After plummeting for over a year, casino stock prices seemed to have bottomed out and begun recovering in the last couple months, but are now once again fluttering. Gaming industry analysts are saying that there are certainly bumps ahead on the path for gambling companies, and optimism should be guarded, if allowed at all.The Las Vegas Journal-Review is reporting that Applied Analysis of Las Vegas found that is monthly computation of composite gaming stock value had declined in June, after two positive months. Industry operators had hoped the good returns in April and May would mean an escalating rate of recovery, but that has now been dashed.
"The V-shaped recovery is off the table," Rich Moriarty of Union Gaming Group told the Review-Journal. "The worst is over, but we're certainly not out of the woods yet."
Applied Analysis employs it monthly gaming index to measure overall market movement. The index figures in the prices of the major Las Vegas gaming operators' stock.
The index has been as high as 667.09 in October of 2007, and fell as low as 189.50 in March. June's index was 233.03, 7 points down from May.
Interestingly, the index found manufacturers' stock to be rising, as new gambling areas are legalized, creating new demands for product.
Published on July 2, 2009 by MattMiller
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