by Christopher Freeburn | April 29, 2014 12:42 pm
A strong earnings report by MGM Resorts International (MGM) lifted other casino resort stocks in Tuesday morning trading.
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) 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.
More Casino Stocks News:
Source URL: http://investorplace.com/2014/04/mgm-wynn-lvs-casino-stocks-get-bump-strong-mgm-earnings/
Short URL: http://invstplc.com/1o025Xy
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.