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Casino Winners and Losers: MGM Mirage

Updated from 1:07 p.m. EDT

MGM Mirage (MGM - Get Report) led casino stocks higher on Monday following a weekend report that it would be selling two of its properties to raise cash.

The Wall Street Journal reported Saturday that the Las Vegas-based company has hired Morgan Stanley and is considering selling the MGM Grand Detroit in Michigan and the Biloxi Beau Rivage in Mississippi, for potential proceeds of $2 billion.

Also, Reuters reported late Monday that Colony Capital, a Los Angeles-baed private-equity firm, is considering an investment in MGM's debt.

MGM shares closed at $5.53, up 19%, or 88 cents, after trading as high as $6.70 earlier.

Las Vegas Sands (LVS - Get Report) finished up 48 cents, or 11% to $4.96.

Wynn Resorts (WYNN - Get Report) closed up $1.55, or 5.2% to $32.20, following an upgrade. Robin Farley of UBS, in upgrading the company's shares to buy from neutral, notes that Wynn has no debt due this year and holds about $1.6 billion in cash.

Boyd Gaming (BYD - Get Report) shares were higher by 2.2%, or 12 cents to $5.62 despite a downgrade by SMH Capital from accumulate to neutral.

Melco Crown Entertainment (MPEL - Get Report) shares were down 1.5%, or 7 cents to $4.51.

Penn National Gaming (PENN - Get Report) shares were down 3.3%, or 91 cents to $26.40, following an earlier SMH Capital downgrade from accumulate to reduce.

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SYM TRADE IT LAST %CHG
BYD $16.05 2.88%
LVS $47.26 4.60%
MGM $20.54 4.74%
MPEL $18.43 5.92%
PENN $18.08 2.26%

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

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