TAKING THE PULSE: Casinos, especially those in tourist destinations such as Las Vegas and Atlantic City, continue to reel from the effects of the global recession, which has caused a severe drop in revenue and visitors. Several operators are struggling with massive debt taken on to fund big expansions and buyouts. Some casino companies have filed for bankruptcy, and more are likely to do so this year. Some analysts predict reverse consolidation, with the largest companies shrinking and smaller, multi-casino operators emerging.

 
   COMPANIES TO WATCH: 
 
   Wynn Resorts Ltd. (WYNN) - reports May 5

Wall Street Expectations: Analysts polled by Thomson Reuters project earnings of 2 cents a share on revenue of $743 million. A year earlier, Wynn reported net income of 41 cents on revenue of $778.7 million.

Key Issues: Wynn, which has a stronger balance sheet than most of its rivals, raised $175 million from a stock offering in March and recently completed amendments to its credit agreements, giving it added flexibility to weather the industry downturn. The company, which plans to open a 400-room expansion to Wynn Macau at the end of this year, got some good news when March gaming revenues were better than expected in that Chinese gaming enclave.

 
   Boyd Gaming Corp. (BYD) - reports May 6

Wall Street Expectations: Analysts are looking for earnings of 8 cents a share on revenue of $435 million, compared with a year-earlier net loss of 37 cents - caused by a write-off - and revenue of $471.1 million.

Key Issues: As one of the oldest Las Vegas gambling companies, Boyd's customers include many locals, who are struggling with declining home values and job losses. Boyd, which has delayed indefinitely its $4 billion-plus Echelon Place project in Las Vegas, last month expressed interest again in buying Station Casinos Inc. Meanwhile, the Borgata Hotel and Casino in Atlantic City, jointly owned by MGM Mirage (MGM), outperformed in a down market last year.

 
   MGM Mirage (MGM) - reporting date to be announced

Wall Street Expectations: The debt-laden company is projected to post a loss of 7 cents a share on revenue of $1.58 billion. The prior year's net income was 40 cents a share on net revenue of $1.88 billion.

Key Issues: MGM Mirage is struggling to remain in compliance with its debt covenants while major bondholders call for a bankruptcy filing. On Wednesday, the company and Dubai World, its partner in the $8.6 billion CityCenter under construction in Las Vegas, struck a deal with lenders that guarantees the project will be finished. MGM Mirage also is seeking buyers for two of its steadiest cash cows, MGM Grand Detroit and the Beau Rivage casino in Biloxi, Miss.

 
   Las Vegas Sands Corp. (LVS) - reporting date to be announced

Wall Street Expectations: Analysts forecast a loss of 2 cents a share on revenue of $1.06 billion. A year earlier, Sands reported a net loss of 3 cents on net revenue of $1.08 billion.

Key Issues: The casino giant, best known for the Venetian resort in Las Vegas, last week reached an agreement that will allow it to repurchase up to $800 million in debt. Sands reportedly is considering the sale of some of its Macau casino operations under a lease-back arrangement potentially worth $1.3 billion as well as the sale of some of its shopping malls in Macau. The Sands of Bethlehem, located north of Philadelphia, is slated to open May 22.

(The Thomson Reuters estimate and year-ago net may not be comparable due to one-time items and other adjustments.)

-By Kathy Shwiff, Dow Jones Newswires; 201-938-5975; kathy.shwiff@dowjones.com