Economic fears on casino stock fall down

October 24th, 2008

Some casino operator’s shares fall down to new lows on Thursday as the sector collapsed from sponsor’s anxiety about the diminishing economy. A market analyst said MGM Mirage’s heavy Las Vegas concentration leaves it in danger.

The broader markets ups and down as a mind-set grew on the Street that the economy is either in a slump or headed for one despite government relief efforts and gradual improvements in world credit markets in the trading afternoon. Including with many other industries the casino sector also has been compress as consumers restrain spending due to the nonstop housing delay, eroding credit and increasing food costs.

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