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 Casino companies are experiencing a bit of a rebound. Casino companies traded on Wall Street rose during the first quarter of the 2010 fiscal year as the nation continues to recover from the global recession.
MGM Resorts International is a perfect example of the industry's recovery. The company which saw its share price fall as low as $9.01 towards the end of last year, peaked on Friday at $10.53 per share, though the company still has a long way to go before it's back to it to its usual top price it is definitely a major improvement.
The Las Vegas Sands Corporation on the other hand set a new high point during trading on Friday. It rose to $31.99 per a share before settling at $31.62 per a share at the end of the day. Back in April, the Las Vegas Sands Corporation was trading at only $21.30 per share but in the last few months that number has soared in relation to other companies in the industry. Other companies who have shown impressive results in the last few months include Wynn Resorts Ltd. and Penn National Gaming.
Although stocks may be on the rise it appears that gaming revenues have been slow to follow in their recovery. The Nevada Gaming Control Board saw a 6.65% drop in casino revenue in July compared to the same time last year and the New Jersey Casino Control Commission reported similar numbers with a 5% drop in total revenue.
The market can be finical but as more players make their way back into the job market it is likely that these numbers will rise. As always we'll keep posted on the latest developments.
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