This week’s stock performers: The best and the worst locally
Biggest gainer: Galaxy Gaming
With the benchmark Standard & Poor’s 500 index managing a 0.3 percent gain this week, despite a steep drop on Friday, stocks of most Las Vegas companies fared much better.
Among large companies, MGM Resorts International posted the largest gain from its Oct. 12 close, finishing up 7.9 percent at $11.06 on news that its China unit had won a concession to build a $2.6 billion resort in Macau, its second there.
Other gainers were Las Vegas Sands, Wynn Resorts, Caesars Entertainment, IGT, Bally Technologies, American Pacific, Allegiant Travel, NV Energy and Southwest Gas.
The biggest gainer was Galaxy Gaming, which rose 33 percent to more than erase last week’s slide of 28 percent.
The penny stock company closed at 24 cents. An attorney for the company on Tuesday accepted service of a Bank of America lawsuit accusing Galaxy of being involved in a “fraudulent transfer” of assets from a predecessor company.
Prior to Friday’s market close, Galaxy had not officially commented on the suit or disclosed it in a Securities and Exchange Commission filing.
Biggest loser: Full House Resorts
Just a few local companies saw their stock prices fall from their Oct. 12 close this week. They included Boyd Gaming, Shuffle Master, Global Cash Access, Tropicana Entertainment and Gaming Partners International.
The biggest decliner was Full House Resorts, which fell 5.2 percent to $3.30. Some profit-taking may have been behind the slippage, given the lack of news about the company since it completed the acquisition of the Silver Slipper casino in Mississippi. The stock remains well above its 52-week low of $2.33.
Full House stock hit $3.70 the week of Sept. 21 after it was approved as a gaming licensee by the Mississippi Gaming Commission.
The finding of suitability cleared the way for the company on Oct. 1 to complete its $70 million purchase of the Silver Slipper. The property in Hancock County has nearly 1,000 slot and video poker machines.