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Posted At : July 11, 2008 11:17 AM | Posted By : D McKee
Related Categories:
Wall Street,Macau,Pennsylvania,James Packer,Steve Wynn,MGM Mirage,The Strip,Sheldon Adelson,Ameristar,Movies
What's worse than being jilted? Being told you're too ugly to to even date. That's about what happened to Ameristar Casinos, which just got blown off by Crown Ltd. Then again, look at James Packer's American holdings and pending acquisitions (and don't forget the Vegas Tower, aka Crown Las Vegas), and if's got an overarching strategy -- as opposed to speculative stabs here and there -- it's not easy to discern.
Packer's about to tap into a nice revenue stream with that Pennsylvania racino. But not only do the two Cannerys look a bit down-market in his portfolio, it's the worst possible moment to be entering the Las Vegas locals market, what with Boulder Strip and North Las Vegas down 30% in May. Ameristar is a steady performer with solid fundamentals and no Vegas exposure (an asset in this topsy-turvy market). Packer could do a lot worse and, in the case of the Vegas Tower, already has.
A nearly 100% increase in Macao operating income sent Wynn Resorts stock through the roof in after-hours trading, up 15%. That stock buyback program isn't going to get Wynn as much bang for its 1.7 billion bucks, but if the price keeps ascending like this, management won't mind, I'm sure. Analysts Larry Klatzkin and David Katz take opposing stances on just how much upside Wynn has at the moment. Whatever the case, the Street has punished Steve Wynn in the past for not sugarcoating the truth. Yesterday he told it what it didn't what to hear -- and was rewarded for doing so. That's more like it.
Gaming stocks got you down? (Robin Farley confirms what I feared -- that we're in the worst market in over a decade.) And while those of on the "Vegas Gang" were thinking that the diversification of the Strip's income stream was its bulwark, analyst Nick Danna says otherwise: "Their reliance on nongaming revenue is really hurting them," as consumer purse strings tighten. He also adds his voice to the chorus of analysts who warn buyers off Vegas-centric stocks.
Take comfort in the fact that "the feel-good movie of the credit crunch" (adapted from the best show in Vegas) in less than a week away.
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