SOURCE: Research Driven Investing
NEW YORK, NY--(Marketwire - Feb 11, 2013) - Shares of major casinos surged last week after reports showed gambling revenues in the state of Nevada posted a 10 percent gain in December and as New Jersey inched closer to legalizing online gambling. The Market Vectors Gaming ETF (BJK) posted a gain of 2.5 percent last Friday. Research Driven Investing examines investing opportunities in the Resorts & Casinos Industry and provides equity research on Las Vegas Sands Corp. (NYSE: LVS) and Wynn Resorts, Ltd. (NASDAQ: WYNN).
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The Nevada Gaming Control Board reported that casinos won approximately $943 million in December, and as a result the state's share was $39 million, which was an increase of 23.5 percent when compared to a year ago. Statewide casino revenues totaled $10.86 billion, a year-over-year increase of 1.5 percent, and the third consecutive annual increase.
"We are slowly increasing revenues," said Michael Lawton, senior research analyst for the Nevada Gaming Control Board. "We are still 15.5 percent below the peak in 2007, but we are gradually moving in the right direction."
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Among Las Vegas Sands' properties in the United States are two AAA Five Diamond luxury resorts on the Las Vegas Strip: The Venetian and The Palazzo Las Vegas. The company reported that net revenues for the full year 2012 increased 18.3 percent year-over-year to a record of $11.13 billion. The town of Alcorcon, Spain has been chosen as the site of the company's "EuroVegas" resort.
Wynn Resorts owns and operates Wynn Las Vegas, Encore and Wynn Macau. The company reported total revenues were $5,154.3 million for the full year 2012, a year-over-year decrease of 2.2 percent. The decrease in revenues was driven by a 3.2 percent decline from their operations in Macau, as their Vegas operations posted an increase of 0.4 percent.
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