East Coast Casinos Face Threat of Closing From Storm
Casinos in New Jersey, Connecticut, New York, Pennsylvania and Maryland face a risk of closing and damage because of Hurricane Sandy, Wells Fargo Securities said.
Cameron McKnight, a Wells Fargo analyst, said that among casinos of companies he follows, Boyd Gaming Corp. (BYD)’s Borgata in Atlantic City, New Jersey; Penn National Gaming Inc.’s Hollywood Perryville, Maryland, property; and the Sands Bethlehem in Pennsylvania run by Las Vegas Sands Corp. (LVS) may close and suffer property damage or loss of business from the storm.
Equipment suppliers such as International Game Technology (IGT), Bally Technologies Inc. (BYI) and WMS Industries Inc. also may be affected by damage or loss of play at casinos in the path of the storm, the New York-based analyst said. Connecticut tribal casinos also are threatened, he said in a note yesterday.
Forecasters warn of a superstorm, dubbed “Frankenstorm” by the National Weather Service, that will grow out of Hurricane Sandy and two other storms rushing eastward across the U.S. The track for Sandy yesterday had it going ashore just south of the Delaware Bay late Oct. 29 or early Oct. 30 and moving northwest between Baltimore and Wilmington, Delaware, the National Hurricane Center said.
Las Vegas Sands, based in Las Vegas, said in a statement yesterday that it isn’t currently planning to close the Pennsylvania property.
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