Taking stock of three Las Vegas-based companies
Wed, Aug 31, 2011 (2 p.m.)
Now that the stock market has leveled out—knock on wood—let’s check on some Vegas-based companies to see how they weathered last month’s Wall Street roller coaster:
Wynn Resorts Limited
This stock is priced higher than it was in early June. Vegas gets no credit for this, though; Wynn Macau was responsible for more than 70 percent of Wynn Resorts’ second-quarter proceeds. And because Macau visitorship surged in July, WYNN pulled through the S&P credit downgrade in one piece.
International Game Technology
The slot designer’s Sex and the City machines were a hit, and so were its Hangover machines. But they weren’t enough. IGT was at 19 points at the end of July. Now the stock can’t seem to get back to 15. Hasn’t been this low for a year.
Las Vegas Sands
Like WYNN, LVS has property in Macau. It does business in Singapore, too, a region whose booming gaming numbers surprised everyone a couple months back. As a result, LVS has held (relatively) steady the past two weeks, hovering in the 40-45 point range.