Casino Stocks Under Pressure; Vegas Strip Gaming Win Jumps 29% (LVS) (WYNN) (MGM)
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Stocks in the Casino & Gaming sector are underperforming the broader stock market Monday despite seemingly bullish data off the Las Vegas strip this morning.
Nevada's Gaming Control Board offered figures for the month of May earlier, showing a 16 percent rise in gaming win across the state. Total gaming win came to about $984 million, up from about $847 million during the same month of 2010.
Specifically for the Las Vegas strip, gaming win surged a sharp 28.9 percent from about $450 million to about $580 million. Gaming win on a fiscal year-to-date basis rose just 5 percent to nearly $5.51 billion.
Another important metric, percentage fee collections, rose 17.6 percent to $68.32 million during the month of June.
Around the sector:
Nevada's Gaming Control Board offered figures for the month of May earlier, showing a 16 percent rise in gaming win across the state. Total gaming win came to about $984 million, up from about $847 million during the same month of 2010.
Specifically for the Las Vegas strip, gaming win surged a sharp 28.9 percent from about $450 million to about $580 million. Gaming win on a fiscal year-to-date basis rose just 5 percent to nearly $5.51 billion.
Another important metric, percentage fee collections, rose 17.6 percent to $68.32 million during the month of June.
Around the sector:
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