Cramer Won't Touch Casino Stocks (MGM, LVS, WYNN)
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On Friday's Lightning Round, Jim Cramer denied a caller a buy recommendation on MGM MIRAGE (NYSE: MGM), asking the question, "Why, why, why, why be in a casino stock?"
Despite a recent 36% decline from the beginning of November, when MGM's stock price was around $16.50, Cramer said he wouldn't go anywhere near a casino stock right now.
Shares of MGM MIRAGE are currently down just over 1%, trading most recently at $10.35. Notably, MGM's stock price has fallen nearly 85% since the beginning of 2008.
Elsewhere in the sector: Las Vegas Sands (NYSE: LVS) is up 3.6% and Wynn Resorts (Nasdaq: WYNN) is down 8%.
MGM MIRAGE, through its subsidiaries, owns and operates casino resorts in the United States.
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CASINOS
RICHARD on Nov 17, 2008 01:52 PMMay all the casinos on this earth disappear.