Thursday, December 9, 2010

MGM (NYSE:MGM), Las Vegas Sands (NYSE:LVS), Wynn (Nasdaq:WYNN) See Vegas Upswing

MGM Resorts International (NYSE:MGM), Las Vegas Sands Corp. (NYSE:LVS) and Wynn Resorts Ltd. (Nasdaq:WYNN) all recently said they've seen the worst pass in the Las Vegas market, which has been confirmed by Nevada’s Gaming Control Board, saying revenue rose 16 percent in October.

Revenue for October grew to $494.8 million, up from $426.3 million in the same month of 2009. For the first 10 months of 2010, revenue growth rose 5.4 percent, and from September to October alone by 2.8 percent.

Taking into consideration the overall gambling revenue in Nevada, there was an 11 percent increase for the month of October, coming in at $888.6 million.

Wynn Resorts was trading at $101.80, up $0.35, or 0.35 percent, as of 2:06 PM EST. Las Vegas Sands was at $47.27, up $1.23, or 2.67 percent. MGM was trading at $13.55, down $0.23, or 1.67 percent.

No comments: