MGM Mirage (NYSE:MGM) Stock Price
By Michael Brooks on Apr 09, 2010
The MGM Mirage (NYSE:MGM) stock price finished the day at 14.73, after climbing more than 10% during trading. Its final figures of 14.73 (+1.38, +10.34%) were the best since January 2009, and came on the back of some excellent news for gaming operators and casino owners.
MGM Mirage (NYSE:MGM) Stock Price
In a major boost for casino operators across the USA, the Nevada Gaming Control Board reported that February’s total gaming revenues came in just under $1billion, up 13% from the same time period last year. Of this $946.6 million, $568 million came from the Las Vegas strip – up 32.9% from the same time period last year.
One thing to note about these figures, and their effect on the MGM Mirage (NYSE:MGM) stock price, is the timing of Chinese New Year (which moves according to the lunar calendar). Joseph Greff of J.P. Morgan noted that the holiday’s presence in February could have spurred a mini-gambling revival on its own.
Other gaming and casino related stocks were also up today, with Las Vegas Sands Corp ending at 24.23 (+1.30, +5.67%) and Boyd Gaming Corp finishing the day’s trading at 12.23 (+1.36, +12.51%).
Gambling is an excellent indicator of financial freedom, and is another indicator that the global financial slowdown may be easing. We will see if March’s figures affect the MGM Mirage (NYSE:MGM) stock price in a similar way.
Filed Under: Finance
