Credit Suisse Starts Largest Casinos at Neutral (MGM, WYNN, LVS)

Credit Suisse initiates coverage on MGM MIRAGE (NYSE: MGM), Wynn Resorts (Nasdaq: WYNN) and Las Vegas Sands (NYSE: LVS) with Neutral ratings.

The firm set a $59 price target on shares of Wynn, a $15 price target on MGM MIRAGE and a $16 price target on Las Vegas Sands.

Shares of the three largest gaming stocks are not trading similarly this morning: while shares of Wynn and Las Vegas Sands are trading relatively flat, (Wynn down 0.7% and Las Vegas Sands up 2%), shares of MGM MIRAGE have sunk more than 7% already. MGM MIRAGE stock most recently traded at $13.32.

The move in MGM is surprising as its largest shareholder, Kirk Kerkorian, who owns more than half of the company, announced yesterday that he sold a large chunk in Ford (NYSE: F) in order to focus more on his investment in MGM. The move was viewed as positive yesterday, but sellers may be using the using to lock in some profits this morning.

MGM MIRAGE, through its subsidiaries, owns and operates casino resorts in the United States.

Wynn Resorts, Limited, together with its subsidiaries, engages in the development, ownership, and operation of destination casino resorts.

Las Vegas Sands Corp. and its subsidiaries develop multi use integrated resorts worldwide.

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