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 Wynn Resorts, Limited (WYNN) and Caesars Entertainment Corp (CZR).
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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 in online gaming 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.
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Wynn Resorts recently reported financial results for the first quarter ended March 31, 2012. Net revenues for the first quarter of 2012 were $1,313.5 million, compared to $1,260.3 million in the first quarter of 2011. The revenue increase was driven by the 9.8% increase in revenues from our Macau Operations, which was offset by an 8.1% decline in our revenues in Las Vegas, due to lower hold in the 2012 quarter.
Caesars recently reported financial results for the quarter ended March 31, 2012. The company reported net revenues for the first quarter of 2012 were $2,271.9 million, up $92.9 million, or 4.3%, from the year-earlier period. The increase in net revenues was due mainly to higher revenues in the Las Vegas and Louisiana/Mississippi regions, and from the Company's international and online businesses.
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- Nevada Gaming Control Board
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