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.
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.