The downturn has decimated the stock market value of gambling companies.
Ruffin, who sold the 34.3-acre New Frontier for a record $35 million an acre, is buying back into the Strip at about $15 million an acre, according to a research note from Jake Fuller at Thomas Weisel Partners. The state has seen gambling revenue drop for 10 consecutive months. economic recession continued to cut into consumer spending. Statewide, Nevada casinos’ take from gamblers fell 22 percent for October as the U.S. In October, Las Vegas Strip casinos won 26 percent less money from gamblers, compared with a year earlier. MGM, which operates 10 Las Vegas Strip properties, including the Bellagio, Mandalay Bay and Circus Circus, recently postponed development work for its MGM Grand project in Atlantic City and a planned Las Vegas Strip joint venture with Kerzner International and Istithmar.
