News Update: Casino Stocks Running out of Luck? (WYNN,LVS,MGM)
The large casino operators, including Wynn Resorts (NASDAQ:WYNN) and Las Vegas Sands (NYSE:LVS) are seeing their shares fall sharply today as fears of a slowdown in China has investors worried that visits to casinos may decline. Also, a KeyBanc analyst noted that shares of the casino companies are “richly” values given sluggish US demand and potential government intervention in Macau. Shares of Wynn Resorts (NASDAQ:WYNN) are down 6%, Las Vegas Sands (NYSE:LVS) shares are lower by nearly 9%, and MGM (NYSE:MGM) is trading almost 8% lower. SmarTrend is bearish on shares of MGM and our subscribers were alerted to Sell on May 7, 2010 at $13.24. The stock has fallen 23.4% since the alert was issued.
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