NEW YORK, NY--(Marketwire -05/17/12)- Despite strong gambling growths in Macau, the only part of China where gambling in casinos is legal, casino stocks have fallen sharply recently. The Market Vectors Gaming ETF (BJK) has fallen over 8 percent in the last week. Recent numbers from the Nevada Gaming Control Board show gaming revenues for the state dropped in March. Five Star Equities examines the outlook for companies in the Resorts & Casinos Industry and provides equity research on Las Vegas Sands Corp. (LVS) and MGM Resorts International (MGM).
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Last week the Nevada Gaming Control Board stated that gambling revenue for the state in March fell 11 percent to $854.6 million from March 2010. The decrease broke a streak of five consecutive months of rising revenues. Casinos could possibly face new competition as Nevada is set to become the first state to license online poker. Social media juggernauts Zynga and Facebook, as well as Native American Tribes are expected to compete with Nevada's top casinos for a license. California, New Jersey, Iowa, Massachusetts, Delaware are some of the other states contemplating making a similar move.
Five Star Equities releases regular market updates on the Resorts & 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 free at www.FiveStarEquities.com and get exclusive access to our numerous stock reports and industry newsletters.
Las Vegas Sands recently reported net revenue for the first quarter of 2012 was a record $2.76 billion, an increase of 30.8% compared to $2.11 billion in the first quarter of 2011. Consolidated adjusted property EBITDA in the first quarter of 2012 increased 43.0% to a record $1.07 billion, compared to $745.7 million in the year-ago quarter.
MGM Resorts International recently reported its first quarter 2012 results. The current year quarter included the results of MGM China Holdings on a consolidated basis. Consolidated net revenue increased 51% to $2.3 billion; excluding MGM China, net revenue increased 5% compared to the prior year quarter.
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