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

by Christopher Freeburn | April 29, 2014 12:42 pm

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

A strong earnings report[1] by MGM Resorts International (MGM[2]) lifted other casino resort stocks in Tuesday morning trading.

Casino 300x200 MGM, WYNN, LVS: Casino Stocks Get a Bump on Strong MGM Earnings[3]
Source: Flickr[4]

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.

The news sent MGM shares up about 8%. Investor enthusiasm spilled over to other casino stocks, including Las Vegas Sands (LVS[5]) and Wynn Resorts (WYNN[6]). 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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Endnotes:
  1. strong earnings report: http://www.businessweek.com/news/2014-04-29/mgm-resorts-profit-tops-analyst-estimates-on-macau-casino-unit
  2. MGM: http://studio-5.financialcontent.com/investplace/quote?Symbol=MGM
  3. [Image]: http://investorplace.com/wp-content/uploads/2011/09/Casino.jpg
  4. Flickr: http://www.flickr.com/photos/crossthebreeze/2312971759/
  5. LVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=LVS
  6. WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
  7. Casino Stocks: 2 to Hold, 2 to Fold: http://investorplace.com/2014/03/casino-stocks-2-hold-2-fold/3/
  8. Betting on Macau: 3 Gaming Stocks to Buy: http://investorplace.com/2013/10/macau-stocks-to-buy-now/
  9. Caesars Wants to Build a New York Casino: http://investorplace.com/2013/11/caesars-wants-build-ny-casino/

Source URL: http://investorplace.com/2014/04/mgm-wynn-lvs-casino-stocks-get-bump-strong-mgm-earnings/
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