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MGM, Wynn, Las Vegas Sands rise on Nevada casino optimism

Bloomberg.com, Tuesday, May 5, 2009 at 4:54:20 PM

MGM Mirage, Wynn Resorts Ltd. and Las Vegas Sands Corp. climbed today on optimism the worst may be over for casinos in Nevada.

Wynn Resorts, which reported earnings this morning, surged $7.67, or 18 percent, to $50.48 at 3:51 p.m. New York time in Nasdaq Stock Market trading. MGM Mirage, which announced results late yesterday, climbed $3.42, or 36 percent, to $12.86 on the New York Stock Exchange. Las Vegas Sands, which reports results after markets close, climbed $2.05, or 22 percent, to $11.55.

MGM Mirage, the biggest operator on the Las Vegas Strip, said yesterday convention cancellations had slowed and occupancy recovered in April. Wynn Chief Executive Officer Steve Wynn said today he saw improving booking trends and stronger weekends recently. The comments may signal the Las Vegas Strip is emerging from its worst gambling slump on record.

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