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 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:
- Casino Stocks: 2 to Hold, 2 to Fold
- Betting on Macau: 3 Gaming Stocks to Buy
- Caesars Wants to Build a New York Casino
- strong earnings report: http://www.businessweek.com/news/2014-04-29/mgm-resorts-profit-tops-analyst-estimates-on-macau-casino-unit
- MGM: http://studio-5.financialcontent.com/investplace/quote?Symbol=MGM
- [Image]: http://investorplace.com/wp-content/uploads/2011/09/Casino.jpg
- Flickr: http://www.flickr.com/photos/crossthebreeze/2312971759/
- LVS: http://studio-5.financialcontent.com/investplace/quote?Symbol=LVS
- WYNN: http://studio-5.financialcontent.com/investplace/quote?Symbol=WYNN
- Casino Stocks: 2 to Hold, 2 to Fold: http://investorplace.com/2014/03/casino-stocks-2-hold-2-fold/3/
- Betting on Macau: 3 Gaming Stocks to Buy: http://investorplace.com/2013/10/macau-stocks-to-buy-now/
- 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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