Updated from 12:08 p.m. EDT

Las Vegas Sands ( LVS) shares closed lower on Monday, despite an upgrade by JPMorgan.

Las Vegas Sands was down 7.8% to $4.64 on volume of more than 51.8 million shares.

JPMorgan analyst Joseph Greff upgraded LVS from neutral to overweight and has a year-end price target of $8. Among the reasons Greff gave for the improved outlook were "reasonable near-term and achievable expectations" for the company's Las Vegas Strip properties and that those properties are outperforming their peers; stabilization of its Macau properties' operations and the potential for continued improved investor sentiment in front of its early 2010 opening of its Singapore property.

MGM Mirage ( MGM) was down 20% to $5.02 on volume of more than 17 million shares. MGM Mirage has been in the news lately on reports that billionaire investor Carl Icahn is pushing for the company to file for Chapter 11 bankruptcy. MGM Mirage is majority owned by another billionaire investor, Kirk Kerkorian.

Boyd Gaming ( BYD) was off 11.4% to $5.37.

Melco Crown Entertainment ( MPEL) was lower by 7.1% to $4.21.

Penn National Gaming ( PENN) was down 4.3% to $27.56.

Wynn Entertainment ( WYNN) was down 7.1% to $30.44.

Ameristar Casinos ( ASCA) closed down 2.6% to $13.79.

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