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Article: LR Index leisure stockwatch September 2008.(Sharewatch)
- Article from:
- Leisure Report
- Article date:
- October 1, 2008
CopyrightCOPYRIGHT 2008 William Reed Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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After a month of some respite, UK leisure stocks came under more pressure in September as the collapse of Lehman Brothers and rescue deals for Merrill Lynch and AIG sent shockwaves through the world's financial systems.
Adding to the pain came the news that in Las Vegas revenues are down 3% in the last 12 months, making this the worst year since September 11. Morgan Stanley, in a research note entitled Weekend Break, noted that: "With 2008 year-to-date falls of 6%, it appears likely that the full year will be even worse than 2002.
"The magnitude of the declines is calling the defensiveness of the betting and gaming sector into question and may concern ...