Vegas casino giants may signal "ugly" 2009

27 Oct 2008

As reported by Bloomberg -- "Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage, the three largest U.S. casino companies, may signal an 'ugly' year ahead as gamblers curb casino trips and betting worldwide.

"Gambling revenue has been declining in Vegas for eight months and Chinese authorities have tightened visa limits in Macau, the only place in China where gambling is legal.

"'It's ugly,' said Dennis Forst, an analyst at KeyBanc Capital Markets in El Segundo, California. 'Investor expectation is for nothing good.'

"Shares of Wynn, controlled by billionaire Steve Wynn, have dropped 67 percent this year. Sands shares plunged 23 percent on Oct. 24, bringing its year-to-date decline to 94 percent. MGM Mirage, majority owned by Kirk Kerkorian, has fallen 87 percent..."

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	Vegas casino giants may signal "ugly" 2009 27 Oct 2008 <a href='https://ad.casinocity.com/adclick.php?n=a21efcd1'><img src='https://ad.casinocity.com/adview.php?what=-site:vendors/width:250/RON&n=a21efcd1' border='0' alt='' /></a> As reported by Bloomberg -- "Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Mirage, the three largest U.S. casino companies, may signal an 'ugly' year ahead as gamblers curb casino trips and betting worldwide. "Gambling revenue has been declining in Vegas for eight months and Chinese authorities have tightened visa limits in Macau, the only place in China where gambling is legal. "'It's ugly,' said Dennis Forst, an analyst at KeyBanc Capital Markets in El Segundo, California. 'Investor expectation is for nothing good.' "Shares of Wynn, controlled by billionaire Steve Wynn, have dropped 67 percent this year. Sands shares plunged 23 percent on Oct. 24, bringing its year-to-date decline to 94 percent. MGM Mirage, majority owned by Kirk Kerkorian, has fallen 87 percent..."