MGM MIRAGE Up on Heavy Volume

MGM MIRAGE (Public, NYSE:MGM) got a nice boost in share price as casino stocks were up sector-wide after Oppenheimer analyst David Katz upped his opinion on Wynn Resorts to Perform from Underperform, likewise sending that stock’s shares higher.  Katz wrote, "We believe that growth could resume in the Macau market, which coupled with the prospects of a successful Hong Kong initial public offering, will serve as key drivers for Wynn shares."  As a whole, the casino sector advanced over by 3% today.

Share of MGM MIRAGE were up over 7% today on 2.5X average daily volume.  Shares went solidly above the $9 resistance set in early august and the stock’s chart is looking good.  The stock recently shot above its 20-day simple moving average and has been showing increasing volume the past few days.

MGM MIRAGE is one of the crown jewels for companies along the Vegas strip. The Company owns and operates casino resorts that offer gaming, hotel, dining, entertainment, retail and other resort amenities.  In Vegas alone, the Company owns and operates Bellagio, MGM Grand Las Vegas, Mandalay Bay, The Mirage, Luxor, Treasure Island (TI), New York-New York, Excalibur, Monte Carlo, Circus Circus Las Vegas and Slots-A-Fun.