The Biggest Gamble -- Betting on Las Vegas
The Bedford Report Provides Analyst Research on Las Vegas Sands and Wynn Resorts
Press Release Source: The Bedford Report On Thursday November 4, 2010, 8:46 am
NEW YORK, NY--(Marketwire - 11/04/10) - In the last month gaming stocks saw impressive gains as strong earnings and strong revenue growth in Macau boosted investor confidence in the industry. However, confidence in the Las Vegas market remains mixed at best. While casino operators sound confident that the market in Vegas has finally reached its bottom, Las Vegas' unemployment rate tells a different story. According to numbers released by the state Department of Employment, Training & Rehabilitation, unemployment in Las Vegas rose to 15 percent locally in September, up from 14.7 percent in August. Over the last three years, much of the local economic downturn can be tied to the gambling industry, which has seen sharply declining revenues. The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides research reports on Las Vegas Sands Corp. (NYSE:LVS - News) and Wynn Resorts, Ltd. (NASDAQ:WYNN - News). Access to the full company reports can be found at:
www.bedfordreport.com/2010-11-LVS
www.bedfordreport.com/2010-11-WYNN
When Las Vegas Sands reported its blowout third quarter last month, the company also posted significant gains in Las Vegas. Revenues from the company's Las Vegas operations, which consist of The Venetian Las Vegas and The Palazzo, surged 26.9% year over year to $290.7 million. Average revenue per room rose 2.6% at the Venetian Las Vegas and 13% at the Palazzo.
Wynn Resorts' Las Vegas operations did not post nearly as impressive third quarter gains as LVS. Revenues from Wynn's Vegas operations increased a mere 3% year-over-year, while revenues from Las Vegas gambling dropped a surprising 3.9%.
The Bedford Report releases regular market updates on the Resorts and Casinos Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us for free at www.bedfordreport.com and get exclusive access to our numerous analyst reports and industry newsletters.
Las Vegas accounts for only a small piece of Sands and Wynn's revenue. Both companies generate over 75% of their earnings from holdings outside of the United States with operations in Macau garnering most of the attention. Macau's casino revenues rose nearly 50% year-on-year to a record high of $2.37 billion in October. Revenues are only expected to continue climbing as the Macau-China border gate is set to expand its capacity to more than double its current size for the upcoming Chinese New Year, leading more gamers into the tiny region.
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