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Gaming and airline stocks fell today amid a massive market decline tied to the U.S. debt downgrade and recessionary fears.
Just after 8 a.m. Las Vegas time, the Dow Jones Industrial Average was down 2.17 percent, with stocks sensitive to consumer sentiment...like gaming stocks...particularly hard hit.
MGM Resorts International stock was off 6 percent at $11.90, Las Vegas Sands Corp. was down more than 6 percent at $39.20, Wynn Resorts fell 5 percent to $132.94 and Boyd Gaming Corp. was down more than 8 percent at $6.36.
Two of the larger casino operators in Las Vegas, Caesars Entertainment Corp. and Station Casinos LLC, don’t have publicly traded stock.
The stocks of two important airline operators in Las Vegas, Allegiant Travel Co. and Southwest Airlines Co., also fell, 3 percent and 2 percent, respectively.
Even before Standard & Poor’s cut the federal debt rating by a notch on Friday, consumer confidence was declining and that’s terrible news for gaming and other stocks tied to discretionary spending.
That’s because consumers are less likely to book vacations to Las Vegas and other leisure destinations if they see their 401(k) accounts declining and are worried they may be laid off.
Bloomberg last week reported its Consumer Comfort Index – based on phone surveys with consumers – fell to its lowest level in May as consumers were worried about jobs, the declining stock market and political fighting over the U.S. debt ceiling.
Experts are busy analysing the damage to land based casino operators VS online casino operators.
Bwin.Party. Digital Entertainment Shares Dip To Record Low; Online Players Up...
The global economic slump has once again impacted the share price of Bwin.Party, as share prices of the parent company that owns PartyCasino.com World Poker Tour and PartyPoker.com reached a record low less than 48 hours ago.
Bwin.Party share prices dropped as low as 113.8p prior to closing at 116.9p - a 5.7% decline in one day. Experts are investigating what may have caused a sudden decline in the share prices of the gaming giant.
There is an overall downward trend of the market. Bwin also has an increased reliance on Euro-zone troubled markets. Before merger of PartyGaming and Bwin, the latter showed that 11% of its revenue is generated from Greece.
The European Commission’s president Jose Manuel Barroso is warning European governments that the financial troubles of Greece, Portugal and Ireland could spread to Italy and Spain. Italy alone represents 10% of Bwin’s revenues.
Bwin.Party's online arm is business usual. PartyCasino.com and PartyPoker.com is continuing to run a number of attractive promotions, and the company looks like a safe bet to retain it's #1 position as the world's leading online gambling firm.
PartyPoker Sending Players to Oktoberfest...
Starting this coming Friday, PartyPoker players will be able to take the first step on a possible trip to Germany to join in one of the world’s most famous parties. Through the first week of September, PartyPoker will award 16 packages to the 201-year old Oktoberfest, held annually in Munich, Bavaria, Germany.
Beginning at the stroke of midnight on August 12th, PartyPoker will hold a VIP Oktoberfest Race, in which players can try to earn as many PartyPoints as possible at real money tables through August 21st. When the Race period is complete, the top seven points earners will each win Oktoberfest prize packages. In addition to those winners, players who finish from 8th to 25th will receive $250, 26th through 75th place will win $100, and places 76 through 400 will all receive a seat in September’s VIP Oktoberfest and Super Gadget Freeroll.
There will then be a second VIP Oktoberfest Race starting immediately after the first one ends, at midnight on August 22nd, and running through 11:59pm on August 31st. All of the prizes are exactly the same for Race number two.
Those who finish in the top 25 in both races will be gifted a 16 GB Apple iPad2, while anyone who finishes in the top 75 in both races will win a 64 GB iPod Touch.
The VIP Oktoberfest and Super Gadget Freeroll will be held on September 4th at 2:00pm ET. An Oktoberfest prize package will be handed out to the top two finishers in the tournament, while the remainder of the top 30 will receive Apple electronics. Those who round out the top five will win 4 GB Apple iPhones, 6th through 10th will get the 16 GB Apple iPad2, and 11th through 30th will win a 64 GB iPod Touch.
Players are allowed to win a maximum of one Oktoberfest prize package and one Apple electronic gadget.
The Oktoberfest prize package includes two night’s accommodation for two, with breakfast, at the Le Meridien hotel in Munich, dinner and drinks at the Hippodrom Oktoberfest tent, dinner and poker at the Olympic Tower restaurant, access to a reserved area and drinks at the P1 nightclub, daytime activities, all transportation in Munich, VIP hospitality, and $600 spending money. Travel to and from Munich is the responsibility of the winner, which is why the $600 is included.
Keep in mind that, like most of PartyPoker’s promotions, players must opt-in in order to participate. The option to opt-in can be found on players’ PartyPoker account pages. In addition, prizes cannot be transferred or exchanged for cash, so if you win a trip to Germany, you are going or you get nothing. For the rest of the terms and conditions, including how to claim prizes (yes, players must claim their Apple gadget prizes – they are not mailed automatically), visit PartyPoker’s web page.
PartyPoker is currently the third largest online poker room or network in terms of cash game traffic, according to PokerScout.com. With a seven day average of 4,200 cash game players, it is neck-and-neck with the iPoker Network, which has 4,250 cash game players. (Credit: Poker News Daily)
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