SOURCE: The Bedford Report
The Bedford Report Provides Analyst Research on MGM Resorts and Melco Crown Entertainment
NEW YORK, NY–(Marketwire – December 3, 2010) – Several gaming stocks have posted impressive gains this year as surreal revenue growth in Macau boosted investor confidence in the industry. Confidence in the Las Vegas market remains mixed at best, however. While casino operators sound confident that the market in Vegas has finally reached its bottom, Las Vegas’ unemployment rate tells a different story. In fact, a recent study from the London School of Economics ranked Las Vegas’ economy fifth from the bottom in a ranking of 150 metropolitan areas, citing a limited economy that relies heavily on tourism and construction. 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 question must arise: just how much more can these gaming stocks rise without Las Vegas — or the United States for that matter — showing significant improvement in employment rates? The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides research reports on MGM Resorts International (
www.bedfordreport.com/2010-12-MGM
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MGM has operations in Nevada, Mississippi and Michigan, and has certainly felt its top line pinched during the US employment crisis. For the third quarter, American Gaming Association head Frank Fahrenkopf said gambling revenue in state-licensed casinos rose 1.3 percent sequentially, but was down close to $100 million year-on-year. According to the state’s department of revenue, revenues in Mississippi are down over 3 percent this year.
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.
One hundred percent of Melco Crown’s revenue is derived from Macau. The holding company operates the Mocha Club and Crown Macau gaming interests in Macau and is developing the City of Dreams casino and resort complex. According to the Macau Gaming Inspection and Coordination Bureau, Macau’s casino revenues rose nearly 42 percent year-on-year to a staggering $2.13 billion in November.
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