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J.P. Morgan predictions
 June 29, 2008, 10:55 am (3 years ago)Las Vegas land casino operators were paying extra attention to share prices as J.P. Morgan announced negative predictions on Las Vegas land gambling last week.
According to Associated press, the last half of this year might be the hardest period for Las Vegas casino operators since the twin tower incident in 2001.
In trading on Thursday, Las Vegas Sands shares dropped $3.37 to $50, after hitting a 52-week low of $49.65 earlier in the session. The stock has lost more than 60 percent from its high of $148.76 in October 2007.
Joseph Greff, JPMorgan analyst, reduced his earnings forecasts for Las Vegas Sands through 2011, due to "lackluster spend per visitor and stunted visitation." He said that investors know the "magnitude and duration" of the difficulties dealing with Las Vegas Strip casino operators. Greff said that in order to attract visitors, Las Vegas Sands properties had been offering discounted room rates.
"We expect this summer to be one of the worst on record, with meaningfully discounted room rates and special discounted package deals."
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