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Casino stocks were trading higher Tuesday, after MGM Mirage's (MGM Quote) Las Vegas results fared better than the bloodletting that many expected and the company announces financing commitments for its newest project.
The entire gambling sector has been battered this year on fears that the economic slowdown is set to ravage profits at casino operators, especially those with a heavy focus in Las Vegas, such as MGM.
So far this year, results at MGM's Vegas casino are down but still manageable. Visitors continue to flock to the city but only at lower room rates. And once there, guests tend to be spending less. ...
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