Casino Stocks Ready to Move Higher on Wall Street

After losing 8.5% yesterday, the Casino and Gaming industry is poised to reclaim losses today on Wall Street. Yesterday was the 5th largest drop in the history of trading in the US Casino Gaming industry. In addition, the DOW tumbled almost 8% and the NASDAQ was off nearly 9%.

Yesterday, financial analysts announced the US is officially in a recession, after recording two straight quarters of negative growth. The news did not sit well with investors, especially those holding casino stocks.

The casino and gaming industry has been hit extremely hard during 2008, with casinos in Las Vegas, Atlantic City, and Macau feeling most of the effects.

Unlike other industries such as Detroit auto-makers, however, the casino industry is not expected to ask for a bailout package from the Treasury, nor would they probably receive it anyways.

The one-piece of good news for the Casino industry, oil prices are at a 3-year low, down to $48 a barrel. Nationwide fuel-prices are averaging $1.79 per gallon of unleaded gasoline. Lower fuel prices will encourage more travelers to visit and gamble at casino resort destinations.

Stocks to watch in the sector today are Las Vegas Sands Corporation(LVS), Trump Entertainment Resorts (TRMP), Wynn Resorts(WYNN), and MGM Mirage(MGM).

December 2, 2008
Posted By Terry Goodwin
Staff Editor, CasinoGamblingWeb.com
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