On Wednesday the Nevada Gaming Control Board released August revenue numbers for the state’s casino operators, including Las Vegas Sands Corp. (LVS) and Wynn Resorts, Limited (WYNN).
The state regulatory agency reported that total Nevada casino revenues fell 3.11% in the month of August, down to $859.2 million. For casinos located on the famous Las Vegas Strip, which includes properties owned by Las Vegas Sands and Wynn Resorts, revenue declined 1.19% to $490.9 million.
On a positive note, in contrast to the August revenue drop, the Nevada Gaming Control Board noted that year-to-date revenues on the Strip have risen 12.7%.
Both Las Vegas Sands and Wynn Resorts shares were mostly flat in morning trading Wednesday.
The Bottom Line
Shares of Las Vegas Sands (LVS) have a 2.29% dividend yield, based on last night’s closing stock price of $43.71. The stock has technical support in the $38-$40 price area. If the shares can firm up, we see overhead resistance around the $46-$48 price levels. Shares of Wynn Resorts (WYNN) have a 1.79% dividend yield, based on last night’s closing stock price of $111.78. The stock has technical support in the $105-$106 price area. If the shares can firm up, we see overhead resistance around the $116-$119 price levels.
Las Vegas Sands Corp. (LVS) and Wynn Resorts, Limited (WYNN) are not recommended at this time, holding Dividend.com DARS™ Ratings of 3.2 and 3.3 out of 5 stars, respectively.
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