MGM Reports Earnings, Las Vegas Sands Finally Pops (LVS, MGM)
Posted on | October 29, 2008 Time: 5:56 pm |
The gaming stocks are all up big today, as MGM reported earnings that were (expectedly) horrible but boosted by high-end customers at the Bellagio and Macau properties. MGM shares were up over 35% mid-day, but the real winner has been Las Vegas Sands by proxy; LVS shares are up over 90%.
Somebody big has been accumulating today, as volume is already triple the average daily level with two hours to go. Also helping boost Las Vegas Sands (which has been a roller coaster of epic proportions this month) is a report that the Singapore government is looking to help LVS raise the remaining capital needed to finish the $4 billion plus Marina Bay project.
Despite the near-double of the stock today, investors who got into this puppy just a week ago would only be breakeven. So while today is a great start, this Secular Trends Portfolio holding needs to sustain the hope amongst investors that Adelson and company will survive the credit crunch and get the huge slate of construction projects finished.
Ryan Barnes
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