IGT, Bally Only Gaming Stocks Up in June
According to the monthly index of all major US gaming stocks as developed by Applied Analysis of Las Vegas, manufacturers International Game Technology (IGT: 15.37 +2.19%) and Bally Technologies (BYI: 33.87 +3.77%) were the only gainers for the month of June.
While gaming operators re declined during the month, the manufacturing stocks were much healthier. Analysts say this is due to loosening gambling laws across the US that will bring new markets for both IGT and Bally.
IGT stock increased by 8.4 percent for the month, while Bally climbed 6.3 percent.
MGM Mirage, in contrast, gave back the last month’s meager gains, falling 25.4 percent even as the company said its short-term outlook had improved to the point that solvency is expected.
While twelve gambling bills in eleven states had a possibility of creating new demand for slot machines, Brian Gordon of Applied Analysis said operators were not so well off.
“From an operator’s perspective, the depth and breadth of the national recession is continuing to impact investor expectations,” Gordon said.
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