Casinos & Hotels
Nevada Gambling Revenues Rise Slightly in October
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MGM Resorts International (NYSE: MGM), Wynn Resorts Ltd. (NASDAQ: WYNN), and Las Vegas Sands Corp. (NYSE: LVS) have posted either a modest loss for the past month or, in the case of MGM, an 8% gain. Ceasars Entertainment Corp. (NASDAQ: CZR) is up 37% in the same month, even though the company still labors under a mountain ($20 billion) of debt.
Over the past 12 months, the story is significantly differ, at least for Ceasar’s, which is down 53%. MGM shows a share price gain of about 4% for the past 12 months, while Wynn is down about 3% and Las Vegas Sands is down about 4%.
Revenue to the state of Nevada has dropped from $1 billion in July, and is up 4.6% statewide. Revenue from the Strip was up 7.4% in October, comparable to a rise of 7.9% in Macau.The revenue base from Macau, however, is expected to be six times larger than 2012 revenue in Las Vegas.
Paul Ausick
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