Cramer Reverses Self on Online casino Stocks

CNBC financial personality Jim Cramer, who has warned against planning on any bounceback from the economic downturn by Las Vegas casino operators, said Macau plans might lift Las Vegas Sands plus Wynn Resorts.

This week, stock forecaster Jim Cramer lastly relented a bit in his bad position on casino plus gaming stocks. After getting bemoaned the state of the betting industry in general, and Vegas operators in particular, the CNBC financial star touted both Las Vegas Sands and Wynn Resorts on his popular show, “Mad Money. ”

As recently reported on Online Casino Advisory, both companies are applying to issue initial general public offerings on the Hong Kong marketplace. Each company has examined ways to use assets kept in the gaming enclave of Macau into increased liquidity.

Sands, specifically, has looked beyond the IPO to also consider selling minority ownership within Macau properties to private equity firms, and discussed relationship in Far East assets, which includes its upcoming Singapore on line casino.

Cramer mentioned on his show that, while he still has bookings about any quick Vegas turnaround in earnings or even revenue, Macau may be much quicker to bounce back.

The investment professional advised listeners that Wynn goes into any IPO within much better shape than Vegas Sands. He noted that will Wynn has a superior position, with cash already accessible.

Published on July twenty-four, 2009 by VirginiaMaddox

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