Casino Revenues Increase!

For the past year, Las Vegas revenues have been rapidly declining. Casinos, hotels, and other tourist attractions have been seeing less and less visitors, as the recession has encouraged individuals looking for fun to look for more home-based forms of entertainment. Today, Las Vegas has finally received some good luck! Reports show that casinos are seeing more business, causing many casino stocks to increase. This is the first time in weeks that Vegas casino stocks have seen any sort of action on the stock market.

Las Vegas Sands saw the biggest increase, increasing 11.28% to $7.28. This is shortly after Sands hit a low of $6.40 earlier this week. Wynn Resorts’ stock also jumped to $31.97, securing its status as one of the safest casino stocks to invest in. Investors in MGM Mirage have also seen an increase in security, as the stock has recently been stabilizing, finally closing at 5.85% on Wednesday. One of the unlucky casino stocks was Melco Crown, which rose less than 1%, bringing its price up to $4.30. But, an increase is still an increase, even if it is a small one.

Analysts predict that this is the beginning of the gaming industry’s recovery from the recession. In May, revenue from Las Vegas Casinos dropped only 8.34%. Even though profits are still decreasing, they are doing so at a far less detrimental rate. In April, revenues dropped nearly 14%, and May’s decline is nearly half, indicating good news for investors in Las Vegas casinos.

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