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Casino Stocks Riding High

NEW YORK – As reported by the Street: "Casino stocks are near 52-week highs and research reveals that institutional investors are buying the highfliers as Wall Street analysts raise earnings estimates, saying the revenue recovery will only get stronger. But valuations are getting pricey, forcing investors to be a bit more selective about the group.

"Bullishness on casino stocks, however, continues to be the prevailing mood. J.P. Morgan analyst Harry Curtis boosted his earnings estimates on Caesars Entertainment (CZR:NYSE) and MGM Mirage (MGG:NYSE) Thursday, telling investors that first-quarter results are ahead of expectations. In Curtis' view, Las Vegas results will drive gains in revenue per available room, a key lodging metric known as Revpar.

"…The revenue recovery has not only lifted results at the largest casino operators, it's also enabled smaller, regional casinos to clean up their balance sheets…"

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