Casino Stocks under Deep Selling Pressure (WYNN, LVS, MPEL, MGM)
October 27, 2009 12:05 PM
Today Casino stocks are under massive selling pressure after Wynn Resorts, Limited (Nasdaq: WYNN) today reported financial results for the quarter ended September 30, 2009.
Shares of Wynn Resorts, Limited (NASDAQ: WYNN) plunged 6.73% to $58.83 despite WYNN reported Q3 EPS of 33 cents, topping Street estimates of 17 cents. Revenues in the quarter rose 1% year-over-year to $773.1 million, and came in well ahead estimates of $723.3 million. Steve Wynn, chairman and CEO, said if things keep going as they are, WYNN expects 2009 results to be better than 2008. Wynn also said it has not been too bad in the quarter. We are even in Vegas and up in Macau. He also claimed that "If thinks stay the way they are, we are going to equal or beat what we did in 2008".
Meanwhile Las Vegas Sands Corp. (NYSE: LVS) also fell 5% to $15.25, MGM MIRAGE (NYSE: MGM) dropped 7% to $10.23.
Melco Crown Entertainment Ltd (NASDAQ: MPEL) plummeted 5.65% to $5.18.
