Mid-Day Update - Casinos Outperfoming: MGM, LVS

Published on Tuesday, 07 August 2012 11:52 Written by Gerard Lerod

New York, August 7th (TradersHuddle.com) - Casino stocks are trading higher by 2.09% versus their previous trading day close. Casino stocks are having a pretty much broad rally with 6 out of 7 casino companies trading higher.

MGM Resorts (NYSE:MGM) is the top performer of the casino stocks today trading at $10.14 representing 8.11%. versus the previous trading session. MGM Resorts, the hospitality and gaming Company owner of properties like the Bellagio and MGM Grand in Las Vegas, NV, shares have defined support at $8.83 and resistance at $9.63.

Las Vegas Sands (NYSE:LVS) is also among the top performers, currently trading at $40.89 representing 3.26% from its previous close. Las Vegas Sands, the owner and operator of casino resorts and convention centers in the U.S., Macau, and Singapore has calculated support and resistance levels at $34.72 and $42.36 respectively.

Casino Stocks worst performers include Penn National Gaming (NASDAQ:PENN) that is trading at $37.54 or -0.56% from the previous close. 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 $37.01 and resistance at $43.49. Also among the worst performers is Pinnacle Entertainment (NYSE:PNK), which so far is trading at $11.03 representing 0.14% from the previous trading session.

Casino stocks are outperforming the broad market S&P 500 Index is currently trading at 1402.23, 8 points or 0.57% from the previous trading session.