Gaming Revenues in Nevada Decline for the Third Time in Four Months
12 Outubro 2012 - 9:20AM
Marketwired
After an impressive start to the year casino stocks have struggled
as global economic growth concerns have seen gaming revenues in
Macau and Las Vegas fall. Recent reports have showed that Macau
gaming revenues grew at a slower-than-expected rate in September
and casino revenues in Nevada have declined 3.11 percent in the
month of August. The Paragon Report examines investing
opportunities in the Resorts & Casinos Industry and provides
equity research on MGM Resorts International (NYSE: MGM) and
Caesars Entertainment Corp. (NASDAQ: CZR).
Access to the full company reports can be found at:
www.ParagonReport.com/MGM
www.ParagonReport.com/CZR
The decline in August was the third in the last four months that
gaming revenues had declined on the Las Vegas Strip. Approximately
50 percent of gaming revenues in Nevada come from the 41 casinos on
the Strip.
"While the majority of Las Vegas indicators have improved in
2012 (visitation, average daily room rates, occupied room nights,
etc.), we continue to see consumers slowly stepping away from the
slot machines," Macquarie Securities gaming analyst Chad Beynon
said. "The Las Vegas visitor has significantly changed its spending
patterns from gaming to nongaming post-recession, with casino only
accounting for roughly 40 percent of (the) wallet share on the Las
Vegas Strip."
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MGM Resorts International operates a portfolio of destination
resort brands, including Bellagio, MGM Grand, Mandalay Bay and The
Mirage. The company is scheduled to release their financial results
for the third quarter of 2012 before the market opens on Wednesday,
October 31, 2012. MGM recently announced that Lorenzo Creighton has
rejoined the company.
Caesars Entertainment Corp. is the world's most geographically
diversified casino-entertainment company. Since its beginning in
Reno, Nevada, more than 74 years ago, Caesars has grown through
development of new resorts, expansions and acquisitions and now
operates casinos on four continents. The company recently announced
that it plans to open a luxury hotel in India.
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