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Although many names have rallied from their trough in March 2009, they're still far short of their highs. Las Vegas Sands (LVS) was trading at more than $138 a share in October 2007 and plunged to under $2 a share in March 2009. Although it has since risen 10-fold to $20 a share, it's still far below its peak. Wynn Resorts (WYNN) and Las Vegas Sands have seen the biggest gains, with their stocks rising 296% and 842% respectively in the past 52 weeks. But their gains were driven largely by their exposure to the lucrative Macau...
...reflect any recovery in the U.S. market - at least not yet. This means stocks with big exposure to the U.S. gaming market could be poised to rally. How much and how fast this happens will depend on the speed and scope of the economic rebound. (See pictures of Las Vegas...
Companies with big holdings in Sin City will likely see an earlier and faster rally than those that focus on regional markets, analysts say. There have already been signs of improvement in Las Vegas, where traffic has increased in the past four months, although gaming revenue remains flat, says Bill Lerner, chief executive of research group Union Gaming Group. Also, some companies like MGM Mirage (MGM) who were buried under a mountain of debt and teetering on bankruptcy a year ago have managed to restructure their debt issues and are no longer on analysts' bankruptcy watch lists...
...average age of Atlantic City's casinos is 26 years, making it difficult for the outdated gambling houses to compete with newly built ones in nearby states, says Chris Snow, a CFA and senior analyst at CreditSights, an independent credit-research firm. (See 10 things to do in Las Vegas...
...Las Vegas won't be affected by the regional casinos, as much of Sin City's traffic comes from conventions and vacation goers and its properties are state-of-the-art megaprojects of a sort that can't be found in other parts of the country, says Snow...