WC Whiner

Valuing the Casino Industry: Are There More Harrah's Out There?

Valuation and the market's perceptions matter, too. Here's your table from 2.5 up with price/sales and short ratio:
cpx/s p/s sr
cnty 14.4 5.5 20.9
lvs 11.7 12.1 2.9
stn 8.5 3.0 6.3
uwn 4.4 5.0 5.4
meca 4.1 0.8 21.1
wynn 3.6 6.3 7.5
byd 3.5 1.5 5.1
het 2.7 1.5 2.7
pnk 2.6 1.6 4.3
isle 2.5 0.7 4.6

HET appears to have been a case with comparatively rational valuation and few reservations from the market. Even BYD has double the short interest, and north of that you either have some multiple of HET's price/sales, or of its short ratio, or of both.

That's to say nothing of the only real risk in the casino business: overbuilding.