Casino Gaming Company Stocks Soaring On US Market

Several high profile US gaming companies have been dealing with massive financial setbacks over the past couple of years. Companies that were previously considered stable investments such as Las Vegas Sands and MGM Mirage have been struggling to stay above water.

The economic recession has reduced the stock prices of these companies to never before seen lows, and investors have been dumping the stocks for many months during the recession. Recently, however, as the economic conditions have improved,, so too have the stock prices.

Las Vegas Sands stock hit its highest point since 2008 this past week and it closed the week at $25.12. The company has been working on several International casino projects and their global reach is helping their price on the US market.

MGM Mirage is closing in on an initial public offering in Asia. That offering should stabilize the company further. On Friday, MGM stock closed at $15.89, also a figure that the company had not seen since October of 2008. MGM has several projects in the works, including a Vietnam resort.

Wynn Resorts has been for a long time the one gaming stock that has remained upwards of $50 a share. Even Wynn, however, has been helped by the recent surge in gaming stocks. Wynn Closed last week at $89.50, and is hoping to soon reach the $100 a share mark for the first time since August of 2008.

All of these companies have properties in Las Vegas. The Nevada gaming industry has been hurt by not only the recession and increased competition from within the US, but also from competition from Macau. The Chinese enclave has become the leading gaming destination in the world.

April 25, 2010
Posted By Tom Jones
Staff Editor, CasinoGamblingWeb.com
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