facepalm | Image | "Seems like this reviewer doesn't understand the business model of a casino. Still have a 2-star review after being stomped on - the buffet must've been amazing!"
2/9/21 Update: Additional info posted here Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below: Funko (FNKO) Share Price (1/28/21) : $11.97 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. Retail exclusives can grow the potential universe of licenses and increase retailer buy-in · For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores) COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates. Previous DD:Herman Miller
Hi all, To celebrate the return of Undervalued to the Reddit community, I decided to put together a quick DD and post it on a stock that I have had my eye on for a little while. It's still a "work-in-progress" and I may potentially update it later on Reddit with more information or detail if I have time at some point in the future. If you have any opinions, thoughts, or additional information, please share it. Positive. Negative. Neutral. All information is helpful and informative to the community. (I thought the feedback received from my first DD posted to this sub was quite helpful and I look forward to what you have to say.) Thank you to u/BuyLowSellNever for turning the sub back on; allowing us to share and discuss ideas with the broader community in a thoughtful and respectful manner. Best wishes. - LA Funko (FNKO) Share Price (1/28/21) : $11.97 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates. 2/9/21 Update: Additional info posted here
2/9/21 Update: Additional info posted here Funko is a good company with solid performance that is still trading at a reasonable price. Check out my DD below: Funko (FNKO) Share Price (02/01/21) : $12.90 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. Retail exclusives can grow the potential universe of licenses and increase retailer buy-in · For example: A retailer like GameStop could lobby Funko to make a GameStop exclusive of the WallStreetBets Kid like this person suggested here. (The exclusive Pop! would be made into a limited edition and sold only to GameStop to sell at their stores) COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates. Previous DD:Herman Miller
I've always had an irrational fear of water. Now, I don't think it's so irrational.
So, this happened to me when I was about 18 or 19. Let me start by saying that--I know this story will be hard to believe. I'm used to not being believed. And I know why....I mean it all sounds so crazy. Let me just start off by saying--I've always been terrified of water. For some background: I have a skin condition that causes a really bad pain whenever I touch water, and the salt water intensifies that. I try to avoid water whenever possible, and try to make showers as quick and short as I can. Doctors have told me it's a really bad case of eczema, aka dry skin--mostly because they aren't sure what else it could be. Anyway, that pain is what originally drove me to dislike water. I mean, I obviously can drink it and everything--it doesn't burn my lips/tongue/throat. It just hurts when it's concentrated in large amounts on my body. So anyway. When I was 17, I started college and met a girl. We started dating. She was a swimmer--she loved it. She always wanted to be in the water--and she was always disappointed when I told her I didn't want to get into a pool/hot tub/shower with her because of the pain. I think she resented that--that I couldn't share her love for water, even though she had actively tried to engage herself in my hobbies and interests to spend time with me. When I showered, I always invited her to join me, and she did--but we never did anything too scandalous in the shower, as I was in excruciating pain the entire time I was in there. Having her there helped--sometimes the pain would get bad enough that I couldn't wash myself because my hands were shaking so much, and she would always take the soap/shampoo and step in to help. Anyway, the point is--water.....bad. Always had been. So, when after dating for two years, my partner asked me to go on a cruise with her--I was quite surprised. "Come on," she beamed. "It'll be fun! And you won't even be in the water! You can just take in the beauty of the ocean from the safety of a dry ship. I won two tickets from a raffle, and I'd hate to let them go to waste." I sighed. She had a point--the ship itself would be dry, I supposed. And we would be surrounded by water, which my partner would love. I didn't see anything too terrible about the idea--it was the middle of the summer, and we were both getting quite bored of having nothing to do. So, about three weeks later, the two of us found ourselves on the deck of a massive cruise ship, leaving the shore for a nine-day cruise. The first day, the captain of the ship came on the intercoms and told us about the ship--I really wasn't listening, but my partner took in every word. The one thing that did stand out, though, was that he said the ship was 325 meters long and 14 decks high. That's....huge. I mean, I knew the ship was big--I supposed it had to be, to have entire auditoriums and cabins and restaurants and shops and whatnot onboard--but 325 meters....wow. That was about 1066 feet (I was born and raised in America, so I always measure things in feet), or the size of almost 11 blue whales, the largest animals on Earth. That made me feel a lot better about being on the ocean--I was on basically a floating city, and even if a whale swam into the side of the ship, it wouldn't even make an impact. I was safe. Or so I thought. The first three or four days were actually really nice--my partner and I went and ate at various buffets and restaurants, went to shows and events, and even visited an on-board casino at one point. It was so much fun! And she had been right--the ocean really was beautiful. Looking at the sunset reflected on the surface of the water, stretching out in every direction as far as the eye could see--it was breathtaking. But of course--if that was all, I wouldn't be here, writing this. It was the fifth night, I think, when everything went to hell. I remember not being able to sleep, and after remaining awake for several hours, I decided to sneak out of the cabin and wander around the ship, maybe look at the stars. There were very few people about, as it was about 3am, or maybe 4. Several places on the ship were closed at that time too, obviously. So, after some wandering, I found myself on the highest deck--the observatory of the ship. I stood up there, feeling the cool ocean breeze ruffling my hair, looking down at the entire ship bathed in moonlight. I was so high up--it felt like I was on a skyscraper. I could see the entire ship, end to end, laid out below me. On every side of me, as far as I could see was a calm, moonlit sea. And then suddenly, the ocean around the ship started--glowing. Not just glowing in a random shape--it was glowing in a perfect circle around our ship. The glow must have extended on every side at least 500 feet--our ship was in the middle of a massive, glowing circle of water. I had...no idea what to make of this. At the moment, I remember thinking, is the ocean supposed to do that?Maybe some kind of bioluminescent sea life? I tried to tell myself it was just a normal thing--some kind of bioluminescent algae in this part of the sea. I had no idea where we actually were, so it calmed me down a little bit. But why is it in a perfect circle around this ship? Before I could ponder the question, I noticed something else--the center of the circle, maybe 100 feet around our ship on each side, wasn't glowing. It was completely dark. Like there was just...a....a thick ring of light around our ship. It looked almost like....well--I didn't know. I couldn't know. But for some reason, it made me nearly dizzy with fear and unease. I stumbled back from the observatory railing, not wanting to see it anymore. Suddenly, a siren blared and the captain's voice called out: "All passengers, stay in your cabins! I repeat, all passengers, stay in your cabins!" I heard a soft click behind me as the doors back to the interior of the ship locked themselves. .....Fuck, was all I remember thinking. I wasn't sure exactly what was going on--I just knew I was terrified. Not knowing what to do, I went back to the railing to observe the ship, maybe get the attention of a crew member and ask them to unlock the door. Somehow, though--I didn't see anyone now. The exterior of the ship was...empty. Completely empty. And then it happened. The event that would begin a sequence of occurrences so terrifying that even thinking about it causes me to start shaking. The ring around the ship...The massive ring of light--it....blinked. I'm sorry, but I don't think I can keep going....I...I'm going to take a break before writing out the rest. It did feel really good to get this much out, though. Even if nobody believes me, at least I'm putting this out there.
