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Casino Stocks Post Muted Reaction To August Vegas Revenue Data

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Casino Stocks Post Muted Reaction To August Vegas Revenue Data

Casino stocks were trading nearly flat to lower Thursday morning after the Nevada Gaming Control Board released August revenue data.

What Happened

Gaming licensees reported total win of $912,980,589 in August, which represents a 7.74-percent decrease from the same month one year ago, the regulatory body said in a Thursday press release.

For the fiscal period of July 1 through Aug. 31, gaming wins have dropped 3.99 percent.

By region, the Las Vegas Strip saw its total gaming win fall 12.4 percent from $545.546 million in August 2017 to $477.918 million in 2018. The Strip saw the second-largest percentage decrease in gaming win after the Boulder Strip's 16.27-percent decrease.

The Clark County which includes the Strip saw its gaming wins fall 10.16 percent from a year ago to $756.097 million.

Washoe County — home to casinos including Gold Dust and Eldorado Resor — performed the best, posting a 7.37-percent increase in gaming win.

Stock Reactions

Shares of casino stocks were for the most part lower Thursday morning:

  • Las Vegas Sands Corp. (NYSE: LVS): near-flat. 
  • MGM Resorts International (NYSE: MGM): up 0.22 percent. 
  • Caesars Entertainment Corporation (NASDAQ: CZR): up 0.25 percent. 
  • Boyd Gaming Corporation (NYSE: BYD): up 0.65 percent. 
  • Wynn Resorts, Limited (NASDAQ: WYNN): down 1.5 percent. 

Goldman Sachs Cashes Out Of MGM Stock, Recommends Wyndham And Las Vegas Sands

'Distinctly Positioned' Las Vegas Sands Is Morgan Stanley's Top Gaming Pick

Posted-In: casinos gaming Las VegasNews Best of Benzinga

 

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