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The Performance of the Different Casino Organizations in the Stock Exchange
On March 19th, 2008, the total shares of casino organizations were varied that day, with an analyst from Goldman Sachs scaling down the price targets as economic worries continue to affect the sector. Steven Kent said in a note that he was removing the targets due to the worrisome credit conditions, uncertain compositions and the lackluster takeovers and deals regarding the real estate industry.
The gambling industry, together with some sectors, has been suffering as of late as players tighten their wallets due to the trouble in the housing market, soaring credit, gas expenses and the looming specter of recession. Kent scaled down the price target of MGM Mirage to $60 from seventy dollars and bring down Las Vegas Sands Corporation's price target from $110 to $100. Kent also scaled down Wynn Resorts Limited price target from $125. Kent also scaled down the price targets of Boyd Gaming Corporation, Penn National Gaming Incorporated and Pinnacle Entertainment Incorporated.
Lawrence Klatzkin of Jefferies and Company scaled down the price target of MGM Mirage from $111 to $109 but still kept MGM as one of the top three companies due to its minimum cash requirements and decision to diversify their business interests. The stocks of MGM Mirage lose around 21 cents to $60.02 during the morning dealing, while the stocks of Las Vegas Sands gained forty one cents to $75.25. Aside from that, Wynn Resorts' stock improved sixty eight cents to $99.69 and Pinnacle Entertainment's stock improved by fifteen cents to $13.84.
03 April 2008
News Submitted by:
Lauren Desmond
