Gaming revenues rose 2.4% on the Strip to us$ 467.1 million during March
Casino stocks rise on Las Vegas revenue
(US).- Casino stocks are rallying this week, as the Las Vegas Strip sees gaming growth in March. Gaming revenues rose 2.4% on the Strip to us$ 467.1 million during the month, but still slipped 0.7% to us$ 912.2 million for all of Nevada.
2010-05-12
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But as most of the casinos have already reported first-quarter results, these numbers don't mean too much. Regardless, shares of Las Vegas Sands are gaining 3.8% to us$ 24.14, Wynn Resorts is climbing 2.8% to us$ 85.24 and MGM Mirage is advancing 4.1% to us$ 14.58.
The local Las Vegas market is still feeling pressured, as gaming revenue dropped 6.1% to us$ 198.3 million. This is a direct blow to Boyd Gaming, which operates a bulk of its casinos in the market. But Boyd already said during its first-quarter earnings release that it expects to see growth in the second half of the year.
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