2/9/21 Update: Additional info posted here Hi everyone. Funko is a great stock that I believe will do well this year. Internet search traffic for Funko has been increasing and is at all-time highs over the last couple of months. The company is selling more of their toys directly to customers through their e-commerce shop (which allows them to capture higher retail revenues than wholesale revenues). And demand for collectibles and toys continues to be strong. Here is a DD I wrote on the company below. I would love to get your thoughts. Funko (FNKO) Share Price (1/28/21) : $11.97 Share Price (09/16/19) : $27.86 Short Interest (1/26/21) : 14% Next Earnings Release: March 2021 Funko Inc. is an American company that manufactures licensed pop culture collectibles, best known for its licensed vinyl figurines and bobbleheads. They have over 1,000 licenses across music, video games, film, TV, sports and many other pop culture properties. Some of their most popular licensed brands include Marvel, Disney, Star Wars, Pokemon, Fortnite, NBA, NFL, MLB, DC Comics, and a variety of anime properties. Several points below support the belief that Funko’s revenue grew during the 2020 holiday season and could continue well into 2021: · Increasing search traffic for Funko products · Direct sales growth is driving increased revenue and profitability · Parents are buying more gifts for their kids due to COVID · People have more disposable income from staying at home and not going out · Expansion of new products and licensees continuing through 2021 · Collectible investments like Funko POP! figures are exploding in value and popularity · Recent analyst commentary, valuation, and financials are positive FUNKO’S SEARCH TRAFFIC REACHES AN ALL-TIME HIGH IN Q4 2020 “Funko” google trends search traffic was up 20-30% in Q4 2020 (vs. Q4 2019) Searches for “Funko” were up 2x in December vs the beginning of November 2020 After falling in December, “Funko” searches are trending back up to all-time-high levels FUNKO’S DIRECT SALES INITIATIVES DRIVING HIGHER REVENUE & MARGIN Funko Direct Sales (B2C) grew significantly in Q3 and likely to continue into Q4 · B2C business as a percentage of sales increased to 8% in Q3 2020 from 4% during the prior year. · Funko’s e-commerce site grew over 150% vs. the prior year in Q3 2020 · The number of SKU’s on Funko’s e-commerce site rose tenfold since June 2020 “We went from only 200 of our own products [on our website] as late as June this year, to now well over 2,000 products available on our website.” – Funko CEO, Brian Mariotti Funko’s first ever Selena Pop! sold out online in just 40 minutes. Funko’s Q3 2020 Gross Profit % and Operating Margin % were near all-time-highs for the company · Funko’s Q3 Gross Profit Percentage of 38.6% was its second highest ever (behind only Q1 2020) · Funko’s Q3 Operating Profit Percentage of 10.8% was its second highest ever (behind only Q4 2018) · As Funko continues to grow it’s B2C e-commerce sales in Q4 and beyond, it is possible that gross profit and operating profit percentages could rise as well Retail customers were able to shift their Brick & Mortar inventory to their e-commerce channels to Funko unit sales · Funko resellers who didn’t sell online were severely impacted by Brick & Mortar closures during COVID stay-at-home orders. As 2020 progressed, some of these retailers were able to create online stores (e.g.- Shopify, Amazon, eBay, etc.) through which they could sell their Funko inventory. · Larger retailers that already had an omni-channel presence were able to shift their sales inventory from their Brick & Mortar stores to online fulfilment. Funko has also created a mini-Pop! factory at its headquarters where customers can make their own custom Funko at a price of $25 each · According to Funko, you can customize your Pop! using thousands of combinations. It’s “Think Build-A-Bear meets Funko Pop!” according to CEO Brian Mariotti. · With a $25 price point, the margins are likely higher than the average Pop! figure that retails for between $10 to $15 PARENTS BUYING MORE GIFTS FOR THEIR KIDS DUE TO COVID Parents likely splurged on their kids out of guilt of having shelter at home because of restrictions and to keep them occupied while they had to work at home. · “Faced with rising transmission of the virus, state restrictions on retailers and heightened political and economic uncertainty, consumers chose to spend on gifts that lifted the spirits of their families and friends and provided a sense of normalcy given the challenging year. We believe President-elect Biden’s stimulus proposal, with direct payments to families and individuals, and further aid for small businesses and tools to keep businesses open, will keep the economy growing.” NRF President Matthew Shay · “2020 was an unprecedented year for the U.S. toy industry. The growth we’ve seen in the toy industry speaks to the fact that parents are willing to put their children’s happiness above all else. The industry’s resiliency is very much underpinned by the reality that, in times of hardship, families look to toys to help keep their children engaged, active, and delighted. Put simply, toys are a big part of the happiness equation.” Juli Lennett - VP, U.S. Toys at NPD Toy sales were strong in 2020 as US retail sales of toys was up 16% vs 2019; driven by pandemic spending · According to NPD, “Much of the growth in 2020 was directly correlated to the COVID-19 pandemic and the changing consumer behavior associated with widespread lockdowns and school closures, the disposable income diverted from other types of entertainment to toys, as well as the onset of federal stimulus checks.” Consumer spending on toys increased measurably due to lockdowns; with strong performance continuing through the holidays · Per NPD, “While toy sales through mid-March 2020 were flat vs. 2019, widespread lockdown measures led to an abrupt increase in sales. This was further amplified by the distribution of stimulus checks beginning in April, resulting in the strongest month of growth for the year in May (+38%). Toy industry growth peaked again in October with an increase of 33% when the holiday season kicked off with Amazon Prime Day along with other retailer deals the same week.” Key retail sources reporting significant sales growth during Q4 2020 suggest Funko sales performance was strong · Target Q4 sales were fantastic showing signs of retail strength with a consumer that overlaps well with the Funko > Overall comparable sales were up 17.2% > Comparable digital sales were up over 100% > Store-originated comparable sales were up 4.2% > Store traffic was up 4.3% > Average ticket size was up 12.3% · GameStop Q4 sales were solid; showing additional potential for Funko sales > Same store sales were up 4.8% in Q4 2020 > Online sales increased 309% in Q4 2020 · According to the NRF, 2020 Holiday Retail Sales were up 8.3% compared to the prior year despite the pandemic > A surge in online shopping drove the increase (rising 32% vs. 2019) > The increase of 8.3% was over double the average increase of 3.5% that the industry had seen over the last five years. MORE DISPOSABLE INCOME TO SPEND AT HOME BY NOT GOING OUT The National Retail Federation (NRF) says that strong retail performance has been driven by consumers with stimulus checks and extra savings from not going out or traveling · “There was a massive boost to consumer wallets this season. Consumers were able to splurge on holiday gifts because of increased money in their bank accounts from the stimulus payments they received earlier in the year and the money they saved by not traveling, dining out, or attending entertainment events” – NRF Chief Economist Jack Kleinhenz. Spending on “experiences” fell significantly in 2020 · The US Travel Association forecasts that spending on travel fell $500 billion in 2020 from $1.1 trillion in 2019 > The industry has lost about 40% of its direct travel jobs (about 3.5 million jobs) in 2020; driven by a reduction in business travel > Foreign visitors to the US fell about 75% in 2020; driving a $119 billion reduction in travel spending · Concert spending is down dramatically > Live Nation reported a 98% decline in concert revenue in Q2 2020 and a 95% decline in concert revenue in Q3 2020 > About 5.2 million tickets were refunded in Q3 2020 and 23.3 million tickets had been refunded so far in 2020 (as of the end of Q3) · Movie theater attendance is down substantially > AMC theaters saw a 97% decline in attendance and a 91% decline in revenue in Q3 2020 > Cinemark saw a 96% decline in revenue > Marcus Corporation (which also owns hotels and restaurants) saw a 84% decline in revenue > Studio Movie Grill filed for bankruptcy · Other anecdotal information points to more stay-at-home activity decreasing