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US casino stocks hit new lows as credit woes bite8 October 2008LOS ANGELES, California -- As reported by Reuters: "Shares of casino stocks hit new lows Tuesday as credit markets remain frozen and the specter of higher debt costs on top of ever-weaker consumer spending lead analysts to lower prospects for the sector. "...Casino operators have borrowed heavily to invest in casinos -- a fast-growing sector in the United States as well as in Asia -- but U.S. consumers have been hit hard by recessionary fears and recent steps by the Chinese government to rein in the ability of mainland Chinese to visit Macau will mean flat growth there. "...Deutsche Bank equity analyst Bill Lerner Tuesday lowered his price targets for gaming operators and suppliers..." |