GBGC compiles the GBGC 50 index of leading gambling company shares. In the last 12 months gambling companies have lost US$139 billion of shareholder funds.
Gambling Companies lose US$ 139 billion in 12 months.
During the last 12 months the 50 largest gambling companies by market cap have seen US$ 139 billion wiped off their total value. The biggest losers are Las Vegas Sands and MGM Mirage who have seen their values fall by 93% and 88%.
In January 2008 Sheldon Addison' Las Vegas Sands(LVS) was the largest gambling company in the world. By January 2009 it had fallen to 10th place having lost revenue in both Macau and Las Vegas, shelved plans for a casino in Kansas and had been told by the Singapore government that financial help will not be forthcoming if it falls behind with its US$2.7bn Marina Bay resort development.
Interestingly and in stark contrast to the free market the world' largest gambling company is now OPAP the monopoly provider of the National Lottery in Greece. It is perhaps surprising that OPAP and Greece are under threat from the liberalisation of gambling laws across Europe but the market is telling us that they expect OPAP to maintain its monopoly hold on the market in Greece.
In April 2003 Rank and William Hill were ranked 7th and 8th but today we have see William Hill at 20th and Rank 38th as the latter grapples with the negative effects of the smoking ban in its casinos and bingo parlours..
The enigma is Wynn Resorts. Ranked 11th in April 2003 the company has managed to climb against adversity to be ranked 5th by market cap in January 2009. The eponymous Wynn Resorts has concentrated on the discerning large staking gambler who is less prone to economic downturn than the mass market catered for by LVS.
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Notes for editors
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