Are Gaming Companies Distancing Themselves From Las Vegas?
07 Outubro 2010 - 9:47AM
Marketwired
This year Casino and Gaming companies have relied heavily on strong
performances in Asia to offset sluggish performances along the Las
Vegas strip. While not all companies have operations in Asia, those
that do are expected to outperform peers due to the better
supply/demand fundamentals, strong economic growth, and increasing
transportation investments in Macau. The Bedford Report examines
the outlook for companies in the Resorts and Casinos Industry and
provides research reports on MGM Resorts International (NYSE: MGM)
and Wynn Resorts Ltd. (NASDAQ: WYNN). Access to the full company
reports can be found at:
http://www.bedfordreport.com/2010-10-MGM
http://www.bedfordreport.com/2010-10-WYNN
Las Vegas faces many problems in terms of economic growth.
According to a recent New York Times article, unemployment in
Nevada is currently at a startling 14.4% -- the highest of any
state in the nation -- and 14.7% in the city of Las Vegas. Over the
last three years, much of the local economic downturn can be tied
to the gambling industry, which has seen sharply declining
revenues.
Despite the string of negative data coming out of Las Vegas,
casino stocks have seen hefty gains in the last month. While Vegas
is struggling, according to a recent report from The Wall Street
Journal gambling revenue in Macau jumped 40 percent in September.
Both MGM and Wynn generate substantial amounts of their earnings
from holdings outside of the United States.
The Bedford Report releases regular market updates on the
Resorts & Casinos Industry so investors can stay ahead of the
crowd and make the best investment decisions to maximize their
returns. Take a few minutes to register with us for free at
www.bedfordreport.com and get exclusive access to our numerous
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Both MGM and Wynn are making steps to reflect their
international presence, and in effect, distancing themselves from
Las Vegas. This year Wynn has expressed interest in moving its
headquarters out of Las Vegas and into Macau. Wynn today generates
nearly 70% of its revenue from Macau. Meanwhile, MGM Mirage changed
its name to MGM Resorts International in June, to reflect the
growing international presence of the company.
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