Wynn Resorts Stock Rallies Slightly After Long Weekend

Wynn Resorts Wynn Resorts joined the other casino companies in the US by enjoying the long holiday weekend. They did not have to worry about their struggling stock prices for an extra day, which these days is a luxury.

When the market finally did open on Tuesday morning, the trading began, and by the end of the day, it was good news for Wynn. The company had gained $2.25 a share, which is a 6.28% increase over Friday’s closing price of $35.85.

Las Vegas Sands stock also increased on Tuesday, although their stock only rose 4.13%, to $9.33 a share. They were joined by Melco Crown Entertainment that experienced a 4.47% rise. Melco closed the day at $5.84 a share.

The news was not as good for MGM Mirage. Their stock dropped almost six percent, to $7.14 a share. Although down on Tuesday, MGM stock has still more than doubled since news of them settling differences with their CityCenter partners, Dubai World, have surfaced.

The casino industry is still trying to rebound from a jolt to revenue. The economy has caused some casinos in the US to close, while others are trying to hang on using any means possible. Casino company stock has been hurt by the credit crunch as well.

With many companies relying on credit to help fund new projects, the lack of credit in the past year has caused many of these companies to stop projects that were underway. That has caused stock prices to drop for casino giants MGM, Sands, and Wynn.

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