Gaming stock prices fall after MGM Mirage layoffs
The stock prices of the major casino operators fell today, the day after MGM Mirage said it was eliminating 440 manager and supervisory level positions at both the property and corporate levels.
Shares of MGM Mirage, traded on the New York Stock Exchange, closed at $49.58, down $2.24, or 4.32 percent. MGM Mirage was trading at $100.50 in October. Las Vegas Sands Corp., shares fell $4.97 to close at $69.05 on the New York Stock Exchange, off 6.71 percent. In October, Las Vegas Sands hit a 52-week high of $148.76. Shares of Wynn Resorts Ltd., traded on the Nasdaq National Market, fell $2.63 to close at $98.06, down 2.61 percent. Wynn reached a high of $176.13 in October.
Most of the job layoffs took place in Las Vegas, where MGM Mirage operates 10 Strip casinos.