recreational spending > Chuck E Cheese’s declared bankruptcy > Dave & Busters is considering bankruptcy and plans layoffs of +1,000 > CiCi’s Pizza declares bankruptcy > Starbucks saw fewer customers, reduced store hours, increased store closures, and a 5% decline in revenues in Q4 2020. This has led them to plan a shift to more “to-go” formats > Many Las Vegas Hotels and Casinos have decided to close “part-time” during the week due to lower attendance and travel. These include Encore, Rio, Linq, Planet Hollywood, Mandalay Bay, Park MGM, and Mirage The majority of food buffets at the major hotels and casinos have been shuttered for the time being Stimulus checks and other government programs to support consumer spending provide tailwinds for retail activity · The US government authorized more than $10,000 per person in stimulus spending in 2020 over the course of five relief bills totaling $3.5 trillion · More stimulus spending is expected; including a potential $1.9 trillion package that could include an additional $1,400 in stimulus checks MORE SKUS / LICENSES ARE GROWING AND EXPECTED TO CONINUE STRONG Active properties continue to rise and are expected to grow well into the future · The number of active properties in Q3 2020 grew 15% over 2019 · Active properties grew from 644 in Q2 to 715 in Q3 2020 · The potential universe for Funko Pops! is limitless as new films, tv shows, musicians, anime characters, sports stars, and other media properties are created every year. Some of the hot properties for this year and beyond · Star Wars: Baby Yoda, Mandalorian, Rey, Valentine’s Day, etc. · Marvel: WandaVision, Deadpool, Lucha Libre, Spiderman, Venom · Anime: Dragon Ball Z, Naruto, Bakugan, My Hero Academia · Films: Harry Potter, The Goonies, The Mummy, Fast & Furious · TV: The Office, Umbrella Academy, The Queen’s Gambit, The Simpsons · Sports: NFL, NBA, MLB, WWE · Others: Disney, Pokemon, etc. COLLECTIBLE INVESTMENTS ARE GROWING IN VALUE & POPULARITY · Funko: The average Pops! Figure has a retail price from between $10 and $15 which allows most people an affordable entry point into collecting. Over time some Pops! Figures increase substantially in price; from $50 to $100 to even several thousand dollars. While some collectors buy Pops! as primarily an investment, many more buy them as a way to show their fandom. Whether they are avid Star Wars, Harry Potter, Pokemon, Sports, or Anime fans; collectors build large collections and show them off to friends. · Sports Cards: To those paying attention, sports cards have been on a massive run with some cards worth more than your parent’s house and your sister’s car. Since the pandemic started, the demand for sports collectibles from basketball to football to soccer (and many others) has skyrocketed. Countless videos of box-breaks and pack openings have become the norm on social media. Some of these boxes are being purchased for tens of thousands with “hits” ranging from several hundred to hundreds of thousands. · Collector’s Universe: This company that grades sports cards and other collectibles has tripled in value since June 2020. The number of sports collectors grading cards has exploded as demand rises. The popularity of grading sports cards is expected to maintain as prices continue to rise and the hobby becomes more mainstream. ANALYST COMMENTARY AND FINANCIALS ARE A POSTIVE FOR THE STOCK Piper Sandler: Upgraded Funko from “Neutral” to “Overweight” (raising their price target from $6 to $12). · Analyst Erin Murphy sees evidence of “subsequent revenue pillars” with their recent launch of Snapsies at 800 Target stores; along with an expansion into board games and its digital efforts, which include a newly launched website in six European countries. Valuation Comparison: Market Cap / Revenue (TTM) · Funko: MC - $604 million / Rev - $640 million (0.9x sales) · Mattel: MC - $6.27 billion / Rev - $4.43 billion (1.4x sales) · Hasbro: MC - $13.13 billion / Rev - $5.17 billion (2.5x sales) Key Financial Trends For Funko · Q3 2020 EPS (Adjusted) = $0.31 > Third highest ever (only Q4 2018 & Q3 2019 were higher) · Q3 2020 Revenue = $191 million > Fourth highest ever (only Q4 2018, Q3 2019, and Q4 2019 were higher) · Q3 2020 Revenue increase vs prior quarter of 94% > Q1 and Q2 2020 saw significant declines due to COVID > Q3 2020 only down 14% vs Q3 2019 despite Q2 2020 being down 49% > Q3 2020 strength driven by Funko adapting quickly to online in the US market. (Q4 2020 revenue growth could be aided substantially by Funko’s development of their e-commerce shop in Europe.) · Q3 2020 SG&A was reduced 20% vs. the prior year as Funko rationalizes costs and adjusts to focus more on D2C e-commerce TL;DR After a tough summer, Funko sales have rocketed back in Q3 to near where they were pre-pandemic; setting up a potentially historic earnings for Q4 2020. Google search activity suggests that Funko is as popular as ever and is set up well for a strong year in 2021. People are spending less on “going out;” instead buying things to use at home and presents for their kids. As time passes, Funko’s status as a popular collectible only continues to gain momentum. Their direct sales initiative allows Funko to capture additional margin by sidestepping traditional brick and mortar retail to reach their customers. Investments in collectible products like Pops! and sports cards continue to increase in popularity and price. And the company continues to release even more products beyond Pops!; including games and apparel. While some Wall Street Analysts have already begun to take notice, a strong Q4 earnings announcement can drive even more attention to the stock. Positions: Long Shares & Calls Disclosure: I am long FNKO. This is not investment advice. I reserve the right to buy or sell FNKO without updating this thread. Do your own research and share (or not share) with the community in this thread. Thank you to the others on Reddit that shared this idea earlier. Feedback: If you have any additional information, ideas, or critiques please make sure to comment. It is great to get the perspective of others when making an investment. Also that information can be incorporated into future posts and updates.
!Que Pasa Neng! !Shin Chan: Flipa en colores! &: Sora no Mukou de Saki Masuyou ni '70s Robot Anime: Geppy-X '89 Dennou Kyuusei Uranai '96 Zenkoku Koukou Soccer Senshuken '98 Koushien '99 Koushien *NSYNC: Get to the Show -8 ...Iru! .hack//Fragment .hack//G.U. vol. 1//Rebirth .hack//G.U. vol. 2//Reminisce .hack//G.U. vol. 3//Redemption .hack//Infection Part 1 .hack//Link .hack//Mutation Part 2 .hack//Outbreak Part 3 .hack//Quarantine Part 4 .hack//Vol. 1 x Vol. 2 .hack: Sekai no Mukou ni+ Versus - Hybrid Pack 0 Story 0-Kara no Shogi: Shogi Youchien - Ayumi Gumi 0-ji no Kane to Cinderella: Halloween Wedding 007 Legends 007 Racing 007: Agent Under Fire 007: Everything or Nothing 007: NightFire 007: Quantum of Solace 007: Racing / Medal of Honor / 007: Tomorrow Never Dies - Collector's Edition 007: The World Is Not Enough 007: The World is Not Enough 007: Tomorrow Never Dies 1 vs. 100 1, 2, Switch 1-Jikan de Wakaru Kabushiki Toushi 1/2 summer+ 10 Minute Solution 10 Pin Bowling 10 Pin: Champions Alley 10,000 Bullets 10-Yard Fight 100 All-Time Favorites 100 Classic Books 100 Classic Games 100 Kiri Golf DS 100 Manyen Quiz Hunter 100% Pascal Sensei: Kanpeki Paint Bombers 1000 Cooking Recipes from Elle a Table 1001 Crosswords 1001 Touch Games 101-in-1 Explosive Megamix 101-in-1 Party Megamix 101-in-1 Sports Megamix 101-in-1 Sports Party Megamix 10101: "Will" the Starship 1080 Snowboarding 1080: Avalanche 11 Eyes: CrossOver 12-Ji no Kane to Cinderella: Cinderella Series Triple Zenkan Pack 12-Ji no Kane to Cinderella: Halloween Wedding 12-Sai. Honto no Kimochi 12-Sai. Koisuru Diary 12-Sai. Torokeru Puzzle Futari no Harmony 12-Toki no Kane to Cinderella Series Triple Zenkan Pack 120-en no Haru: 120 Yen Stories 12Riven: The Psi-Climinal of Integral 13-Sai no Hello Work DS 1500DS Spirits Vol. 10: Igo 1500DS Spirits Vol. 1: Mahjong 1500DS Spirits Vol. 2: Shogi 1500DS Spirits Vol. 3: Block Kuzushi 1500DS Spirits Vol. 4: Reversi 1500DS Spirits Vol. 5: Hanafuda 1500DS Spirits Vol. 6: Trump 1500DS Spirits Vol. 7: Chess 1500DS Spirits Vol. 8: Darts 1500DS Spirits Vol. 9: Futari-uchi Mahjong 1500DS Spirits: Mahjong V 1500DS Spirits: Shogi V 1552 Tenka Tairan 16 Tales: Vol. 1 16 Tales: Vol. 2 16 Tales: Vol. 3 16 Tales: Vol. 4 18 Card Games 18 Classic Card Games 18 Wheeler: American Pro Trucker 187 Ride or Die 1941: Counter Attack 1942 1943 Kai 1943: The Battle of Midway 1945 I&II The Arcade Games 1999 Hore, Mitakotoka! 