*Even Steve Wynn Is Losing Money at the Casinos*... "The Donald," too!

[KoKo]

Even Steve Wynn Is Losing Money at the Casinos
by Peter Newcomb
December 8, 2008, 2:52 PM


With the economy in a tailspin, it’s no wonder the nation’s big casino operators are crapping out. At this point, it’s hard to imagine anyone but the the addicted and the truly depraved laying down their money at the tables.

So just how far have the fortunes of the gambling world’s kingpins dropped? We already reported on the bad luck that befell Sheldon Adelson, the cranky chief of Las Vegas Sands . Since hitting a high of $144.25 in October 2007, LVS stock has completely cratered, closing this past Friday at just $5.11. Adelson’s own shares, once worth nearly $27 billion, today are worth less than $1 billion.

Other casino moguls have fared only slightly better. MGM Mirage owner Kirk Kerkorian’s stake in his company was worth once worth $16.4 billion. Today those shares are worth just $1.6 billion, a decline of nearly $15 billion.

Even quintessential casino tycoon Steve Wynn is taking it where it hurts (though he indicated otherwise to the New York Times). Wynn’s ownership in Wynn Resorts , valued at $4.3 billion late last year, today is worth less than $1 billion. But there is a bright spot. Whereas most casino stocks are down more than 90 percent from their peaks, Wynn Stock is off just 70 percent. In these tough times, a drop of 70 percent is considered getting off easy.

Nevada’s Boyd family, the majority owner of Boyd Gaming once controlled shares worth $1.6 billion. The family, led by executive chairman William Boyd, will now have to make do with just $124 million.

And then there’s Donald Trump. As The Donald is quick to point out to anyone that dares ask, his holdings in Trump Entertainment Resorts are but a drop in his net worth bucket. But even Trump has to cringe when he runs the math on that investment. After reaching their high of $23.47 in December 2006, Trump stock is now wallowing around 25 cents a share—a 99-percent drop in value.
http://www.vanityfair.com/online/politics/2008/12/houses-of-cards.html

[Fire1]

1. Oh, Boo Hoo.

;-)

[MikeNearMcChord]

2. Sheldon Andelson is a big contributor to conservative causes

which thanks to the conservatives in the White House and Congress, plus their buds on Wall Street helped contribute to this economic depression that is cutting Mr. Adelson's throat.