Many casino operators' stocks fall

NEW YORK—Shares of many major casino operators fell on Monday as oil prices showed some volatility. The decline followed the sector's sharp gains on Friday, when a drop in oil prices pushed up shares of gambling companies.

High gas prices have weighed on casino operators as consumers have cut back on driving and discretionary spending and as airlines have reduced capacity into certain markets, particularly Las Vegas.

MGM Mirage's stock dropped sharply on Monday, after spiking 20 percent on Friday on word that New Jersey regulators approved a request by Dubai World to raise its MGM stake to 20 percent. Dubai World, the investment arm of the Persian Gulf state of Dubai, currently owns a 9.4 percent MGM stake.

On Monday afternoon, MGM shares were down $3.40, or 10.2 percent, to $29.85. The stock has traded between $21.65 and $100.50 during the past 52 weeks.

Las Vegas Sands Corp., which was one of the few casino operators to decline on Friday, bounced back somewhat on Monday. Las Vegas Sands' shares had dropped after a Banc of America Securities analyst downgraded the stock to "Sell" on Friday and said the casino operator has greater funding needs than investors may realize.

Las Vegas Sands' shares gained $1.34, or 3.3 percent, to $41.67 in afternoon trading. The stock has traded between $30.56 and $148.76 during the past 52 weeks.

Here is a look at how some other major casino operators were trading on Monday:

Pinnacle Entertainment Inc., down 57 cents, or 5.2 percent, to $10.30.

Penn National Gaming, down 95 cents, or 2.8 percent, to $32.45.

Boyd Gaming Inc., down 49 cents, or 4.1 percent, to $11.40.

Isle of Capri Casinos Inc., down 28 cents, or 4 percent, to $6.70.