My brother just texted me (he's a market maker for a hedge fund). He said they are broke and are trading at around $2/share today. Yikes. 
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They own nine Vegas strip properties so this could seriously change the face of Las Vegas.Comment -
Holy crap!
Last Trade: 2.13
Trade Time: 2:38pm ET
Change: 0.49 (18.70%)
Prev Close: 2.62
Open: 2.00
Bid: N/A
Ask: N/A
1y Target Est: 19.68
Day's Range: 1.89 - 2.67
52wk Range: 2.40 - 64.85
Volume: 8,026,772
Avg Vol (3m): 4,607,810
Market Cap: 588.95M
P/E (ttm): 0.53
EPS (ttm): 3.986
Div & Yield: N/A (N/A)Comment -
Where is LVS? They were at like $130 not that long ago.Comment -
They aren't the only gaming company in trouble. Wasn't too long ago the Sands had to issue more common shares, diluting existing shareholders in order to raise liquidity. When it comes down to paying the rent and keeping the lights on....the first thing to go for most people is a trip to the casino or a vaca in Vegas.
Vegas was also one of the biggest sub prime housing markets around. Now it's a domino effect. Casino lays you off and then goes your sub prime house. They will be decimated for years and years to come.Comment -
For sure, JBC. LVS was able to secure financing and stabilize at least for now. MGM's situation is far worse though. They have $550 million in market cap right now with a $13 billion project (City Center) underway. That's how big the disparity has become. They've already had to seek additional investment to help pay for the project and had to sell off one of their properties (Treasure Island) to shore up liquidity. They are up to their gills in debt. It doesn't look good for them.Comment -
no one will shed a tear for a casino company in vegas...they make money just by opening up the doorsComment -
Really, Brock? Do you know how much it costs to build (or buy) one of those casinos?Comment -
Monkey,
Has construction stopped completely on City Center?Comment -
It has slowed but not stopped, Slick. I'm not sure what the future holds at this point though. They were aiming at opening at the end of the year.Comment -
Well said, RJ.Originally posted by RogueJurorComment -
As soon as they legalize online poker these $2 stocks will be worth millions.Comment -
i guess i am saying no one ever sheds a tear for the majority of losing players, now we are supposed to feel bad when after decades of prosperity, the casinos are suffereing..Comment -
Monkey your the Las Vegas king.
What is your #1 poker casino?Comment -
Depends on the week really, BMW. Right now, it's the Wynn because the Wynn Classic is going on. I pretty much just follow the action. But you can never go wrong with the Venetian or MGM. Always good action in those rooms.Comment -
Do you feel bad when other entertainment companies suffer?i guess i am saying no one ever sheds a tear for the majority of losing players, now we are supposed to feel bad when after decades of prosperity, the casinos are suffereing..Comment -
I hope all gambling operations, legal or illegal, go bankrupt. God's punishment for sinners.Comment -
But gambling is not a sin pavy.Comment -
On the bright side, it could bring back the 99¢ breakfast for early risers at SBR's gala weekend festivities this summer. Maybe even lower some of the juice they're offering at some books to attract some futures action on NFL and college football. I could be wrong.Comment -
How Las Vegas books handle sharp action
Ed Malinowski, head of the Stratosphere sportsbook: "We’re aggressive at stopping people from just coming in to take advantage of a line. We basically back them off. We want to make sure the right people are here to gamble."Comment -
I was just out in Vegas and it's almost a ghost town. People are not traveling or spending money. What's crazy is that the casino's have not reduced it's prices to accommodate. It has gotten very expensive for hotel rooms and restaurants. Even the hookers have discounted their prices but the casino's haven't caught up.
I have a few friends who work in the casino's and they are being asked to reduce their hours. One friend had her medical canceled with no notice when they cut her hours. She now has no medical. Pretty sad out there right now.Comment -
Saw someone on CNBC this morning and he asked the host if they wanted to personally loan them money for city center. I'm sure this was tongue and cheek but he was serious about them hurting for financing.Comment -
So when I'm there in a few weeks, do you think I can make a couple $50 bets at MGM and break the house?
I'll let them pay me off with one of those lions!Comment -
The Stratosphere is the worst book in Vegas for sharps. Every runner I know has been 86'd from their book. Most books aren't nearly as aggressive as them. If you constantly beat the number for the limit at the Strat, you'll definitely be shown the door. It is possible to fly under the radar there though.Originally posted by Justin7Comment -
Its also the reason they have the softest lines in Vegas...Comment -
Would betting 90% of the limit work or would that be too obvious?If you constantly beat the number for the limit at the Strat, you'll definitely be shown the door.Comment -
That's still too much, dj. You can get away with about half the limit.Comment -
But you don't shed a tear when you stiff your credit card company which will then be essentially passed onto ordinary taxpayers who choose to pay their bills? Thought not.Originally posted by Brock LandersOriginally posted by pags11Originally posted by BuddyBearOriginally posted by curiousComment -
Maybe this is the way online gambling gets legalized for U.S. citizens. The gambling stimulus plan.Comment -
Let the ****ers fail.
Maybe things will really change. Or maybe I can actually sit in a class that teaches..."ways not to go broke when you are a casino that makes money like it was going out of style"Originally posted by SBR_JohnComment -
It was @ 87 dollars a share in July
This is worth a Investment of a Couple Hundred Dollars at leastComment