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Hotel Ou 21: TwoOne 24-ji no Kane to Cinderella: Halloween Wedding 24: The Game 25 to Life 250 Mannin no Kanken Premium - Zenkyuu Zen-Kanji Kanzen Seiha 250 Mannin no Kanken: Wii de Tokoton Kanji Nou 2999 Game Kids 2Dark 2K Essentials Collection: Bioshock / Borderlands / XCOM: Enemy Unknown 2K Essentials Collection: Bioshock / Borderlands/ XCOM: Enemy Unknown 2K Power Pack 2Tax Gold 3 Choume no Tama: Tama and Friends - 3 Choume Obake Panic!! 3 Count Bout 3 Games in 1: Tak / SuperSponge / Rugrats: I Gotta Go Party 3 Ninjas Kick Back 3 Ninjas Kick Back / Hook 3 in 1: Solitaire, Mahjong & Tangram 3-D Tetris 3-D Tic-Tac-Toe 3-D Ultra Pinball: Thrillride 3-D WorldRunner 3-Fun Yosou Umaban Club 3-Nen B-Gumi Kinpachi Sensei: Densetsu no Kyoudan ni Tate! 300: March to Glory 360: Three Sixty 3D Atlas 3D Baseball 3D Crazy Coaster 3D Dot Game Heroes 3D Game Collection: 55-in-1 3D Lemmings 3D MahJongg 3D Mine Storm 3D MiniGolf 3D Narrow Escape 3D Pocket Pool 3D Shooting Tsukuru 3DO Buffet 3LDK: Shiawase ni Narouyo 3X3 Eyes: Kyuusei Koushu S 3Xtreme 3on3 Freestyle 3x3 Eyes: Juuma Houkan 3x3 Eyes: Kyuusei Koushu 3x3 Eyes: Sanjiyan Henjyo 3x3 Eyes: Seima Kourinden 3x3 Eyes: Tenrinou Genmu 4 Elements 4 Elements II 4 Games on One Game Pak: GT Advance / GT Advance 2 / GT Advance 3 / MotoGP 4 Nin Shogi 4 Nin uchi Mahjong 4 Wheel Thunder 4 in 1 Action Pack 4 in 1 Row 4 in 1 Super CD 4-4-2 Soccer 4-in-1 Fun Pak 4-in-1 Funpak: Volume II 40 Winks 428: Fuusa Sareta Shibuya de 4X4 EVO 2 4X4 Evolution 4x4 EVO 2 4x4 Evolution 5 In One Fun Pak 5 Star Racing 5-Kyuu kara 1-Kyuu Kanzen Taiou: Saishin Kako Mondai - 2-Ji Shiken Taisaku - Eiken Kanzenban 5-nin no Koi Prince: Himitsu no Keiyaku Kekkon 50 Cent: Blood on the Sand 50 Cent: Bulletproof 50 Cent: Bulletproof G Unit Edition 50 Classic Games 50 Classic Games 3D 50 More Classic Games 6 Inch My Darling 6 in 1 6-Pak 64 Hanafuda: Tenshi no Yakusoku 64 Oozumou 64 Oozumou 2 64 Trump Collection: Alice no Waku Waku Trump World 64 de Hakken! Tamagotchi Minna de Tamagotchi World 688 Attack Sub 7 Blades 7 Days to Die 7 Sins 7 Wonders II 7 Wonders of the Ancient World 7 Wonders: Treasures of Seven 7'scarlet 700-Banjin no Atama o Yokusuru: Chou Keisan DS - 13000-Mon + Image Keisan 720 Degrees 77: Beyond the Milky Way 7th Dragon 7th Dragon 2020 7th Dragon 2020-II 7th Dragon III Code: VFD 8 Eyes 8-Bit Armies 88 Heroes 88 Heroes: 98 Heroes Edition 8BallAllstars 90 Minutes: European Prime Goal 90 Minutes: Sega Championship Football 989 Sports Demo Disc 99 Nendohan: Eitango Center 1500 99 no Namida u/field A Boy and His Blob A Boy and His Blob: Trouble on Blobolonia A Bug's Life A Bug's Life / Tigger's Honey Hunt / Tarzan - Collector's Edition A Bug's Life Activity Centre A King's Tale: Final Fantasy XV A Labyrinth Game / Supermind A Mars Moose Adventure - Cosmic Quest 1: City Sights A Mars Moose Adventure - Cosmic Quest 2: Fairy Tale Island A Mars Moose Adventure - Cosmic Quest 3: Race Through France A Mars Moose Adventure - Stay & Play 1: In the Clubhouse A Mars Moose Adventure - Stay & Play 2: In Mars' Bedroom A Mars Moose Adventure - Stay & Play 3: In Lonnie's Classroom A Mars Moose Adventure - Walkabout 1: The Natural History Museum A Mars Moose Adventure - Walkabout 2: The Shakespeare Festival A Mars Moose Adventure - Walkabout 3: World Sports Day A Nanjarin A Rose in the Twilight A Witch's Tale A Year at Pooh Corner A-Rank Thunder Tanjouhen A-Ressha de Ikou A-Ressha de Ikou 2001 A-Ressha de Ikou 2001 Perfect Set A-Ressha de Ikou 3D NEO A-Ressha de Ikou DS A-Ressha de Ikou DS: Navigation Pack A-Ressha de Ikou MD A-Ressha de Ikou Z: Mezase! Tairiku Oudan A-Train 3D: City Simulator A-Train 6 A-Train HX A-Train: City Simulator A-Train: Trains - Power - Money A. IV Evolution: A-Ressha de Ikou 4 A.C.E.: Another Century's Episode A.C.E.: Another Century's Episode 2 A.C.E.: Another Century's Episode 3: The Final A.C.E.: Another Century's Episode R A.III: A-Ressha de Ikou III A.P.B. A.S.P. Air Strike Patrol A.W. Phoenix Festa A/X-101 A2 Racer II A2 Racer III: Europa Tour A5: A-Ressha de Ikou 5 AAAHH!!! 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Ace of Aces Aces of War Aces of the Air Acid Acid Drop Aconcagua Acrobat Mission Acrylic Palette: Irodori Cafe - Cheers ActRaiser ActRaiser 2 Action 52 Action Bass Action Fighter Action Girlz Racing Action Man A.T.O.M.: Alpha Teens on Machines Action Man: Destruction X Action Man: Operation Extreme Action Man: Robot Atak Action Man: Search for Base X Action Pachio Action Pack: Prince of Persia Revelations, Driver 76, Rainbow Six Vegas Active Health with Carol Vorderman Active Life Explorer Active Life Value Pack Active Life: Extreme Challenge Active Life: Magical Carnival Active Life: Outdoor Challenge Activision Anthology Activision Classic Games Activision Demo Action Pack Activision Hits Remixed Actua Golf 3 Actua Ice Hockey Actua Ice Hockey 2 Actua Pool Actua Soccer 2 Actua Soccer 3 Actua Soccer: Club Edition Actua Tennis Ad Lib Ouji ...to Fuyukai na Nakama-tachi!? 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Aedis Eclipse: Generation of Chaos Aegis of Earth: Protonovus Assault Aeon Flux AereA Aerial Assault Aero Blasters Aero Dancing F: Todoroki Tsubasa no Hatsu Hikou Aero Dancing i Aero Dancing i: Jikai Sakuma de Machite Masen Aero Dancing: Torodoki Taichou no Himitsu Disc Aero Elite: Combat Academy Aero Fighters Aero Fighters 2 Aero Fighters 3 Aero Fighters Assault Aero The Acro-Bat Aero the Acro-Bat Aero the Acro-Bat 2 Aero the Acro-bat AeroGauge AeroWings AeroWings 2: Air Strike Aerobics Revolution Aerobiz Aerobiz Supersonic Aerostar AeternoBlade Afraid Gear Afraid Gear Another Afrika Afro Inu: The Puzzle Afro Samurai After Armageddon Gaiden: Majuu Toushouden Eclipse After Burner After Burner II After Burner III After Burner: Black Falcon After Burst After Hours Athletes After... 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Brain Shock Akogare Girls Collection: Lovely Youchien Akogare Girls Collection: Mister Donut DS Akogare Girls Collection: Ohanaya-San Monogatari Akogare Girls Collection: Pika Pika Nurse Monogatari Akogare Girls Collection: Suteki ni Nurse Days Akudaikan Akudaikan 2: Mousouden Akudaikan 3 Akudaikan Manyuuki Akudaikan Manyuuki: Seigi no Yaiba Akuji the Heartless Akuma Zensho Dainishuu Akuma-kun: Makai no Wana Akumajou Dracula Akumajou Dracula X: Gekka no Yasoukyoku Akumajou Special: Boku Dracula-kun Akuu Senki Raijin Al Unser Jr.'s Road to the Top Al Unser Jr.'s Turbo Racing Alabama Meets Will Vi Aladdin Magic Racer Alan Hansen's Sports Challenge Alan Wake Alarm for Cobra 11: Crash Time Alarm fuer Cobra 11 Vol II Albert Odyssey Albert Odyssey 2: Jashin no Taidou Albert Odyssey: Legend of Eldean Album Club: Mune Kyun * Saint Poria Jogakuin Alcahest Aldynes Aleck Bordon Adventure: Tower & Shaft Advance Alekhine's Gun Alex Ferguson's Player Manager 2001 Alex Ferguson's Player Manager 2002 Alex Kidd in Miracle World Alex Kidd in Shinobi World Alex Kidd in the Enchanted Castle Alex Kidd: High-Tech World Alex Kidd: The Lost Stars Alex Rider: Stormbreaker Alexandra Ledermann: Summer Camp Adventures Alexi Lalas International Soccer Alfa Romeo Racing Italiano Alfred Chicken Alfred's Adventure Alia's Carnival! 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Alshark Alter Echo Altered Beast Altered Beast: Guardian of the Realms Altered Space: A 3-D Alien Adventure Alundra Alundra 2: A New Legend Begins Alvin and the Chipmunks Alvin and the Chipmunks: Chipwrecked Alvin and the Chipmunks: The Squeakquel Alzadick: Summer Carnival `92 Amaekata wa Kanojo Nari ni. Amagami Amagi Shien Amagon Amagoushi no Yakata Amagoushi no Yakata Portable: Ichiyagi Wa, Saisho no Junan Amatsumi Sora ni! Kumo no Hatate ni Amazing Adventures: The Forgotten Ruins Amazing Island Amazing Penguin Amazing Tater America Daitouryou Senkyo: United State Presidental Race America Daitouryou Senkyo: United State Presidential Race America Oudan Ultra Quiz America Oudan Ultra Quiz: Shijou Saidai no Tatakai America Oudan Ultra-Quiz America Oudan Ultra-Quiz Part 2 America Oudan Ultra-Quiz Part 3 America Oudan Ultra-Quiz Part 4 America's Army: Rise of a Soldier America's Army: True Soldiers America's Greatest Game Shows: Wheel of Fortune & Jeopardy! America's Next Top Model America's Next Top Model (2008) America's Test Kitchen: Let's Get Cooking American Bass Challenge American Battle Dome American Chopper American Chopper 2: Full Throttle American Dream American Girl: Julie Finds a Way American Girl: Kit Mystery Challenge! American Gladiators American Idol American Mensa Academy American Ninja Warrior American Pool American Pool II Amerzone: The Explorer's Legacy Amida Amidar Amnesia Amnesia Twin Pack Amnesia World Amnesia: Crowd Amnesia: Later Amnesia: Later x Crowd V. Edition Amnesia: Memories Amok Among the Sleep Amped 2 Amped 3 Amped: Freestyle Snowboarding Amplitude An American Tail An American Tail: Fievel Goes West An American Tail: Fievel's Gold Rush AnEarth Fantasy Stories: First Volume Anan Kanshuu: Onna Dikara Kinkyuu Up! DS Anarchy Reigns Anastasia Anata Dake no Private Lesson - DS de Hajimeru - Tipness no Yoga Anata o Yurusanai Ancient Magic: Bazoe! Mahou Sekai Ancient Roman: Power of Dark Side And 1 Streetball And-Kensaku Andre Agassi Tennis Andre Panza Kick Boxing Andretti Racing Andrew Lloyd Webber Musicals: Sing and Dance Andro Dunos Android Assault: The Revenge of Bari-Arm Anesan Angel Blade: Neo Tokyo Guardians Angel Cat Sugar Angel Collection Angel Graffiti S: Anata e no Profile Angel Graffiti: Anata e no Profile Angel Love Online Angel Paradise Vol. 1 Angel Paradise Vol. 2: Eshinu Kimika Angel Present Angel Profile Angel Senki Angel Wish Angel Wish: Kimi no Egao ni Chu! 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Rough Night at The Running Bear Casino (PAGE 2 of 2)
