Many people believe that the major gambling hubs are Las Vegas, Macau and Atlantic City and even though there are not many questions about that, one expert made a few analysis of the influence of Mississippi in the industry.
The expert stated that the income generated from the Mississippi casino owned by Penn National Gaming wasn’t very encouraging but that could have been as a result of many travelers refusing to travel to coastal states in the US as a result of the oil spill caused by BP. Merriman says the state generated 14% percent of its revenue and 12 percent of EBITDA for the gambling company.
The Casino Stocks Index also showed that the Biloxi Casino in Mississippi owned by the Isle of Capri Casinos was also responsible for 7 percent of the gambling firm’s income and 3 percent of its EBITDA. The expert also made mention of casinos in the state owned by Boyd Gaming and Ameristar Casinos.
Merriman started coverage of casinos in the early part of the year after rating Pinnacle Entertainment as a Buy. Ameristar and Boyd were both given Sell ratings by Full House Resorts while Penn, Isle of Capri and Monarch Casino & Resort were both given neutral ratings.
The Isle of Capri was given higher marks to turn it into a Buy rating by Keybanc this morning and its stocks were targeted at $13. The firm said it was expecting more revenue and said it expected the casino owner to post better financial reports than the first quarter of the year next week.
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