The figures worldwide for casinos are dismaying and getting worse, and Macau seems particularly hard hit.
Penn National Gaming has dropped11.9% to $23.99. The regional gaming operator said it narrowed its loss in the fourth-quarter, but missed analysts’ forecasts and did not appear to expect better for 2010.
Ameristar Casinos fell 8.6% to $14.54 and, again, reported it too had narrowed its fourth-quarter loss.
Melco Crown Entertainment painted an even bleaker picture earlier in the week. The company, which has it operations in Macau, widened its loss in the fourth quarter.
Las Vegas Sands has dropped 6.4% to $15.48.
MGM Mirage 5% to $10.85.
Wynn Resorts is seriously down.
The Street reports that on the whole, the casino sector is one of the slowest sectors to recover after a downturn. Regional gaming, in particular, is being greatly affected by the job market and consumer confidence, and experts are predicting the sector won’t recover until both are on a firm footing.