Las Vegas roars back
Casino stocks have been on fire the past 2 years, and January's gaming numbers show the momentum isn't slowing.
Gambling revenue in Nevada rose nearly 18.4% in January to nearly $1.04 billion. It was the first $1 billion month for the state in more than three years, according to the Las Vegas Review-Journal.
Some of the increase had to do with the Chinese New Year holiday taking place in January this year instead of February. Las Vegas is among the top 10 places to visit for Chinese New Year, according to a recent report, and the city works hard to lure visitors from mainland China for the celebration.
Casinos on the Las Vegas Strip were the biggest winners in January, seeing a 29% increase in revenue, to $624 million. Downtown Las Vegas revenue rose nearly 14% to $47 million.
Investors responded well to the numbers, pushing up some casino stocks Thursday. MGM Resorts (MGM) rose more than 3% to $13.85. Las Vegas Sands (LVS) was up 2% to $55.12, and Wynn Resorts (WYNN) rose less than 1% to $123.10.
Those casino stocks are already getting a big push from outstanding operations in Macau. Casino revenue rose 22% there in February to $3.04 billion -- a feat even more remarkable, considering the absence of Chinese New Year that month. About 60% of Wynn's net revenue comes from Macau, Trefis reports.
Not too long ago, the casino sector was a nightmare. But casino stocks have come roaring back. Wynn shares have climbed 77% in two years, while MGM shares have risen 20%. Las Vegas Sands shares have soared 192%.
Only Caesars Entertainment (CZR) was stumbling Thursday, seeing shares slide more than 1% to $11.02. But Caesars holds less potential than its Vegas counterparts. It has no operations in Macau, for example, and it's saddled with huge debts.
Been here for five years, I don't see anything bad about Las Vegas. It is not like it was of course before the economic downturn, but that is not all bad. You have to look at the whole picture. It is a great place to live. Except for three hot months in the summer, the weather is just fine. I like the Summer heat, plus it is a dry heat, so it is not so bad. The people are friendly and is like home to me. Bought a nice house, at a sensible price in a nice neighborhood, its great here.
When most people think of Las Vegas, they think of the Strip. The Strip is for tourists as many locals don't go there. I have not been to the Strip in three years. There is nothing there that interests me, so I don't go there. There is plenty of other things to do here in Las Vegas that does not involve gambling. You have to look at the whole picture.
I don't know who Kim Peterson is - but she needs a reality check - Vegas boucing back - why not talk to the thousands of people who are unemployed - why not talk to the thousands of -people who are losing their homes because they can not afford to pay their mortgages - why not talk to the thousands of people who have been forced to go on foods stamps and welfare - they only ones who are making money is the owners of the casinos - take a look at the most recent Forbes list and see who is on it - not many of the poor working population of the state but the owners of the casinos - get a life woman and write the truth not some garbage that you read about or look at the stock market to see what the casinos are doing - take a look at all the other industries and than say Las Vegas is bouncing back - talk to the little people and let them fill you in on things - than write your column!!!!!!!!
Roaring back? No longer down on it's luck? You can't be serrious. Tell the 400+ that are about to be laid off from O'sheas that Vegas is roaring back. "But it's to build a build a new shopping facility and a really cool ferris wheel!" Yeah, I'm sure that will be of great comfort to them as they try to feed their families. The state may have done well this quarter, but the truth is the casinos have BILLIONS in debt. There are hundreds of thousands here unemployed in all sectors. A billion dollars for the state doesn't mean squat to the rest of us. When that money starts being reinvested in jobs, then you can toot the recovery horn.
Kim Peterson, you are clueless. Try doing some real research before writing you next piece.
lets a take a casino for an example -- flamingo....
lets have floor supervisors watch 8-10 games vs. 4 which is standard;
lets have house keeping cut their staff in half by firing, layoffs etc... and cover 3 times the load,
lets cut security back so they can never respond to a call in a timely fashion...
lets give ceo loveman and the western states president a bonus for altering the employees way of receiving time off - -
remember - there are no holidays in casinos for the employees, only the days they can get off - which are never holidays for other employees...
people will goto flamingo because it is for cheap players, low risk, and its the middle of the strip.
that is how you produce a win win for the bosses...
but you say the stocks are down for ceasars - perhaps shelling out 100 million for 3 years to celine is something to look at...
Las Vegas is NOT roaring back, UNFORTUNATELY, nor is most of this once fine nation.
(This is media hype-lies, but I understand [somewhat] why they are printing this. The USA is in a slump and "we" are being encouraged to keep up our hope.)
By the way, casinos are not to blame for the poor economy.
The US Fed is mostly responsible.
heres where vegas is at....
home prices have dropped nearly 50-75%,
casinos hire employees that work 5-6 days a week - split days off, have them wait 2+ years until benefits kick in...
as the casions promise that the health insurance is not increasing via premiums - the benefits themselves are dropping off...
i could go on - but i left vegas after 8 years - it is a downward spiral.
talk about how much money the casinos are making and talk about how the public schools are the worst in the nation.
kim - the casino big shots are making money. they are all runned by scoundral bankers - who have one motive - take.
unless you deal in vegas, wait in vegas, bartend, change sheets, take reservations, security, take tickets or seat people, clean toilets, serve people etc....
you know that this article is nothing more than propaganda b.s.
I hope the Vegas housing market sucks long enough for me to get out there and buy a condo...After 12 years in Hill Billy Hell it's time to get back to the West Coast!
My house goes on the market next week, wish me luck !
left out 11... I won't need to work there. Sorry for all who do. I'm retired.
if you goto any of the casinos web sites - you will notice quite a few jobs offered...
though what they do not mention -
is what they are really looking for is foreigners who will not protest working 12 days in a 2 week period, that you will not recieve holiday pay,
that you will not get 2 days off in a row,
that it will take 2+ years to receive benefits,
that there is no 401k pension match,
that your meals are now garbage,
that the wait staff that tends to the dealers tables have been cut in half which will affect your tokes because you are dealing at a table with players that complain they have no drinks,
Las Vegas loosened their slots for awhile. It was great. But now they are back to normal. Look to leave more of your money there.
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