Casinos Outperfomed: PENN, MGM

Published on Monday, 18 June 2012 17:06 Written by Christopher Lynn

New York, June 18th (TradersHuddle.com) - Casino stocks ended the session higher by closing 0.44% versus their previous day close. Casino stocks were mixed with a slight downside bias with 3 out of 7 casino companies trading higher.

Penn National Gaming (NASDAQ:PENN) was the top performer of the casino stocks today closing at $44.77 representing 2.54%. versus the previous trading session. The shares of Penn National Gaming, the owner and operator of casinos in Mississippi, and a riverboat gaming facility in Louisiana have defined support at $42.35 and resistance at $46.28.

MGM Resorts (NYSE:MGM) was also among the top performers, closed the trading session at $10.91 representing 1.02% from its previous close. MGM Resorts, the hospitality and gaming Company owner of properties like the Bellagio and MGM Grand in Las Vegas, NV has calculated support and resistance levels at $10.88 and $11.73 respectively.

Casino Stocks worst performers include Isle of Capri Casinos (NASDAQ:ISLE) that closed the trading session at $5.33 or -1.3% from the previous close. Isle of Capri Casinos, the owner and operator of branded casino resorts throughout the U.S., the U.K. and the Bahamas shares have defined support at $5.16 and resistance at $6.18. Also among the worst performers was Pinnacle Entertainment (NYSE:PNK), which closed the trading session at $9.69 representing -0.51% from the previous trading session.

Casino stocks outperformed the broad market S&P 500 Index that closed the trading session at 1344.78, 1.94 points or 0.14% from the previous trading session.