NEW YORK (
) -- CityCenter is apparently beginning to be priced into casino stocks -- or at least that's the impression being given by the major lift that the casino sector received Monday.
The next phase of the CityCenter project, Aria, which is co-owned by
and Dubai World, is set to open on Wednesday.
MGM has been touting that the $8.5 billion CityCenter project will help drive traffic to the Las Vegas strip, and expects visitation rates to increase by 5% to 10% next year.
But other casino operators and investors have been skeptical, scared that CityCenter will cannibalize an already depleted market.
Nonetheless, on the heels of the next phase of the opening, shares are up across the sector. The biggest gainer is
Las Vegas Sands
, surging 6.6% to $16.21 in afternoon trading.
MGM is growing 5.5% to $10.62 and
is advancing 3% to $63.83.
is also growing 3.6% to $10.51 after it said it will open its Missouri casino complex earlier than expected.
The River City casino was scheduled to open in spring 2010, but Pinnacle now plans to open it in March.
Other notable climbers include
Isle of Capri
, which is increasing 3.5% to $7.97 and
, which is rising 4% to $8.68.
-- Reported by Jeanine Poggi in New York.
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