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Casino Stocks Rise Slightly23 September 2002NEW YORK –As reported by CBS.MarketWatch: "After a batch of industry announcements last week, most casino operators' stocks notched modest gains Monday even as the broader market was coming up snake-eyes. "Gaming executives were front-and-center at the Global Gaming Expo, touting improving results in their home market and a raft of new growth possibilities in other states, on Indian reservations and even on the Internet. "In Monday afternoon trading, shares of MGM Mirage (MGG) rose 22 cents at $35.34; Mandalay Resort Group (MBG) floated higher by 1.3 percent at $32.61 and Argosy Gaming (AGY) added jumped almost three percent to $23.14. "Park Place Entertainment (PPE) and Harrah's Entertainment ( HET) were flat at $8.58 and $46.97, respectively. "Station Casinos (STN) was up almost 5 percent at $16.40, courtesy of some rare enthusiasm from UBS Warburg analyst Robin Farley. "…She raised her target price on Station to between $18 and $19, from a previous $12. "Merrill Lynch's David Anders also helped fuel the gaming gains Monday with a cautiously bullish research report on the sector. "`Over the last two quarters, gaming companies (particularly Las Vegas based casino companies such as MGM Mirage and Mandalay) have generated significant upside earnings surprises,' Anders wrote, citing a quick rebound from last fall's meltdown in tourist traffic…" |