Casino Stocks Looking for Comeback after Impressive December
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While most of us spent December with family, friends, and a slew of old traditions, some packed up and went gambling during the last month of the year. In fact, new reports suggest that casino stocks are likely in for an impressive December. Though whether or not they can continue is anyone’s guess.
The word from the Nevada Gaming Control Board noted that Nevada casinos saw an increase of 14% in December. This brought cumulative totals to $1.31 billion. Casinos on the popular Las Vegas Strip brought in $814 million of that total by themselves, thanks in large part to a jump in events like bowl games and a national rodeo event. Nevada wasn’t the only place that saw significant gains. Only days ago, we heard about the revival of the Macau gaming trade. During that revival, the Marina Bay Sands, a Las Vegas Sands (NYSE:LVS) property, saw an all-time record for revenue.
Finally, other reports are delivering good news for casino stocks as well. Melco Resorts & Entertainment Limited (NASDAQ:MLCO) saw its revenue jump 15.22% against this time last year. B. Riley analyst David Bain pointed out the potential value in Century Casino (NASDAQ:CNTY) as a regional player in and around Colorado.
Meanwhile, a look at the various casino-heavy ETFs shows some upward potential in progress. The Roundhill Sports Betting & iGaming ETF (BETZ), the iBET Sports Betting and Gaming ETF (IBET), and the VanEck Gaming ETF (BJK) were up 0.81%, 1.21%, and 0.79%, respectively.
