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Stocks activity at the close of the regular trading day on August 30th, 2005 were: Public Company Management Corporation (OTCBB:PUBC) $1.05 down 0.94%; Cryptologic Inc. (NASDAQ:CRYP) $18.39 down 1.02%; International Game Technology (NYSE:IGT) $27.44, up 1.55% on 2.2 million shares traded; Harrah's Entertainment Inc. (NYSE:HET) $70.90, down 2.54% on better than 3 million shares Corp. and Magna Entertainment (NASDAQ: MECA) $6.80, up 1.95% on 742,000 shares traded.
Other related news of interest; Hurricane Katrina will cost U.S. casinos millions of dollars as gambling operations were shut in the path of the storm, while U.S. airlines, many of them cash-strapped, will face increased costs from soaring oil prices, analysts said on Monday. The Mississippi Gaming Commission shut down 17 casinos in the Gulf Coast and River County areas in the state early Sunday, and neighboring New Orleans also ordered its casinos to close later that day.
Many of the region's casinos are floating barges with mooring systems designed to withstand winds of 155 mph and a tidal surge of 15 feet, according to the city of Biloxi, Mississippi. Katrina's 135 mph winds had decreased to 75 mph by late afternoon.
Harrah's Entertainment (NYSE:HET), the world's largest casino operator, has the highest exposure, with nine casinos facing the wrath of the storm. Deutsche Bank analyst Marc Falcone said he expects Harrah's to lose $1.8 million to 2.5 million in revenue for each day its casinos remain closed, which is likely into Tuesday and "potentially beyond." UBS Investment analyst Robin Farley estimated that a 3-day closure and potential drop in revenue over the coming month could trim Harrah's earnings per share by as much as 5 cents.
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