Casinos crap out

By Paul R. La Monica, CNNMoney
2009-2-17 13:12:46

NEW YORK (CNNMoney.com) -- It looks like the house doesn't always win, after all.

Trump Entertainment, the Atlantic City-based casino operator, filed for Chapter 11 bankruptcy Tuesday. The news follows the resignation on Friday of the company's titular chairman (the Donald, of course). The stock plunged more than 35% Tuesday, and now trades at about 15 cents a share.

But Trump (TRMP) isn't the only gaming company facing hard times. The casino industry has turned out to be hardly recession proof.

Shares of the three companies that dominate Sin City -- Wynn Resorts (WYNN), MGM Mirage (MGM, Fortune 500) and Las Vegas Sands (LVS) -- have each fallen more than 40% this year. Wynn's stock has lost three-quarters of its value in the past 12 months while MGM and Las Vegas Sands have each nosedived more than 90%.

	Investment Basic Investment Overview Investment Approache Fundamentals Data Investment Stories www.fxj108.com	Casinos crap out By Paul R. La Monica, CNNMoney 2009-2-17 13:12:46 NEW YORK (CNNMoney.com) -- It looks like the house doesn't always win, after all. Trump Entertainment, the Atlantic City-based casino operator, filed for Chapter 11 bankruptcy Tuesday. The news follows the resignation on Friday of the company's titular chairman (the Donald, of course). The stock plunged more than 35% Tuesday, and now trades at about 15 cents a share. But Trump (TRMP) isn't the only gaming company facing hard times. The casino industry has turned out to be hardly recession proof. Shares of the three companies that dominate Sin City -- Wynn Resorts (WYNN), MGM Mirage (MGM, Fortune 500) and Las Vegas Sands (LVS) -- have each fallen more than 40% this year. Wynn's stock has lost three-quarters of its value in the past 12 months while MGM and Las Vegas Sands have each nosedived more than 90%.