Casino Choice UK News Archive
Gaming Stocks Recover from the Storm
The closure of 24 damaged Gulf Coast casinos was almost certainly responsible for the nervous attitude towards gaming prices. And according to Steven Ruggiero, a gaming analyst at CRT Capital Group: “When MGM Mirage reported earnings, people didn't like what they had to say and there may have been a bit of an over-reaction.”
But Ruggiero went on to explain that: “From the 27th of October to the third of November, things changed for the better. People got their fears behind them and several companies reported good earnings.”
For example the stock price of Las Vegas Sands Corp., the company behind the Venetian who recently announced a planned development for Macau in China, rose by nearly 27 per cent in November compared to October. Similarly Wynn Resorts was up 19.3 per cent.
But Ruggiero went on to explain that: “From the 27th of October to the third of November, things changed for the better. People got their fears behind them and several companies reported good earnings.”
For example the stock price of Las Vegas Sands Corp., the company behind the Venetian who recently announced a planned development for Macau in China, rose by nearly 27 per cent in November compared to October. Similarly Wynn Resorts was up 19.3 per cent.
Submitted: 2005/12/02 at 10:15:04
