Catching Up With Casino Stocks

Casinos that are publicly owned and traded on the stock market reported earnings from the second quarter this week.  Here’s a rundown of who did what.  I’ll let you decifer for yourself.

Pinnacle has a profitable quarter.

Penn National reports a fall in profit.

Wynn net income falls 90%.

Las Vegas Sands reports 2nd quarter loss.

MGM Stocks Halted On Stock Market

Trading of MGM Mirage stocks were halted at the end of the trading day today.  This sent many Las Vegas watchers into a frenzy – myself included.  The news wasn’t as interesting as the chatter.  Straight from the horses mouth.

MGM MIRAGE (NYSE: MGM) and Dubai World through subsidiary Infinity World, 50/50 joint venture partners in the CityCenter project, today announced that the companies have reached an agreement on a revised joint venture agreement and also reached an agreement with CityCenter’s lenders on a comprehensive plan to fully fund the completion of CityCenter for its scheduled opening later this year. 

This is a bit of good news for MGM Grand.  If City Center is able to be completed as planned MGM Mirage shouldn’t have to divest any more properties to finish the project.