Vegas Gaming Stocks Up In July

03.08.2003, Lesen Sie hier den Bericht über «Vegas Gaming Stocks Up In July».

New dividend programs and increased demand for Las Vegas vacations drove local gaming stocks up more than 5 percent in July compared with June and up 12 percent compared with the year before.

The Applied Analysis Gaming Index of local gaming stocks, a monthly weighted average of eight local stocks, rose to 176.73 in July, up from revised figures of 168.96 in June and 157.57 a year earlier. The adjustments in the weighted stock index were necessary to correct for the 4-for-1 stock split announced in July by International Game Technology.

"Overall, the biggest boost in the index came from announcements the gaming companies were initiating dividend policies," said Brian Gordon, spokesman for Applied Analysis, a Las Vegas-based financial consulting company.

Most major gaming companies announced dividend programs in June and July. The new dividend programs have attracted interest from a new class of institutional investors, driving up the price of gaming stocks, Gordon said. Also, some companies reported strong earnings, which reported a 158 percent increase in net income to $20.6 million, or 33 cents per share, from $8 million, or 13 cents per share. Analysts attributed the sharp decline to short selling after the announcement of disappointing earnings for the second quarter and reduced estimates for the third quarter.

Short selling is the practice of selling borrowed stock in the hope that the stock price will soon fall, thereby allowing the short seller to buy it back for a profit. "Short sellers had been waiting for the first sign that Borgata could flop and may have seen third- quarter guidance (from the company) as evidence of this," Deutsche Bank analyst Marc Falcone said.

In addition, gaming industry fundamentals in July improved from the spring. "Gaming companies report they are seeing additional leisure travelers. They're also saying they see little (in) residual (effects) from the two big issues in April: the war with Iraq and the international scare over SARS (severe acute respiratory syndrome)," he said.

Gaming industry shares generally outperformed the broader market with the Dow Jones casino index closing at 291.16, up 3.4 percent for the month, compared with the Standard & Poor's 500 Index, which closed at 980.15, up 1.5 percent for the month.

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