Casino Stocks Attracting Attention in the New Year
NEW YORK, NY--(Marketwire - January 7, 2011) - Casino stocks have kicked off the New Year in style as analysts upgraded several companies in the sector for a myriad of reasons. With Macau revenues still surging, gaming companies with presence in the region continue to receive the thumbs up from the analyst community. Meanwhile, more positive data in the US, including improved optimism in the gambling hotbed of Nevada, has sent stocks for casino companies with larger America presences up. The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides research reports on MGM Resorts International (NYSE: MGM) and Melco Crown Entertainment Ltd. (NASDAQ: MPEL). Access to the full company reports can be found at:
www.bedfordreport.com/2011-01-MGM
www.bedfordreport.com/2011-01-MPEL
Gaming companies with operations in Las Vegas and other US hotbeds are more optimistic heading into 2011 that the national economy is improving. In turn the improving economy could lure gamblers back to the casinos. At its worst last year, unemployment in Las Vegas jumped to 15 percent. However more positive jobs data could be on its way. Earlier this week a survey from payroll processor ADP found that companies added 297,000 jobs last month significantly higher than the 100,000 economists projected.
The Bedford Report releases regular market updates on the Resorts and Casinos Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us for free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.
MGM's Chairman and Chief Executive Jim Murren believes that the Las Vegas Market is "stabilizing," although the company's gambling, hotel room and food and beverage revenue all fell in the most recent quarter. MGM has operations in Nevada, Mississippi and Michigan, and has certainly felt its top line pinched during the US employment crisis.
One hundred percent of Melco Crown's revenue is derived from Macau. The holding company operates the Mocha Club and Crown Macau gaming interests in Macau and is developing the City of Dreams casino and resort complex. According to the Macau Gaming Inspection and Coordination Bureau, Macau's casino revenues rose nearly 42 percent year-on-year to a staggering $2.13 billion in November.
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