SOURCE: The Bedford Report

The Bedford Report

April 11, 2011 08:16 ET

Las Vegas Sands and Wynn Resorts Remain on Upswing Despite Nevada's Downturn

The Bedford Report Provides Analyst Research on Las Vegas Sands and Wynn Resorts

NEW YORK, NY--(Marketwire - Apr 11, 2011) - Several gaming stocks have posted impressive gains in recent weeks as surreal revenue growth in Macau boosted investor confidence in the industry. Confidence in the Las Vegas market remains mixed at best, however. While casino operators sound confident that the market in Vegas has finally reached its bottom, Las Vegas' unemployment rate tells a different story. The unemployment rate in Nevada was 13.6 percent in February compared with the latest national unemployment rate of 8.8 percent. Over the last three years, much of the local economic downturn can be tied to the gambling industry, which has seen sharply declining revenues. The question must arise: just how much more can these gaming stocks rise without Las Vegas -- or the United States for that matter -- showing significant improvement in employment rates? The Bedford Report examines the outlook for companies in the Resorts and Casinos Industry and provides research reports on Las Vegas Sands Corp. (NYSE: LVS) and Wynn Resorts Limited (NYSE: WYNN). Access to the full company reports can be found at:

Last week Nevada's Gaming Control Board said that Las Vegas Strip gambling revenue fell 9.6 percent in February, the fourth straight monthly decline as the city faces an uneven recovery after a record slump in the casino industry. The board added that revenue for all casinos in Nevada fell 6.8 percent to $881.8 million in February, the board said.

Interestingly, studies from The Center for Business and Economic Research, a University of Nevada think tank, claim that Las Vegas is actually rebounding because of an increase in tourism. According to reports from the think tank, 3.1 million people visited Las Vegas in January, an 8.3 percent jump from the month before.

The Bedford Report releases regular market updates on the Resorts and Casinos Industry so investors can stay ahead of the crowd and make the best investment decisions to maximize their returns. Take a few minutes to register with us free at and get exclusive access to our numerous analyst reports and industry newsletters.

Back in 2006 the tiny island of Macau surpassed the Las Vegas Strip as the world's gambling core after the government allowed overseas casino operators to enter the region. Revenues in Macau continue to surge, hitting record numbers in March. Strong demand from mainland China lifted Macau revenues to $2.5 billion last month. Las Vegas accounts for only a small piece of Sands and Wynn's revenue. Both companies generate over 75% of their earnings from holdings outside of the United States with operations in Macau garnering most of the attention.

Shares of Las Vegas Sands recently took a hit after reports surfaced claiming that the US Securities and Exchange Commission and the Justice Department are looking into possible violations of the Foreign Corrupt Practices Act at Las Vegas Sands' Macau operation. Former Sands CEO Steve Jacobs has made accusations that the company bribed officials. Sands has denied the allegations.

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