PAGE 2 of 2 **** * **** Hussein nudged his brother Iqbal and aimed his chin toward the bar. “Look, a fat, stupid American has finally managed some success.” Iqbal smirked, “It is the only way the infidels can succeed. They have no education and no skills to do anything useful. They don’t even worship their own God anymore, only money and fame. They will soon learn better…” The brothers were out enjoying a night of revelry, with a few more planned when they reached the city. The celebrations were a last reward before they fulfilled their mission and achieved True Paradise through martyrdom. Hussein was superstitious and hoped to find success at gambling before they took the great risk that if successful, would help to sustain their cause. They’d grown up in this land of debauchery and foolishness but had been taught from the first to honor their own Beliefs and culture above anything the Americans professed. Hussein was on roll number five of what he intended to be a short run. He wished to win five times for the Five Pillars of Islam, the name of his cell in the latest great Jihad. He blew on the dice and tossed. The small cubes bounced against the back side of the pit and tumbled end over end as he watched breathlessly. “Another ten!” the barker called. And pushed the winnings toward Hussein. He placed a minimum bet and rolled once more. He had already left the table before the barker called, “Snakeyes! Next roller please.” He held up his chips triumphantly, “Iqbal, more money from roll number five! I kept the bet in place for five rolls, I left only the minimum for the last roll, it is a Sign! We are fated to succeed. We will meet the others tomorrow, go over the plan, and then have a few last nights to revel in this world…” Iqbal patted his brother on the shoulder, “There is something I would like more than winning chips. He nodded toward the bar and the attractive and sinuous young local who worked behind it, steadily polishing glasses. Hussein watched for a moment, unsure whether his brother meant the alcoholic drinks that had been forbidden until now or the woman. Knowing Iqbal, he assumed both. “As you wish brother. Take your mortal enjoyments while you can. She looks a little sullen though, frown, lowered brows, I like the happy ones.” Iqbal’s serpent-like smile widened, “She will look better when I have freed her from the miseries of the uncircumcised. She will enjoy a real man. Who knows? Maybe I will convert her so that we can meet again in Paradise.” With that, he surged away from his brother and slithered up to the bar opposite the young First Nations maid. “Good evening, I noticed that you do not have many customers at the bar. It seems odd that so beautiful a creature as yourself would not attract more company.” The woman ignored him, intently focused on her task. He tried again, “Perhaps I must order a drink to remain at the bar? If so, a gin and tonic if you please.” She continued to polish the glass. He leaned forward, “Did you hear me?” he inquired in an annoyed tone. “Perhaps you have no business because you are surly and unhelpful.” She looked at him and delivered a smirk that appeared to be far more evil than anything he could ever hope to muster, despite his thin, reptilian lips and predatory mind, “We don’t want customers to linger at the bar, getting drunk and building from misery to anger over their losses. We want them playing… and losing.” She leaned toward him and glared into his own eyes that he normally considered flinty and daunting. “You know about losing, don’t you?” Hussein noted that the large man at the end of the bar in the “Security” shirt had begun stumping toward them. “Iqbal, perhaps it is time to go look for other entertainment.” Iqbal ignored him, he was trapped in the serpent’s gaze, like a mouse dropped into a snake’s tank to be devoured while its owner watched with perverse interest. Hussein reached for his brother to tug at his arm but never got the chance. The big security officer seized his hand, drew it to his too wide chest and turned. The weight of the man drew him away from his brother and caused him to spin around so that he ended up facing the goon with his brother beyond the man and in the clutches of the Serpent Woman. The ham-fisted gargantuan continued to twist the hand he gripped until the pressure caused Hussein sever pain. He grunted and bent into the angle of his wrist to relieve the distress. He found himself bent forward and looking up desperately toward the man’s face. The security staffer smiled, his square, blunt teeth showing dark behind an almost lipless mouth. His wide back and chest, covered in body armor under his shirt made him appear like a monster-sized… Turtle. Hussein felt himself lifted and placed behind the bar. His brother soon slithered over the top and fell to the floor beside him, smiling beatifically. Hussein opened his mouth to scream for help, but a large, blunt fist crashed into the side of his head and he saw stars… seven of them, like the Holy... The fist descended once more, and he saw only darkness. **** * **** Fr. Danilo Bayani was immensely enjoying his latest trip to the continental USA. He had visited Hawaii many years ago, and New York City more recently, but this was his first tour of the grand landbound spaces that this country offered. He’d managed to roam so far from his origins in Manila. Now, in his twilight years, he longed to see what he could of God’s Green Earth. All on the payroll of The Vatican while they cleanse the records of those hateful… allegations. The bitter thoughts raced across his mind. Of course he was a sinner, he was only mortal. He’d been expiated of those sins and had paid an enormous price to continue serving in his capacity as a parish priest. He forced his mind to return to the moment and more enjoyable pursuits. He noted the hirsute and similar appearing pair of men who had gone to the bar and wondered why the Security officer approached them, but his attention was called once more to the round of Texas Hold’em and his table mates. When he again had a moment to look, no one was at the bar, in front or behind… curious, he thought, but he quickly refocused his attention on the fascinating new game he was in the process of learning. He was familiar with Poker, so it wasn’t difficult to learn. He liked the high level of interaction that this version of the old game allowed. He’d done well, certainly gained enough to fund extracurricular activities during the rest of his current sabbatical. He’d been disturbed by the overall atmosphere of this place when he’d arrived. He did not care for the numerous paintings and sculptures of Ancient Native Deities and Spirits. They seemed to be mostly images of the Dark Beings of various Tribal cultures. He loved to study diverse cultures, but this place was an amalgamation of cultures, built for mutual support by several Tribes in the region. Much of the artwork was schlocky and clearly intended to cater to the garish and sordid tastes of the vapid gambling set. Some part of him did not feel… welcome, as though he had intruded on some private Place, set aside for Other Gods. He shook off the depressing musings… There areNO Other Gods, he reassured himself. He soon stepped away from the table to take care of personal needs and to decide what he should do with the rest of his night. Perhaps he would visit the White Dove Restaurant & Ballroom on the other side of the hotel lobby from the casino. It boasted a good reputation according to online reviews, even though it was a simple buffet style with a dance floor to one side. He liked the name, it was… peaceful he decided. He soon had a selection of food piled onto a plate and was seated near the dance floor. The place was sparsely occupied, so his hopes of being able to watch dancers as he ate were dashed. Still, the food was good enough. A little bland, but that was