Las Vegas: Casino stocks plummet
In one of the most disastrous days in Wall Street trading history, casino stocks plummeted along with the price of oil.
US.- In one of the most disastrous days in Wall Street trading history, casino stocks in Las Vegas plummeted along with the price of oil.
Shares in casino operators fell in accordance with the big market sell-off, with the ongoing Coronavirus pandemic and lockdown laws causing chaos around the world.
As shown by the figures below, traders at the New York Stock Exchange appear cautious and uncertain with how quickly casinos on the Las Vegas Strip will get up and running again post-crisis.
Monday Performances:
- Las Vegas Sands -8.25 per cent
- Wynn Resorts -6.59 per cent
- Red Rock Resorts -5.12 per cent
- Boyd Gaming -4.45 per cent
- Eldorado Resorts -3.77 per cent
- MGM Resorts -3.7 per cent
- Penn National Gaming -1.42 per cent
- Caesars Entertainment -1.23 per cent
The Vaneck Vectors Gaming ETF, a fund consisting of 42 companies within domestic and international gaming industries, was down 2.29 per cent.
Sands makes up the largest percentage of the fund’s assets at 15.53 per cent.
When commercial casinos might reopen in the United States remains unclear, with Nevada’s lockdown laws are due to expire on April 30.
Many key casino figures are calling for the lockdown to be ended so they can reopen their doors to the public.
But it remains unknown how many people will flock back to the casinos once they reopen, especially if social distancing measures are put in place.
