Casino shares have shot up amid investors’ optimism about the Las Vegas CityCenter development.

The massive, $8.5 billion casino and hotel development, spearheaded by MGM Mirage(MGM Quote), has been a source of both worry and excitement in the casino industry, as it the market wonders whether the impressive development will steal market share from other casino companies — and maybe even cannibalize MGM’s own businesses.

On Tuesday, investors begged to differ, apparently over renewed optimism that the CityCenter will result in heavier visitor traffic and create a win-win situation for all on the Vegas strip.

MGM Mirage stock has surged by 7.2% to $10.40, on volume of 40 million shares by mid-afternoon. The three-month average daily trading volume of MGM is 25.3 million.

Meanwhile, Wynn Resorts (WYNN Quote), which observers say could lose market share to MGM with the development of CityCenter, rose by 5.3% at $67.40. Amid all the worry, MGM has provided reassurance that there is enough business to go around.

More than 4.6 million shares had traded hands by mid-afternoon. The three-month average daily trading volume for Wynn is 3.8 million.

Las Vegas Sands(LVS Quote), which many feared would also be crushed under the might of the CityCenter, has, for its part, shot up by 7.9% to $17.90 on a volume of more than 53 million shares by mid-afternoon. The three-month average daily trading volume for Las Vegas Sands is 29.3 million.

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