Vegas has had a tough year… More and more U.S. states have been legalizing different types of gambling to take advantage of the tax revenues. Macau has been developing and rising in popularity, which has taken away a large part of the Asian tourism dollars from Sin City. And of course there’s the world financial crisis on top of it all… Las Vegas casino companies have been feeling the pinch over the past few difficult years, which has been reflected in the (dropping) value of their stock.
But, there may be a light at the end of the tunnel for the Vegas casinos that have managed to hold on this long. Three of the major Vegas casino companies have seen an increase in their stock value over the past few months. Successful international projects and new strategies for handling their existing casino complexes in Las Vegas and Atlantic City have helped. And, with the numbers looking better, the investors are slowly returning their attention to their ‘loosing’ Vegas bets.
The Las Vegas Sands Corp. is one of the companies that have seen an increase in their stock recently. Their stock value went over $25, which is a number that they haven’t seen since 2008. The Marina Bay Sands Casino project that is opening soon in Singapore plays a major role in that rebound. MGM Mirage is also showing similar financial activity, now that they’re starting to get a serious foothold in the Asian market. Their stock prices are stabilizing and slowly climbing again, with the current price at just under $16, which is a value that hasn’t been seen since it was passed on the way down in October 2008.
Wynn Resorts is fairing exceptionally well, relatively speaking, as the high roller in the current market. Wynn’s stock never dropped below $50, but it was a drop down from $100+ in 2008. Wynn’s current stock price is not that far off now, with the value just under $90. The company projects that they’ll pass the $100 milestone by the end of the summer.
Though they’re not in the clear yet, these big Vegas casino players should be able to sigh a bit of relief. Hopefully the worst is over and the recent ‘surge’ in stock prices is part of an upward momentum that will continue to help stabilize the industry.
