Las Vegas Sands Stock Rises Despite Poor Third Quarter
- By Andre Salmon
- Published 10/29/2009
- Gaming Stock News
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Las Vegas Sands Las Vegas Sands Chairman and Chief Executive Sheldon Adelson commented on the company's third quarter results on Thursday and stock prices jumped during day trading. Sands stock was up 12.07%, closing at $14.76.
Casino stocks have been taking a beating this week with many major companies reporting large decreases in revenue for the third quarter. Despite the revenue declines, the US-based casino company stock rebounded on Thursday.
Sands had the biggest jump of the day at just over twelve percent. MGM Mirage also had a big day, with their stock price rising to $9.73. That was an increase of 9.20%, and comes after several days of decline.
Wynn Resorts, which has been the most stable of all the gaming stocks in the US, was up again on Thursday. Wynn closed at $56.29, up 4.49%. Wynn has been helped in recent weeks by the initial public offering in Asia that raised $1.6 billion.
Other companies that had increases on Thursday included Boyd Gaming and Melco Crown Entertainment. Boyd was up to $8.06, and Melco finished the day at $5.40. Boyd was one of the companies that had released miserable third quarter figures earlier this week.
Pinnacle Entertainment was one of the few gaming companies that had a decrease in stock price Thursday. Pinnacle stock was down $.24, or 2.54%. It closed the day at $9.20.
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