necessary in a place that acted as a crossroads of cultures. There was a spice table at the end of the primary row of entrees. He’d helped himself, yet nothing seemed to attach to his taste buds. The combination of eating nearly alone, having no one with energy around him, and the tasteless food soon had him growing restless. He finished up his repast and left the table to go out to the final section of the complex he had not visited, the River Overlook. As he passed the table nearest the entrance, he saw a stout man in a rumpled sport coat, who glared daggers at him, eyes focused on his crucifix, the only outward sign of his profession. The man appeared to be so hostile, that he paused for a moment to determine whether he’d done anything to offend the fellow. “Excuse me sir, have I offended you in some way?” The man looked startled. He was apparently unused to being confronted about his demeanor or behavior. He scowled, “Don’t like that thing you have around your neck. You Catholics are all Hell-bound. No concept of righteousness. Not that you’d understand, you people don’t even read The Book. You listen to your priests and pope and disregard The Word. All the kneeling and ritual prayers in the world won’t save you in the end. Go back to your idols and beads and leave me alone to seek Heaven.” Fr. Bayani was startled by the vehemence with which the man spoke. He hadn’t been attacked directly for his Faith in years. “Sir, I’m not sure what Religion you practice, but I am a man of God, a consecrated priest of the Holy Church. I assure you that I understand more than most, if not as much as I would like. I meant no harm and wish you a peaceful night.” With that, he started to walk past the man, but the man rose from his table and pointed his finger, “Your pope is the Anti-Christ, and your Church is a place of Satan! Look to the Bible for your salvation before it’s too late.” Fr. Bayani increased his pace and continued on his journey to the River Overlook. He would need the peace and tranquility that nature and the sound of flowing water would provide to settle his roiling mind. **** * **** Pastor Bill resumed his seat and shook his head, “Fool, doesn’t know that he’s risking his soul, courting Damnation.” He’d had a bad run at the tables over at the casino. His Denomination frowned on games of chance, but he had needed the money. One of his congregation had come up pregnant and they had to get it resolved before the three-month deadline for abortions. He knew that if his wife found out about Carmen, then she would divorce him. He was here to break every major rule that he professed to hold dear each week. His plan for quick money had failed, so he’d visited the bar. Now he hoped that eating would guide him back to sobriety. He had to think of another plan. Seeing that… priest had annoyed him. Had he not been inebriated, he would never have said what he did, nor stared so rudely in the first place. Yet he wanted someone on whom to vent the anger he felt, that arose from fear and he’d always disliked the papists. If his wife divorced him, if the scandal involving the woman who cleaned the church all week and then occupied the back pew every Sunday ever broke; he would lose his ministry, his livelihood. His degree in Theology would be worthless. He might be able to get a job teaching, at some secular school, but most would not hire fervent Christians like himself. He stared dejectedly at his plate of food that had contained more spice and flavors than he liked, a shadow passed in his periphery. It was low-slung and blurred just a bit as it loped along the wall. He thought he heard an odd laugh, somewhere between human and… canine? Maybe a little like a hyena might sound, or so he imagined. There was a manic quality to the laughter. A jest that was on him so that only the other Entity knew what it was. It was the wicked laughter of children at play, who’d decided to target a fat kid with glasses.A kid whose parents had been abusive addicts but who later “got right” through religious-based recovery programs.Their faith had led him to his own, but he’d never really lost those early traumas of being unaccepted by his peers and being beaten by people who later professed faith above all. A mocking whine, definitely doggish, his now sobering consciousness informed him. Something was making fun of him, teasing him from the shadows. He looked around for staff members or other customers but found himself alone. The dining area and the dance floor were deserted. It was odd, there was almost always someone at the buffet service tables. He looked over to the kitchen doors in hopes that one of the employees would burst through with a fresh serving of chicken wings or whatever tray had been emptied. He saw dark figures move past the clouded round windows on the swinging doors and temporarily occlude the bright kitchen lights within, but they were indistinct blobs, and appeared to be focused on tasks of their own choosing rather than service of his needs. He stood and realized that he was more intoxicated than he’d realized. He immediately resumed his seat and bent forward to regain his balance and bearings… and to swallow his rising gorge. When he sat up again, a dark, shaggy form perched in the chair across from him. The figure was no more than a silhouette, a raggedly hewn shadow. Yet there were eyes. Sinister golden gleams appeared and blinked at him. He heard a heavy, panting sort of breathing and a gust of foul-smelling carnivore breath assaulted his olfactory senses. “Who? Er, what are you doing at my table?” he asked in a mushy, confused manner. Still fighting off waves of nausea. He could not see it very well in the poorly illuminated dining room, but his impression was that the... Being… smiled at him: a gaping, lolling smile, with a tongue dangling out to one side and sharp canines gleaming. “I thought I would check on you my righteous friend. You seem to be upset, unhappy. You nipped and barked at that other person who shares your Faith. I thought perhaps there was a deeper concern preying on your conscience?” Pastor Bill had to force himself to think through what this… person? Had said to him. Likely some hippie-dippy weirdo. “That guy was a Catholic priest, we’re nowhere near the same Religion.” Once more he heard the chortling laughter that was now very clear, “I’m sure you think it’s different. Those of his specific religion, came to these lands many years ago. They were the first of you Christians to arrive. The rest have been simple variations on a theme. The problems began, when your co-religionists assumed that only your God exists; that all of the local Gods and Spirits were instead Demons and Dark Powers. Instead of trying to show that yours is a better Way, you Christians insisted that yours is the only Way. You’ve forgotten that in Ancient Times, people held True to Deities who were attached to local communities or to the land and features around them; geographically and ethnically relevant. You have gone from subsuming and incorporating Older Gods as Angels and Saints, to Demonizing Them, and now in your hubris, to denying Them altogether.” He shook His head. “Too bad really, it creates an Adversarial relationship.” He chuckled at some joke that Pastor Bill was still too drunk to comprehend. Pastor Bill had grown increasingly fearful as the Voice intoned Its Philosophies. He wanted to refute that Voice, to deny Its very Existence. Yet he feared Its Wrath more than anything he’d ever feared, even the Fires of Hell. Instead of making a stand and arguing his faith, he staggered to his feet and ran, stumbled, blindly toward the kitchen and the pale, ghostly figures within. Surely someone within would save him! The sardonic laughter chortled after him and chased him into the too bright lights, descending into the yips and howls of Coyote even as the doors swung shut behind him. He looked around at the glowing white figures who halted in their various progresses to stare at him. Their eyes! There were none, just empty sockets, faces slack, with gaping, lamprey maws. He heard a new sound as they swarmed him… his own forlorn screams of ultimate agony. **** * **** Fr. Bayani stood out on the River Overlook platform and enjoyed the solitude that had so recently left him restless. There were plenty of noises out across the flowing torrent: the water itself, as it passed over hidden objects, fish as they leapt from its embrace to kiss the night air, frogs and insects, and the warbling, mournful sounds of a loon, and the soft sigh of the wind as it passed through the verdant landscape. This is much more peaceful than the White Dove he thought. He had some trouble shaking off ruminations on the verbal assault from the strange, possibly drunken man in the restaurant. He