This week, stock forecaster Jim Cramer finally relented slightly in his negative position on casino and gaming stocks. After having bemoaned the state of the gambling industry in general, and Las Vegas operators in particular, the CNBC financial star touted both Las Vegas Sands and Wynn Resorts on his popular show, "Mad Money."As recently reported on Online Casino Advisory, both companies are applying to issue initial public offerings at the Hong Kong market. Each company has examined how you can use assets held within the gaming enclave of Macau into increased liquidity.
Sands, in particular, has looked beyond the IPO to also consider selling minority ownership in Macau properties to non-public equity firms, and discussed partnership in Far East assets, including its upcoming Singapore casino.
Cramer said on his show that, while he still has reservations about any quick Las Vegas turnaround in earnings or revenue, Macau could also be much quicker to bop back.
The investment expert advised listeners that Wynn goes into any IPO in a lot better shape than Las Vegas Sands. He noted that Wynn has an excellent position, with cash already on hand.
Published on July 24, 2009 by VirginiaMaddox
Read More... [Source: Las Vegas Casinos in the News]
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