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Wall Street analyst expects second half 2008 to be tough
Las Vegas land casino operators were keeping a careful eye on share prices as the week closed following depressing predictions on Las Vegas land gambling by the respected business analyst group J.P. Morgan.
The company expects the second half of 2008 to be one of the most difficult periods for Las Vegas Strip casino operators since the terrorist attacks of 2001, Associated Press reports.
Las Vegas Sands shares dropped $3.37, or 6.3 percent, to $50.01 in afternoon trading Thursday, after hitting a 52-week low of $49.65 earlier in the session. The stock has lost more than 60 percent from its multiyear high of $148.76 in October 2007.
JPMorgan analyst Joseph Greff cut his earnings estimates for Las Vegas Sands through 2011, citing "lackluster spend per visitor and stunted visitation." He said that investors may be understating the "magnitude and duration" of the challenges facing Las Vegas Strip casino operators. Greff revealed that in an attempt to attract visitors, Las Vegas Sands properties had been offering discounted room rates.
Greff said channel checks show that the second half of 2008 is likely to be one of the most challenging periods since 2001. "We expect this summer to be one of the worst on record, with meaningfully discounted room rates and special discounted package deals," he said, noting that the impact of reduced airline capacity and high gas prices is coming at a particularly bad time for the Strip.
Gambling News :
Tim Chung Wins MPNPT Manchester -
The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.
MPNPT Manchester Day 2 -
Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.
Day 1B MPN Poker Tour Manchester -
Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.
Day 1A MPNPT Manchester -
The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days
Kung Fu Rooster Slot Goes Live -
Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.
Sensational Sixes Slot Goes Live -
Light up Icons like BAR's, black spades, red hearts, blue diamonds, and green clubs. The best part of Sensational Sixes are the three wild icons, for 2X, 4X, and 6X multipliers!
3 New Betsoft Slots -
3 new Betsoft slot Games were also added this week to most online casinos allowing US players.
2017 Bodog Super Millions Poker Open -
The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.
Pokerstars Pulls Out Of Coloumbia -
Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.
The Railbird Launched By Americas Card Room #acra -
Watching your friends conquer the tables just got a whole lot easier. Americas Card Room recently launched its industry-first Player Observer Tool dubbed “The Railbird”, a new feature that allows players seated at Americas Card Room tables to instantly share a live stream of their action with friends.
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