Ouch! Fortune Not Smiling On Gaming Stocks
In doing my research this past weekend for some upcoming articles, I came across tons of news items detailing the stock declines of the major players in the gaming industry. And it’s not just the casino owners/operators who are seeing double-digit stock drops but also the game and technology manufacturers. Thought it would be interesting to see some of the numbers — all in one spot — so here’s a chart showing just that: (All prices are as of market close November 14, 2008.)
Company Symbol Current Price 52-Week-High % Change
The casino owners:
MGM Mirage MGM $10.45 $ 93.19 -89%
Boyd Gaming BYD $ 4.21 $ 39.38 -89%
Las Vegas Sands Corp. LVS $ 6.11 $122.96 -95%
Wynn Resorts WYNN $43.00 $139.75 -69%
The manufacturers:
Int’l.GamingTechnology IGT $10.74 $49.41 -78%
Bally Tech BYI $17.18 $52.83 -67%
WMS Gaming WMS $21.11 $41.23 -49%
So we have a range in decline in stock price from a whopping 95% (Las Vegas Sands) to a decline of “only” 49% at WMS Gaming. For comparison purposes, the DOW has declined approximately 38% since its 52-week high of 13,851.
With numbers like these, I’m thinking this should be one interesting Global Gaming Expo in Las Vegas this week.
Related posts:
- Casinos Fold on New Construction Projects
- Sands Corp. Issues Warning to Investors
- Harrah’s Casinos Team Up with WMS Gaming for New Hot Slot Game
- Arizona Casino Revenue Falls in Third Quarter
- Gambling and The Election, Part 2: Gaming Issues in Ohio and Missouri Will Be Decided
Tags: Bally, Boyd Gaming, casino, casino stocks, G2E, gaming industry, gaming stocks, IGT, Las Vegas, Las Vegas Sands, MGM, mgm mirage, Mirage, Sands, stock declines, stock prices, wms, Wynn, Wynn Resorts
November 17th, 2008 at 9:39 am
Great post. Thanks for doing the math.
After listening to the Strip Podcast this morning they said that out of all of MGMs properties Circus Circus is doing the worst and they sounded surprised.
If every place is offering cheap cheap rooms wouldn’t it only make sense that the marginal folks that can just about afford to come out to Vegas will put off their trip or cancel it all together whereas the folks that still have some bucks in their pockets and love Vegas will still make it out there and stay at mid range places that are just about giving rooms away with last minute discounts?
November 17th, 2008 at 9:54 am
Totally. And maybe even the marginal visitors are saying “Hey, if we can stay at Luxor for $41 a night or MGM Grand for $50 or so, let’s skip the Circus (pun intended) and do it up right this time.”
BTW, wouldn’t you like to be a fly on the wall at some of the closed-door sessions at this week’s Gaming Expo? Can’t be pretty.
Thanks for reading.