Gambling stocks show mixed results in 1999

Among the big winners was Harrah's, with a 68 percent rise in its stock price.

Others also rode the crest of the market run, notably Mandalay Resort Group, which closed out the year at 78 percent over a year ago.

The group is the parent company of Circus Circus and part-owner of the Silver Legacy hotel-casino in Reno.

Bill Eadington, a University of Nevada, Reno economist, said other gambling stocks didn't fare as well.

He said it was a disastrous year for Mirage Resorts Inc., the third-largest casino company in the nation and owner of several Las Vegas Strip casinos, including the Bellagio.

Mirage stock rose only 1.3 percent over the year, Eadington said, adding the Bellagio is draining business from the nearby Mirage hotel-casino.

Northern Nevada casinos are facing uncertain prospects for the year ahead, the economist said.

California voters are expected to approve Indian gambling in March, and plans are in the works for casinos in California along Interstate 80.

"Within five years, California could equal Nevada in (gambling) revenues," Eadington said.

Meanwhile, utility stocks were out of favor in 1999 as Reno-based Sierra Pacific Power saw its stock drop by 54 percent. Las Vegas-based Southwest Gas Corp. suffered a 13.6 percent fall.

Slumping gold prices took a toll on mining stocks, analysts said.

"There have been some little rebounds, but nothing to get people excited about," said John Klacking of Solomon Smith Barney in Reno.

"We're not getting requests for mining stocks. There's no demand."

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