NEW YORK, NY -- (Marketwire) -- 02/11/13 -- 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).
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."
Research Driven Investing releases regular market updates on the Resorts & 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 www.RDInvesting.com and get exclusive access to our numerous stock reports and industry newsletters.
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.
Research Driven Investing has not been compensated by any of the above-mentioned publicly traded companies. Research Driven Investing is compensated by other third party organizations for advertising services. We act as an independent research portal and are aware that all investment entails inherent risks. Please view the full disclaimer at:
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