US Gaming Stocks Finish Week On A High Note, Led By MGM Resorts
The stock market in the US these days is giving investors fits. One day it appears the market has turned the corner and is on the rebound from the financial meltdown back in 2008, and the next day the stocks crumble again, sending fear throughout the country.
US-based gaming stocks have been right there for the roller coaster ride. In the past two weeks, the gaming stocks have seen the best and worst that Wall Street has to offer. After rebounding for much of the past year, the stocks dropped last week, causing a panic within the industry.
On Friday, investors could breath a sign of relief with all of the top stocks continuing a climb that began on Thursday. The increase in stock prices was led by Melco Crown International, and MGM Resorts. Melco jumped 4.96%, to $12.06, and MGM stock rose to $10.28, representing an increase of 4.79%.
The largest monetary jump of the day belonged to Wynn Resorts. Wynn has long been the most stable bet for any gaming investor, and on Friday the stock was up over two percent, closing at $140.34. Wynn stock increased by $3.15 a share to end the week. It was one of many gaming stocks that shot up as the week came to a close.
Pinnacle Entertainment, Las Vegas Sands, Boyd Gaming, and Century Casinos all were up over three percent, with Sands stock rising over four percent. LVS, which was down in single figures during the recession, has risen all the way to $43.83. Century Casinos, which has experienced tough economic times, is hanging on at $2.83 a share, while Pinnacle and Boyd closed at $12.26 and $5.50, respectively.
Hurricane Irene is set to sweep across the Northeast this weekend, and that could have an affect on gaming stock prices come Monday. All eleven casinos in Atlantic City have been closed down as of Friday evening, and the gaming facilities expect to lose millions of dollars each while their doors are shut to gamblers.
Ironically, it is expansion on the East Coast that has helped the gaming stocks rise in the past year. Maryland, New York, Maine, Delaware, and Pennsylvania have all added new casinos, with Pennsylvania legalizing table games and Delaware regulating sports betting.
August 27, 2011
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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