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 Caesars Entertainment Corp. (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM).
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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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Shares of Caesars Entertainment spiked nearly 40 percent last Friday after New Jersey Governor Chris Christie stated he was willing to allow internet gambling in the state of New Jersey. The company currently operates four casinos in Atlantic City, New Jersey - Bally's, Caesars, Harrah's Resort and Showboat.
MGM Resorts International is one of the world's leading global hospitality companies. MGM operates a peerless portfolio of destination resort brands, including Bellagio, MGM Grand, Mandalay Bay and The Mirage. The company is scheduled to release its results for the fourth quarter and full year 2012 on Wednesday, February 20th.
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