Boyd Gaming has halted the construction of their multi million-dollar casino gambling “The Echelon” on the strip this year and probably will not resume the construction till 2010. Boyd Gaming quarterly profits are down 73 percent, but they are not the only casino company who’s feeling the effects of the shaky economy.
MGM-Mirage quarterly profits are down 67 percent; the stocks of Wynn and the Las Vegas Sands are down too but it only represents a small fraction of their highs from last year. Even though the stocks are down, some investors believe these companies are at bargain prices.
The casino games sectors stocks rallied last week and surged upwards including Boyd Gaming, which climbed 14 percent. Boyd Gaming is not giving up their dream of completing their multi million dollar casino on the strip, the property is not up for sale and they are looking at investors to help complete the project.
With the drop in revenues at top online casino, it will have a ripple effect on the state of Nevada with less money to tax on gaming which will lead to budget cuts in key areas like education and transportation.
News Sources:-
Michelle Situ
- Posted: 2008-11-03
- Last Modified: 2008-11-03
http://www.gambzine.com/gambling-news.htm?articleID=218
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