Wynn (WYNN) and Las Vegas Sands (LVS) Tumble Despite Raised Estimates

June 29, 2010 1:31 PM EDT
Although two Resort & Casino stocks got an improved outlook from Goldman Sachs today, they appear to be some of the hardest hit in their sector.

Goldman increased estimates on Wynn Resorts (Nasdaq: WYNN) and Las Vegas Sands (NYSE: LVS) based on stronger Macau trends, but is keeping a Neutral rating on the stocks. Click here for more from Goldman.

In the trading session today, Wynn is down 5.76% to $80.20, and Las Vegas Sands is 8.44% lower to $23.21. Notably, MGM Resorts (NYSE: MGM) is down 7.91% to $10.13, and Boyd Gaming (NYSE: BYD) is off 5.71% to $9.09.

Shares of LVS were as low as $22.64 today, a 10.7% drop, earlier this morning, but have since narrowed the drop.

With shares of both companies up over 100% over the last year, investors are likely taking selling these winners in the face of today's market carnage.

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