Anchor Gaming stock upgraded

Wednesday, Sept. 29, 1999 | 11:02 a.m.

Anchor Gaming Inc. stock was upgraded to "attractive" from "neutral" in a rating change made today by Bear Stearns & Co. gaming analyst Jason Ader.

Stock in Las Vegas-based Anchor today was up $4 a share, or 7.5 percent, in midday trading to $57.25, near its 12-month high and up from a 12-month low of $33 a share.

Ader said he was "very encouraged by the company's featured games" unveiled at the World Gaming Congress last month, that Anchor's gaming operations could yield earnings surprises and that relaxed gaming regulations in New Mexico, additional lottery contracts, opportunities in California tribal markets and further acquisitions could provide "significant upside" to Anchor's growth.

One of the new Anchor games, "Monkey Business," was developed as a joint venture with Casino Data Systems and has generated interest among casino operators. Casino Data stock was up 14.7 percent by midday, trading at $4.625.

Another Anchor game, a video version of the popular "Wheel of Fortune" slot, has generated large orders from casino slot managers. Anchor's partner in that venture, International Game Technology, rose 3.4 percent by midday and was trading at $17.1875.