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Casino Stocks Slip On 4% Dip In November Las Vegas Strip Winnings

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Casino stocks were broadly lower Tuesday after November figures showed a steep drop in gaming wins on the Las Vegas Strip.

The Nevada Gaming Commission said winnings in the Strip district fell 4 percent during November to $508.3 million, from $529.4 million a year earlier.

Casino companies with Las Vegas operations centered on the Strip were off Tuesday: MGM Resorts International (NYSE: MGM) fell 0.65 percent to $21.34 and Caesars Entertainment Corp. (NASDAQ: CZR), was off by a similar percentage.

In Las Vegas' Downtown district, winnings grew nearly 13 percent to $42.8 million.

Boyd Gaming Corp. (NYSE: BYD), which has Las Vegas operations centered in the Downtown district, gained nearly 3 percent Tuesday to $12.50 a share.

For all of Clark County, Nevada, which includes the entire Las Vegas region, winnings rose 0.93 percent to $764 million.

Statewide gaming wins, which include Reno and numerous smaller locations, posted wins of $876.3 million, up 0.04 percent from November 2013.

For the fiscal year to date July 1, 2014, through November 30, 2014, gaming winnings are down 2.67 percent.

 

Related Articles (MGM + CZR)

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Posted-In: casinos gaming Las VegasNews Econ #s

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