Here’s Why Casino Stocks are Hitting Jackpots Now
Quick answer, Moody’s (NYSE:MCO) upgrades its rating on Las Vegas Sands (NYSE:LVS) from stable to positive and affirms the company’s Ba3 rating. MarketWatch thinks “The revision reflects greater confidence that Las Vegas Sands will be able to reduce its debt ratio which is required for a one-notch ratings upgrade.” Moody’s reflected, “Las Vegas Sands would also need to adhere to a conservative long-term financial policy in order to achieve a Ba2 corporate family rating.” Sands’ stock prices have tumbled steadily over the past six months, reaching highs of over $50 per share in February before sliding towards their current mark of $39.05.
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Moody’s revision may also be viewed as a boon to other big name casino companies, some stocks to keep an eye on here: MGM Resorts International (NASDAQ:MGM), Wynn Resorts, Limited (NASDAQ:WYNN), Melco Crown Entertainment Ltd (NASDAQ:MPEL), Boyd Gaming Corporation (NYSE:BYD), Trans World Corporation (TWOC), Century Casinos, Inc. (NASDAQ:CNTY), Ameristar Casinos, Inc. (NASDAQ:ASCA), and Monarch Casino & Resort, Inc. (NASDAQ:MCRI)