KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Earnings Boost on the Horizon for Las Vegas Strip Casino Operators Amid Tropicana and Mirage Closures
The Las Vegas Strip is poised for a significant shift in its competitive landscape with the imminent closures of Tropicana Las Vegas and The Mirage Hotel & Casino, resulting in a 4.9% reduction in total room supply. This contraction offers a unique near-term earnings catalyst for major casino operators, positioning them for potential revenue growth. Key Highlights: MGM Resorts International Dominance : With nearly 37,000 rooms across 13 properties, MGM Resorts International (NYSE ) stands to gain significantly from the reduction in room supply. Notable properties include Luxor, Aria, and Bellagio. Caesars Entertainment and Wynn Resorts : Other major players such as Caesars Entertainment and Wynn Resorts (NASDAQ ) are also expected to benefit from the increased demand. Analyst Insights : CBRE Equity Research highlights The Mirage's closure as a major impact, citing its substantial contribution of ~$596M in revenue and $169M in EBITDAR in FY23. Market Sentiment and Performance : ...