry this could bode quit well for GPIC.

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