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Casino Stocks Sink24 March 2003NEW YORK – As reported by the CBS MarketWatch: "From New York to Las Vegas to the high seas, leisure stocks were sinking fast Monday on bad news from a big hotel chain and general fears of a prolonged war in the Middle East. "…Shares of Starwood were down almost 11 percent at $23.90 as investors checked out of the hotel sector on the news. Hilton (HLT) fell 9 percent to $11.71, while Marriott (MAR) gave up over 8 percent to $32.07. "The sell-off quickly spread to Las Vegas as MGM Mirage (MGG) dropped over 6 percent to $29.23 and Mandalay Resort Group (MBG) lost 4.4 percent to $27.68. Park Place Entertainment (PPE), which will premiere a new show by singer Celine Dion at Caesars Palace this week, took a 6 percent hit to $7.09. "While its destination-resort status leaves Las Vegas most at risk of a major slowdown in tourist traffic, one far more geographically diverse gambling giant was rolling snake eyes too. "Harrah's' Entertainment (HET), which gleans much of its profit from non-Nevada properties including ones in Atlantic City and a fleet of riverboat casinos in the Midwest, was down over 7 percent at $35.95…" |