On tonight’s MAD MONEY on CNBC, Jim Cramer wanted go over a sell sector, the casinos. Cramer thinks that the casinos have to be sold. They have a property crisis and the earnings are going to be squeezed. He just noted the huge $750 million default for a property loan on the Vegas strip, plus it is already overbuilt and they are still building. Even Macau is growing lower than expected. Three of the casino stocks that Cramer said to sell are:
- Las Vegas Sands (NYSE: LVS); down 5.1% today, down 1.9% to $73.00 after-hours.
- Wynn Resorts (NASDAQ: WYNN); down 5.6% today, down 1.6% more to $95.32 after-hours.
- MGM Mirage (NYSE: MGM); down 3.9% today, down 1% more to $67.11 after-hours.
He also discussed a huge down day with Congress kissing Ben Bernanke’s you know what despite Bernanke & Co. being part of this massive problem. With the endless rumors all day of insurance defaults and the horrible financial results, Cramer noted zero accountability with the Fed. Cramer would like to fire Ben Bernanke.
Jon C. Ogg
January 17, 2008
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