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Best of Howard Stutz

Gaming Guru

Howard Stutz
 

Gaming stocks plunged with market

4 June 2012

The stock market's 275-point plunge Friday took the gaming sector along for the downward ride.

Stock prices for publicly traded casino operators and gambling equipment manufacturers tumbled along with other industries.

Wynn Resorts Ltd. took the biggest monetary hit, closing below $100 a share on the Nasdaq National Market for the first time since Dec. 14, 2010. Shares of the Las Vegas and Macau casino operator closed at $97.38, down $5.66 or 5.49 percent.

Nevada companies that operate casinos in Macau declined following a report that gaming revenues collected in May showed the smallest increase in almost three years.

Las Vegas Sands Corp. closed at $42.97, down $3.21 or 6.95 percent, while MGM Resorts International fell 46 cents, or 4.25 percent, to close at $10.37. Both companies are traded on the New York Stock Exchange.

Caesars Entertainment Corp., which is traded on the Nasdaq Global Select, fell 4.70 percent, or 57 cents, to close at $11.57 while Boyd Gaming Corp., fell 63 cents, or 8.27 percent, to close at $6.99 on the New York Stock Exchange.

Companies in the gaming equipment sector also saw their stock prices decline. Shuffle Master fell 6.62 percent or $1.05 to close at $14.81 on the Nasdaq. Slot machine giants International Game Technology and Bally Technologies both declined more than 4 percent on the New York Stock Exchange. IGT closed at $17.81, down 89 cents or 4.76 percent while Bally was off $1.99 or 4.27 percent to close at $44.56.