Las Vegas Casino Stoick
Bellagio Las Vegas is a AAA Five Diamond Resort & Casino with a variety of things to do on The Strip including the iconic Bellagio Fountains, Conservatory & Gardens, and 'O' by Cirque du Soleil. Las vegas sign casino los angeles new york las vegas boulevard. 1,412,834 Las Vegas stock pictures and images. Browse 1,412,834 las vegas stock photos and images available, or search for las vegas sign or casino to find more great stock photos and pictures. Editorial use only. Editorial use only. Editorial use only. Editorial use only.
Bargains along the Las Vegas strip are good news for gamblers and bad news for casino investors.
MGM Resorts(MGM) sparked more pain for the gambling sector when it warned Thursday that bookings and room prices in the third quarter were lower than expected.
The guidance sent shares of MGM, which also reported sharply lower second quarter earnings, down about 3% in early trading. Wynn Resorts(WYNN) and Penn National Gaming(PENN) were also trading lower on the news.
CEO Jim Murren downplayed the significance of the lag in bookings, saying the summer months are tough for Vegas hotels and that he expects a pickup at the end of the year.
- This page features casino stocks - the list, at ProfitQuotes.com.
- Find the perfect casino las vegas gambling people stock photo. Huge collection, amazing choice, 100+ million high quality, affordable RF and RM images. No need to register, buy now!
'You guys get so worked up about a couple of weeks,' Murren said on a call with analysts Thursday. 'Do we think there is anything structurally going on in Vegas? The answer is no. If I shared that concern, I would tell you. We're going to be stronger in the fourth quarter going into next year.'
Las Vegas Casino Stock
MGM's decline followed a wild day for casino stocks on Wednesday. Caesar's Entertainment(CZR) fell as much as 24% and trading was halted several times after it reported weakness in third quarter as well.
Ceasar's posted generally strong results for the quarter, and said it recovered from a large loss last year to report a narrow profit.
But during a midday call with analysts, Caesar's CFO Eric Hession mentioned that the company was seeing 'rate pressure' on rooms because of weak bookings along the Las Vegas strip, and warned that revenue per room would be essentially flat in the third quarter. Other casino stocks also fell on Wednesday on the guidance.
Las Vegas Casino Stock Index
Caesar's CEO Mark Frissora had to assure investors that the company expects a return to normal bookings at the end of the year, and that it was sticking with its full-year guidance.
'We know what the bookings look like through the end of the year. And so we don't have concern in our forecast,' he said. 'It's not like you look at one month or two months, and you say, 'Oh, that's it for Vegas,' right? That's not the way it works.'
Stocks of leading casino operators fell on Monday after the horrific shooting in Las Vegas.
The gunman fired on a crowd at an outdoor country music festival from the 32nd floor of the Mandalay Bay hotel, killing at least 50 people, authorities said.
The stock of MGM Resorts International(MGM), which owns the hotel, was down 5% in premarket trading. Shares of Wynn Resorts(WYNN) and Las Vegas Sands Corp.(LVS) were down about 1%.
Casino stocks have performed well recently, helped by Macau, a region of China that is a growth center for the industry. Wynn is up 70% this year, and MGM had been up 13% before the attack. MGM revenue had been up 19% this year.
Las Vegas attracted a record 42.9 million visitors last year, according to the convention and visitors bureau, up 18% from the recession year of 2009. The city has been on track for slightly less than that this year.
Vegas has lost some business as gaming options have grown elsewhere in the country and world, but it has still enjoyed a solid recovery.
Unemployment in metro Las Vegas was 5.2% in August, above the national average but down a half-point from a year ago. Home prices, hit hard during the housing bust, have nearly doubled from five years ago, although they're still far below their high during the housing boom.
Dec 02, 2019 This video is unavailable. Watch Queue Queue. Watch Queue Queue. 