A Las Vegas Recovery: Time To Bet On MGM And Caesars?
By Tim Plaehn: The Great Recession hit Las Vegas hard, and not just the housing and construction industries. In 2008 and 2009, Las Vegas gaming revenues declined by close to 10% each year. In 2010, gaming proceeds managed to increase by a few percent, but remained well below pre-recession levels. For 2011, the gaming companies fared a little better and now it appears Las Vegas is on a path of sustained gaming growth.Through the recession, the two major gaming companies, Las Vegas Sands (LVS) and Wynn Resorts (WYNN) were able to generate tremendous profit growth from their Macau and Singapore operations. The Asian profits more than made up for losses from the two companies' Las Vegas casinos. Las Vegas Sands shareholders did especially well, with the share price increasing by more than 2,000% over the last three years.The Las Vegas Review Journal, quoting a report from Moody's Investor Services, noted thatComplete Story »