MGM, WYNN, LVS: Casino Stocks Get a Bump on Strong MGM Earnings

Surging revenue from Macau buoyed MGM's results

   

MGM, WYNN, LVS: Casino Stocks Get a Bump on Strong MGM Earnings

A strong earnings report by MGM Resorts International (MGM) lifted other casino resort stocks in Tuesday morning trading.

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MGM reported an adjusted first-quarter profit of 22 cents per share. Wall Street had been looking for a profit of just 9 cents. Quarterly revenue climbed 12% to $2.6 billion boosted by a 26% rise in revenue at its Macau unit, Bloomberg noted.

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The news sent MGM shares up about 8%. Investor enthusiasm spilled over to other casino stocks, including Las Vegas Sands (LVS) and Wynn Resorts (WYNN). LVS stock surged 5% on the news, while WYNN stock gained about 4%.

MGM stock closed at $23.02 per share on Monday. LVS and WYNN stock ended Monday trading at $74.39 and $193.64 per share, respectively.

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Article printed from InvestorPlace Media, http://investorplace.com/2014/04/mgm-wynn-lvs-casino-stocks-get-bump-strong-mgm-earnings/.

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