What Are the Casino Bulls Thinking?

 |  Includes: BJK, DDE, LVS, MGM, UWN, WMS-OLD, WYNN
by: Colin Peterson

Clark County Department of Aviation reports April passenger traffic into McCarran down 5% year over year, even steeper than the 3.9% decline in the year-to-date total, indicating that the decline is steepening into the second quarter.

Where is the recovery? What are the casino bulls thinking?

Here's my earlier post on MGM Mirage (NYSE:MGM) first quarter earnings. I think these guys are a disaster - high leverage, they have two bond maturities coming up: the Sept 2010 notes totaling $781 million and the Feb 2011 totaling $400 million.