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Gaming Stocks Face Steep Declines Again9 October 2000LAS VEGAS, Nevada – Oct. 9, 2000 -- As reported by CBS Market Watch: "…On the heels of steep declines last week, shares in all the major casino operators tumbled again on Monday even as some of the more important indicators of the segment's health remain overwhelmingly positive. All of the big casino players took another pasting from the Street. MGM Mirage (MGG: news) was down 3.9 percent to $32; Park Place Entertainment (PPE: news) was off 2.4 percent to $12.81; Harrah's Entertainment (HET: news) fell 3 percent to $23.94. Of the bigs, Mandalay Resort Group (MBG: news) was hit hardest, with a 5.1 percent drop $21. Even Isle of Capri, (ISLE: news,) which had avoided much of the recent carnage, was down 1.4 percent to $13.63. The Las Vegas Investment Advisors Gaming Index, formed when the Chicago Board Option Exchange dropped their GAX in July, also lost value faster than a drunk at the blackjack tables. The Index, which stood at 293 in late July, crested at 335 on September 29, had fallen all the way to 303 by Friday and closed out at just 275 today. "These stocks have gotten killed in the last ten days," said David Ehlers, chairman of LVIA, who believes the trend is at least partly a reflection of the fact that "all the stocks related to consumer spending are taking a big hit…" |