MGM Mirage stock drops despite strong Macau revenue figures
MGM, Las Vegas Sands and Wynn Resorts all have gambling interests in Macau. Sands stock fell as well on Wednesday, falling 2.43%, to us$ 16.35. Wynn dropped to us$ 62.28, down us$ 1.46 a share from the start of the day.
Macau casinos posted a large increase for the third quarter. That was fueled largely by the Chinese government's decision to ease visa restrictions from the mainland. Those restrictions are about to tighten once again.
Macau, while having revenue figures below expectations earlier in the year, in not having nearly the financial problems that Las Vegas has been experiencing. Las Vegas and Atlantic City, the two main gambling destinations in the US, have both had double digit losses in months this year.
One company that fell short of expectations in the third quarter was Penn National Gaming. Despite their not meeting expectations, the stock price for Penn increased on Wednesday by us$ 1.29 a share. The closing price is us$ 28.64, representing an increase of almost 5 %.
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