Big 2010 Not A Done Deal For Vegas (MGM, WYNN, LVS)
December 24, 2009 12:23 PM
Las Vegas ends 2009 on a horrific losing roll, hit hard by the bursting of the housing bubble and the recession, which put a serious crimp in vacation budgets and corporate conventions.
However, "lady luck" is making a resurgence in America's gambling mecca and local officials are hoping the broad economy's recovery and new attractions like MGM's (NYSE: MGM) City Center will revive the strip in 2010.
Las Vegas probably has bottomed out, but 2010 will be a "transitional year," according to Joel Simkins, gaming analyst at Macquarie Securities. Simkins told Aaron Task on Yahoo Tech Ticker an "unmitigated wave of supply" of rooms will keep downward pressure on pricing for properties like the Wynn (NASDAQ: WYNN), Las Vegas Sands' (NYSE: LVS) Venetian and MGM's Bellagio and MGM City center itself, which is reportedly already offering discounts just weeks after its grand opening.
