With the company's casino only open since last Memorial Day, shareholders are apparently doubling the $15 a share figure to $30 to project what kinds of earnings the company can expect in 1979 when its casino will be open for 12 months. Since opening on May 26, Resorts has reported pre-tax casino earnings of $62.7 million through the end of August. Crosby, in response to a shareholders question, said Resorts earnings of $15 a share is 'achievable.' He cautioned shareholders not to rely on that 'because we don't know what the winter will mean' at the new casino.īy comparison, the company earned only 78 cents a share in 1977, before extraordinary items. The stock action followed the Resorts annual meeting in Atlantic City on Tuesday where company chairman James M. The 'B' when - issued stock meanwhile rose 15 5/8 to 90 5/8. Resorts 'B' climbed 54 points - which may be a one-day record - to 266, following a 19 1/2 point gain on Tuesday and 27 points on Wednesday. The action was even steamier in the thinly traded Resorts class 'B' shares. 6, resorts 'A' when-issued stock meanwhile climbed 8 1/4 to 64 1/2 in its second trading day. With a 3-for-1 stock split declared for Oct. Its low for the year is 15 and two years ago it was trading at just over $2 a share. Resorts class 'A' stock jumped 23 points to 190, following a gain of 17 points on Tuesday and 15 points on Wednesday.

Resorts International, which is so far the only company with an operating casino in Atlantic City, saw its stock score the most sensational gains yet in what was already the stock market's highest flying performance of 1978, defying predictions that its bubble is due to burst. While the 'Blue Chips' and the rest of the market fizzled, the gambling chips' or casino issues continue to sizzle yesterday in what is the markets biggest speculative run-up in years.

Resorts casino opens atlantic city 1978