According to the Las Vegas Convention and Visitors Authority, during the first three months of the year, visitors to the city were up by 12%. Hotel occupancy went from 71.1% to 82.4%, and there was an amazing 48% increase in the number of conventions.
So maybe, just maybe, there is a turnaround play in the casino stocks. WallStreetNewsNetwork.com has come up with a list of all the major casino companies, along with their financials. And unfortunately, the financials for many of these stocks don't look good.
For example, Wynn Resorts (NASDAQ:WYNN) has a very high trailing price to earnings ratio of 121 and forward P/E of 47. But on the positive site, latest revenues were up over 22% and the company pays a yield of 1.2%. Wynn has Wynn Las Vegas casino resort in Las Vegas, and the and Wynn Macau casino resort located in Macau.
The Las Vegas Sands (NYSE:LVS) which has casinos in Las Vegas, Macau, Singapore, and Pennsylvania, has a forward P/E of 32 and a favorable price earnings to growth ratio of 0.59. Revenues were up 23.7% for the latest quarter. The company doesn't pay a dividend.
Another way to bet on the casino industry is through the manufacturers of the slot machines and the other electronic gaming machines, such as WMS Industries Inc. (NYSE:WMS-OLD). The Illinois company, which has been around since 1946, has a trailing P/E ratio of 26, a forward P/E of 21, and a PEG ratio of 1.11. There is no dividend, but earnings were up 35.2% for the latest quarter on a revenue increase of 9.2%.
For a list of all the top casino stocks, including some that pay dividends of 1.2% and greater, go to WallStreetNewsNetwork.com.
Disclosure: Author does not own any of the above.