Gambling Stocks Boomed in 2003 - 01/04/04 06:40 AM
Statistics from Applied Analysis show that gambling stocks fared at almost double the average increase of stocks that gained in Standard and Poor's 500 Index. 8 gambling stocks showed a 37.2 increase while the Standard and Poor gainers went up 19.8%.
Steve Kent, an analyst with Goldman Sachs, says: "We saw consumers still traveling to Las Vegas in the first half despite the Iraqi war and the fear of terrorism. And in the second half, we saw a resurgence in convention business."
The top performing stock belonged to the Mandalay Group which rose 45% in 2003 to $44.72 a share. But as good as 2003 looked, there are warnings shares can drop in 2004 because of an overcrowded market with casinos starting in many other states.
Source
Steve Kent, an analyst with Goldman Sachs, says: "We saw consumers still traveling to Las Vegas in the first half despite the Iraqi war and the fear of terrorism. And in the second half, we saw a resurgence in convention business."
The top performing stock belonged to the Mandalay Group which rose 45% in 2003 to $44.72 a share. But as good as 2003 looked, there are warnings shares can drop in 2004 because of an overcrowded market with casinos starting in many other states.
Source