PENN vs. BYD: A Gambler’s Fallacy

--  PENN and BYD could have been brothers only a year ago.  Both focus on managing small and regional casinos owned by REITs and frequented by locals.

--  BYD is getting pulled along in PENN’s wake because the two stocks used to be so much alike in size and revenue composition.  BYD has experienced no catalyst that would justify a multiples expansion.