NEW YORK, NY--(Marketwire -04/11/12)- The Resorts and Casinos Industry have had an impressive first quarter. The Market Vectors Gaming ETF (BJK), which seeks to replicate as closely as possible the price and yield performance of the S-Network Global Gaming Index, is up almost 19 percent year-to-date. The Paragon Report examines investing opportunities in the Resorts & Casinos Industry and provides equity research on Las Vegas Sands Corp. (NYSE: LVS - News) and MGM Resorts International (NYSE: MGM - News).
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According to a recent report by Moody's Investors Service, Las Vegas in 2012 is projected to break the all-time visitor volume record of 39-plus million visitors which was set in 2007. "After suffering through a deep trough during the recession when visitor volume declined as new capacity came online, the Las Vegas recovery is under way," Peggy Holloway, a Moody's vice president - senior credit officer, said in a statement. "Hotels are benefiting from increased visitor numbers that permit higher room rates, while gaming revenues are recovering, albeit more slowly."
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Sands China Ltd. (HongKong: 1928.HK - News), a majority-held subsidiary of global integrated resort developer Las Vegas Sands Corp. (NYSE: LVS - News), announced today that Sands® Cotai Central, the newest addition to the company's Cotai Strip® development, will officially open on Wednesday, April 11, 2012.
MGM Resorts International recently announced that it has completed its public offering of $1.0 billion in aggregate principal amount of 7.75% senior unsecured notes due 2022, which were issued at par. The Company received approximately $985.9 million in net proceeds. The Company used the net proceeds to repay the full amount outstanding under the term loans maturing February 2014 (approximately $941 million). The remaining proceeds will be used to repay other indebtedness under the Company's senior credit facility.
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