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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 :
Live Dealer Now At Slotocash -
Live Dealer can be found in the left navigation menu under 'Live Dealer' when you, the player is logged in to instant play.
Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
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