decided that he would pray for the man, that he would one day soon find The True Faith. Sometimes that was all one could do for the short-sighted. He heard a deep, coughing hiss out in the dark. He was startled but quickly realized that it was an American Alligator, cousin to creatures he had observed in many places around the planet. He was truly content, at one with Nature in all Her Glory… in all the natural splendor of Creation! he immediately corrected himself. A sound impinged on his senses as it slowly rose and obscured the others… it was a lapping sound at first, more like ocean waves on a beach than the banks of a river. Waves, at cross purposes to the flow of the river, slapped at the base of the platform. Soon they sounds evolved into splashes, as if something very large approached the River Overlook platform. He leaned over the rail to have a closer look. Perhaps it was a large water creature or a boat… maybe a ‘gator as the locals called the big reptiles. He peered down at the dim rippling surface below. At first, he was unable to discern anything but small reflections on the water as it swirled and lapped; then from below the surface, he spotted an eye, a too large eye! It glowed from within with a sickly luminescence akin to that produced by deep growing fungi. As he stared in horror, he saw a mouth gape below the eye, and enormous frog-like opening with no teeth but serrated lips, like some monstrous catfish. As he stared, too much in shock to act, he suddenly felt his body wrapped in strong, leprous flesh and he quickly lost his ability to breathe. The last sight he saw before he plunged over the safety rail was the thin, grey, first light of dawn. **** * **** Chief Harry Whitehorse gazed around at his fellow chiefs and Shamans from various local Tribes, “So, are The Dark Ones satisfied once again? Have They sated their appetites on strangers so that our peoples will be safe for another year?” Affirmative rumbles muttered around the conference room. Red Wolf, a Shaman, spoke from near the back row, “They are not only satisfied but Coyote assures us that the prey people will not be linked with our premises or business operations.” Most of the fresh mutters sounded pleased, but old Harry had to ask, “Can we trust Him?” Chortling laughter sounded throughout the conference room and ascended into thunderous yips and howls of hysterical glee.
CONTEXT: Names have all been changed for anonimity, there's a lot of inside references and memory references that may not seem as significant to any reader, but just wanted to put this out there to let people know to not get complacent in the relationship and let them get away. I still hope one day I find my way back to her, but for now this was the final letter I left her. Dear Michelle, I’ve spent a countless number of days staring at this blank piece of paper not knowing what to do with it or what to say. The number of times I’ve scrunched it up and had to restart is crazy. I’d be lying if I didn’t say I still don’t know what I’m doing with this, just putting all cards on the table I guess. But most importantly I’d be lying if I didn’t say that I miss you and think about that gorgeous face of yours all the time. In no way is this me trying to “get you back”, no ill intentions or anything negative, please understand this.It’s been many years since I’ve used an actual pen to write on a piece of paper, the last being your “Get Well Soon” card when you were upset about you and your ex and your Christmas Card. Not having you in my life anymore has granted me a lot of time to myself to think and process my life. Believe me, I’ve done a LOT of thinking, about you, about me, about us and life in general. You’ll be happy to know I’ve done a lot of growing and all this period. All that I ask is IF you do read this, try to take in every word and read it meaningfully with no distractions. I write this with all my heart. Remember the day I planned on asking you out to make things official? I dedicated the entire day to being all about you and keeping that beautiful huge smile on your face. I took you to get your ears pierced, we then went to Chadstone and shopped around, came home to nap before I took you to the Melbourne Star wheel. The glimmer in your eyes throughout the day and even while in the deck was mesmerizing and I couldn’t have been a happier man, unfortunately we were plagued by the indians and their families in the same cabin so I wasn’t able to fulfill my plan on asking you out but we laughed about it in the car ride home and at least it gave us a funny story on how we came to be official. Although I was grateful and thankful for the amazing time I got to spend with you then and especially the feeling of your warmth and comfort when you were cuddled in my arms and in that moment looking at you watching the view with me I couldn’t help think to myself, I’ve never cared about someone so precious ever in my life but most of all, you’ve never looked more gorgeous than in that one moment. Or even the night I took you to the Conservatory, you wore my favourite outfit of yours but we were still a bit shy with one another. You were quiet at the dinner table as we were still early together but the vibe was mutually great and the night outside was as beautiful as you were. Never have I seen someone I love look so amazing while messily munching down on a buffet of food, that was the night you showed me you were a Little Piggy. The funniest part of the night was seeing your shock and guilt with the bill, I don’t need to tell you the cheeky laugh it gave me to see you like that as I was doing it right in your face. Although, my favourite part of the night was when we parked out the front of your house and chilled there for the longest time and enjoyed each other's company, in that moment, was when I knew, there’s no place I’d ever rather be than with my arms around you. My all time favourite moment would have to be the time we spent staying at Crown. There has never been a better set of days in my life as perfect as those. It was all unforgettable, from the moment we came and just jumped in bed to cuddle, going to the Galactic Circus and playing the arcade games, especially the fun playing air hockey having to pretend to lose to you, seeing so concentrated on winning and then the smile that erupted on your face when you did, I couldn’t help but smile and think to myself, this angel makes me feel at home. The coolest part was the dinners on both nights, Korean BBQ the first night then having the pleasure of Jono and Erin to join us at Kitchen Workshop for the second night, the casino with them after it was fun as hell. What set each day in stone in my mind was showing you how much you meant to me when making love to you every night, I’ll never forget how lost I was staring into your beautiful blue eyes, I still do to this day and they’ll always be my true favourite feature of you. I’ve had a countless number of memorable cherished experiences with you and it is an honour for a lot of these experiences with me to be your firsts in general. You’ve taught me so much over these past couple years that we’ve dated, you’ve shown me how to be a better person day by day by treating everyone with the same kindness, love and respect that you’d love reciprocated by them back. I’ve slowly learnt from you on how to be the bigger person in situations instead of sinking down to their level, how to be a mature man and not the Shaun I used to be before I met you. I love the man I have become because of you and have always hoped that you were lowkey proud of my development, all thanks to how amazing you are. Props to your amazing parents for raising the beautiful woman you are today. I know I still have faults, I admit that and take full responsibility for them all but I have grown heaps especially these past few weeks and am still working on them. You may think I never listen to you but I’d like you to trust me, because I always am, I listen to every word of your recommendations on how to be better, at the time I’m just a tiny bit ignorant about it but don’t let that deter you from thinking that I don’t take your words in. The one thing I have loved being able to do with you that I am unable to do with anyone else EVER is ALWAYS FEELING COMFORTABLE coming to you whenever I need do things like vent, a shoulder to cry on or help with how to deal with certain situations because I found that no one else could ever help as much as you could and would. I loved being able to vent to you about any and every one of my problems throughout my day or life in general, you were my rock, I felt safe and at home knowing that you genuinely cared and were also giving me endless support and advice. It felt good knowing someone was genuinely listening to me and was there. I have always tried my 100% best to do the same for you and I hope I have reciprocated that same feeling back. I hope that you always knew and felt comfortable coming to me to vent about anything, work, life, any of your problems like your career troubles, friends (I’m not going to name all the troubles, we both know everything). Whenever you did rest assured that I always dedicated you my 100% undivided attention and support and would always drop whatever I was doing and come straight over to cheer you up whenever I possibly could because I wanted to always be there for you, seeing you sad is my least favourite thing in the world, it still is. Most importantly, the one thing I think of that is most special in my life and that I hold very dearly to me is two words: 2 Weeks In the little over 4 weeks I spent chasing you, I realised that all it took was only the last 2 that meant something to me. 2 Weeks together. 