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

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

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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  5. LVS:
  6. WYNN:
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  8. Betting on Macau: 3 Gaming Stocks to Buy:
  9. Caesars Wants to Build a New York Casino:

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