Las Vegas motto
Here are a few indications of what's going on in one of 2007's hot sectors.
Even the internationally diversified gaming companies are showing the pain.
With over 60 new hotel/casinos currently under construction in Las Vegas, including the $ 8 billion City Center project, the prospects for the gaming sector don't look encouraging. Recent gaming ETFs such as PEJ, BJK and PUF are all at near term lows. Gaming stocks IGT,BYD, PENN, PNK and ISLE have identical dismal patterns. Down but not out? Technicals continue to deteriorate, with no prospects of relief in sight as airlines impose fuel surcharges and gas approaches $4.50 for summer travel.
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