2 Weeks was all it took for me to fall in love with you. I remember our first kiss like it’s tattooed in my mind. I remember every moment, from coming to Jenna’s house to take you home, meeting Rachel for the first time and listening to her saying “you have a really nice car”, you whispering something to her before she closed your door, something that we will both never know which has always crossed my mind, in a happy and funny way. I remember playing our song OTW in the car going towards Mia's place and you falling asleep while it happened, I remember looking at you there so drunk, yet peaceful and full of life, happy in the moment even though you were asleep, no sight has ever lit up my world more than that. Taking you to Mia's house and conversing and getting along with all your friends was great but then our moment happened. I remember holding you so you wouldn’t stumble while walking me to my car, I remember you caressing my arms while we looked into each other’s eyes and all I could think was, there’s nothing in the world that I wouldn’t do for this angel to keep her happy, then you kissed me. You kissed me Michelle. I felt the touch of those soft amazing lips against mine and you turned my whole world upside down, the funny thing is, I was so full of happiness and shock that a tear came out of me left eye and I’m not even joking, I wasn’t crying but it was just one tear and I was praying that you wouldn’t notice and that it didn’t run across your face for you to feel it, thank god you didn’t and this is the first time you’re hearing about it. I laugh every time I think about it. I remember the drive home being one of the longest drives home as I had the windows, sunroof open pumping my hands and waving my arms around like I just scored the winning shot for the NBA Finals. I remember screaming YES!!!!!! FUCK YES!!!!! WOOOOOO!!!! I LOVE THIS WOMAN!!!! YESSSSSS!!!! ALL THE WAY HOME, I didn't care if any cars next to me heard or saw, loving life. What adds to this is how you became not only my partner, but my best friend as well. I love how I’m able to be 100% weird and silly with you, I love how much I’m able to be myself around you and share my humour with you, amazing how you find the same humour as me funny. We share a lot of history together. We’ve got history. When I started getting you into Chris Brown properly, then you started sharing the same interests and hobbies as mine (reps, Jordans, setups, gaming, tech, youtubers, PCs, shoes, I got you into the Marvel Universe, then you branched out and we kind of shared Star Wars together too, you branching out into streaming, finding your own favourite games like Skyrim), I loved the influence we’ve had on one another's lives and have always tried to support everything you do, I hope you know that (e.g. like always watching your streams to keep your viewer count up, helping you with your setup ideas, stresses, etc). I constantly thought to myself, where am I ever going to find someone this gorgeous who’s into literally everything I’m into as well but is somehow still unique in her own way (I love how you enjoy listening to game and movie soundtracks, reading into things like lore of games and stuff, the list doesn’t end). Not only were you my girl, you were my best friend, more than Jono or Jack, more than anyone. My favourite thing is how you even kind of listened to Jake Miller and Zayn when I started playing them in the car and you started singing along and suggesting which songs you like, never been happier and prouder than realising our music taste influences one another, that Post Malone concert we went to was another night I won’t forget. I hope we never leave each other’s lives and stay close, there’s no one in the world like you, I won’t lie when I say I genuinely do hope we find our way back to each other but that’s not me telling you it HAS to happen or like forcing you or anything. It also is definitely not my intent on writing this letter, like I said, I just wanted to speak my mind and also put all my cards on the table. I know you told me not to wait, I listen, I completely understand and have accepted it may not work out, it’s just a little bit hope, I say it with full confidence that I’ll never love someone as much as I love you, you’re my best friend, my soul mate and although you don’t like ‘Friends’, you’re my Rachel, it’s you Michelle, it’s always been you. It’s been mind-blowing to have you in my life and I am forever grateful and thankful for everything you’ve taught me, helped me with, changed in me (willingly, wanting to and for the better) and especially shown me (like how much I can love someone both as my bestie and my partner, taking advantage of every opportunity given in life). I truly mean it when I say thank you for everything, all the memories, the history, everything. You are a blessing on this Earth. Thank you Michelle.
7 reviews of The Buffet - Silver Star "Been here several times. Today was special. Catfish was great, Fried mushrooms also great, I fast everything was tasty. One thing that makes this buffet different from others is, along with usual buffet stuff, you can get traditional Choctaw food. Always worth a try. Next time you are at the Pearl River Resort or just passing stop in the Buffet for a meal. Star Casino Buffet Menu link for the no deposit bonus to claim it. If it needs a bonus code, enter the appropriate bonus Star Casino Buffet Menu code. You will find this along with other information provided about the bonus. The bonus is now ready for use. If you have any issues or doubts contact the casino’s support team. Dining at the River View Buffet in the Rising Star Casino Resort located in Rising Sun Indiana is a delicious all-you-can-eat array of fresh food while overlooking the scenic Ohio River. The Gran Via is the popular buffet at the Winstar World Casino & Resort. Located in between the Madrid and London Plazas, the Gran Via has an open, contemporary décor that is colorful and bright, with modern lighting and a massive, flower-adorned artistic light fixture as an aerial centerpiece. The Kitchen Buffet continues to set the standard for the all-you-can-imagine dining experience. Guests must be 21 or older to dine at The Kitchen Buffet as it is located on the casino gaming floor. Prices given include non-alcoholic beverage. Regardless of what type of culinary mood you’re in, there’s a dish for it at the all-you-can-eat Gran Via Buffet at WinStar World Casino and Resort. This 500-seat buffet restaurant, just steps from the Madrid and London Gaming Plazas, allows you to be the curator of your own meal. Access your latest personal offers, keep up to date on your Star Rewards account, securely request your win/loss statement and view current casino promotions, upcoming entertainment, events, dining specials and a whole lot more! Monday and Friday prawn buffet Adult $41.90 Child 5-12 years $19.90* Child 0-4 years free^ Saturday & Sunday oyster lunch Adult $50.90 Child 5-12 years $19.90* Child 0-4 years free^ DINNER. Monday to Thursday prawn buffet Adult $52.90 Child 5-12 years $28.90* Child 0-4 years free^ Friday to Sunday premium seafood buffet Adult $74.90 Upmarket Buffet In The West Rand. Closed until further notice. Billy G is an upmarket, family buffet restaurant offering a variety of hot and cold starters, main courses and desserts. Catering for small and big groups, it is ideal for year-end functions, birthday celebrations and romantic dinners. Harvest Buffet is a feast for the senses. On weekends seafood becomes the star of the show, with the freshest sushi, oysters, prawns, crabs and mussels complementing roasts from the carvery, pizza, pasta, curries, soups and salads. Of course, you could go straight for the decadent dessert bar which includes three chocolate fountains.
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