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    Zachary Silverberg

    Research Analyst at Wells Fargo & Company

    Zachary Silverberg is an analyst at Wells Fargo & Company who specializes in coverage of gaming and leisure companies, including PENN Entertainment, International Game Technology (IGT), Light & Wonder (LNW), and Monarch Casino & Resort. He has issued ratings and price targets for these firms, such as recently upgrading Monarch Casino & Resort from Underweight to Equal Weight following strong quarterly results and raising the target price to $89.00. Silverberg began his analyst career at Berenberg Bank before joining Wells Fargo, and his overall track record includes a 33% success rate with an average return of -13.80% on rated stocks and a top profitable call yielding a 28.70% one-year return. He holds professional securities licenses as required for securities analysts, with credentials visible in industry regulatory databases.

    Zachary Silverberg's questions to GOLDEN ENTERTAINMENT (GDEN) leadership

    Zachary Silverberg's questions to GOLDEN ENTERTAINMENT (GDEN) leadership • Q4 2024

    Question

    Zachary Silverberg requested more detail on the stabilizing consumer trends post-election and asked about the potential financial benefit from a proposed 'no tax on tips' policy.

    Answer

    President and CFO Charles Protell confirmed that the lower end of the customer database has stabilized after previous declines, with rated gaming revenue turning positive year-over-year in January. CEO Blake Sartini added that The STRAT is seeing 'green shoots' with improved slot performance and higher carded play. Regarding the tip tax, Protell estimated a direct benefit of about $2 million for the company but noted the larger, indirect benefit would be increased discretionary spending from the local workforce.

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    Zachary Silverberg's questions to GOLDEN ENTERTAINMENT (GDEN) leadership • Q1 2024

    Question

    Zachary Silverberg asked about the drivers behind the strong 46% margins in the Nevada locals casinos and whether there are further levers for margin growth. He also inquired about the company's CapEx plans for both maintenance and growth.

    Answer

    President & CFO Charles Protell attributed the strong local casino margins to rightsized labor, streamlined F&B operations, hotel efficiencies, and lower utility costs. Regarding CapEx, he stated maintenance runs $30-35 million annually, with plans to open two new taverns this year. Beyond that, major investments are not planned, as capital is being prioritized for share repurchases. CEO Blake Sartini added that they are pursuing growth via third-party investments in their facilities and real estate.

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    Zachary Silverberg's questions to Churchill Downs (CHDN) leadership

    Zachary Silverberg's questions to Churchill Downs (CHDN) leadership • Q4 2024

    Question

    Zachary Silverberg, on behalf of Dan Politzer at Wells Fargo, inquired about the performance trajectory and ramp-up of The Rose gaming resort, asking for insights into its first few months and the outlook for the next year.

    Answer

    CEO William C. Carstanjen expressed strong confidence in The Rose, noting its excellent location and market demographics. He explained that, like other HRM openings, it takes time to educate the market and build a customer base, citing minor initial headwinds like opening during an election cycle. He stated that performance is ramping appropriately and advised patience over the next 12 months.

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    Zachary Silverberg's questions to Rush Street Interactive (RSI) leadership

    Zachary Silverberg's questions to Rush Street Interactive (RSI) leadership • Q3 2024

    Question

    Zachary Silverberg, calling for Dan Politzer of Wells Fargo & Company, asked for the breakdown of advertising spend between the U.S. and Latin America, the outlook for 2025 marketing spend, and an assessment of regulatory risks like tax hikes and the momentum for iGaming legalization.

    Answer

    Executive Kyle Sauers explained that while RSI doesn't break down marketing spend, it is a higher percentage of revenue in Latin America. He expects to gain leverage on the marketing line in 2025, with spend influenced by the recent launch in Peru and a potential launch in Alberta. CEO Richard Schwartz addressed regulatory risk, stating he doesn't expect tax hikes to spread and warned of unintended consequences like driving players to unregulated sites. He noted growing momentum and conversations around iGaming legalization but declined to predict which states might be next.

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    Zachary Silverberg's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership

    Zachary Silverberg's questions to APARTMENT INVESTMENT & MANAGEMENT (AIV) leadership • Q4 2020

    Question

    Zachary Silverberg requested more detail on the Philadelphia submarket, particularly quantifying the expected impact of university students returning, and asked about migration trends in other dense urban locations.

    Answer

    Keith Kimmel, President of Property Operations, explained that Philadelphia's recovery is tied to the return of students at Drexel and Penn, and the recall of workers by Comcast, both expected by mid-to-late 2021. Regarding migration, he noted a pause in new job-related move-ins to the Bay Area but a significant uptick in moves to Miami, particularly from the Northeast.

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