Nevada Gaming Revenue Jumps, But Casino Stocks Don’t Follow Suit (LVS, MGM, WYNN, PENN, BYD)
Shares of Las Vegas Sands (LVS), the operator of the Palazzo and Venetian resorts and the largest U.S. casino operator by market value, are down 3% today despite news that Nevada’s gambling revenue surged 16% in May, the largest monthly increase since 2006. Nevada casinos collected $984 million from casinos in May compared with $847.1 million in May 2010, according to the Las Vegas Review-Journal, which cited the state’s Gaming Control Board.
The news isn’t providing any assistance to the Casino Stocks Index, which is down 1.5%. The Index has jumped nearly 16% in the past month. Revenue on the Las Vegas strip rose almost 29% to $580.4 million from $450.2 million in May, according to the Review-Journal. That’s good for the best increase in Strip revenue since February 2010.
All areas of Clark County, except for Laughlin, showed increases in May gambling revenue. Laughlin experienced a 10.6% decline, the paper reported. For the fiscal year, which ended in June, gaming tax collections were more than $651.8 million, an increase of 3.3% over fiscal 2010, the Review-Journal reported.
Still, the news isn’t propping up casino stocks today. MGM Resorts International (MGM) is slumping 5% while Wynn Resorts (WYNN) is down 2%. Penn National Gaming (PENN) is lower by 4% and Boyd Gaming (BYD) is off 3%.
Investors can track the Casino Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
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