This week’s stock performers: The best and the worst locally
21 September 2012
Biggest gainer: Full House Resorts Inc.
Full House saw its stock jump 17 percent this week to close at $3.70 after it was approved as a gaming licensee by the Mississippi Gaming Commission.
The finding of suitability should clear the way for the company to complete its $70 million purchase of the Silver Slipper Casino in Hancock County. The property has nearly 1,000 slot and video poker machines.
Even so, Full House's stock price appears to be quite volatile as it dipped 35 cents or 9.5 percent in after-hours trading Friday.
Biggest loser: Caesars Entertainment Corp.
Four of the largest casino operators saw their stock prices fall this week as the broader stock market treaded water, with the Standard & Poor's 500 falling 0.3 percent.
Wynn Resorts Ltd. stock eked out a 1 percent gain from its Sept. 14 close, while MGM Resorts International stock fell 6 percent. Las Vegas Sands Corp. stock fell 3.9 percent, while Boyd Gaming Corp. stock was off 1 percent.
The biggest loser among all local stocks, however, was Caesars Entertainment Corp., which fell 9.2 percent to $6.87.
Investors likely considered Caesars' continuing losses and hefty debt load, as well as the failure of Congress to enact poker legislation so that Caesars could benefit from its heavy investment in online gaming.
On top of that, the Motley Fool investor website said Caesars had received a "dreaded one-star ranking'' of stocks likely to plunge. That's based on the aggregated intelligence of 62 investors.
Some good news did come Caesars' way. USA Today named its new Bacchanal Buffet the best buffet in Las Vegas. The company also announced that its Strip redevelopment efforts are continuing with the announcement that "the Quad" will be the new name for Imperial Palace.
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