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Morgan Stanley: Worst Yet to Come for Casino Stocks

 Jul 01, 2008 08:43 PM UTC
Symbol Sentiment Start Return Closed
LVS n/a
WYNN n/a
MGM n/a

7/1 - "Unlike other vices such as alcohol and cigarettes, gambling isn't recession-resistant...For most people, neither flying nor driving to Vegas seems doable...Casinos have too much debt from massive expansions and private equity buyouts."

"Morgan Stanley's casino analyst Joseph Greff sums up the industry's woes, citing "an unprecedented lack of visitation and spend-per-visitor visibility"...Yesterday, Greff slashed targets on Las Vegas Sands (LVS), WYNN Casinos (WYNN) and MGM Mirage (MGM):

LVS from $74 to $55, WYNN from $118 to $93, and MGM from $54 to $39."

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charismatic1   N/A     1 point   commented 301 days ago reply

We have been to the place last winter and believe me it is one of the finest hotels across the globe with. In addition in some of the casinos in the hotels in the city it was difficult there finding loose slot machines.

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