Casino Stocks Gaining Ground After Market Sell-Off
Investors concerned over a new economic downturn or a double-dip recession are not likely to be spending much time at the blackjack tables. Casino stocks’ profits have been down for most of the year, though many expected a profit boon after first half results indicated that gambling was on the rise again on the Vegas strip and the Chinese hotspot of Macao was quickly leading to higher bookings for casinos as the world’s new gambling capital. But while casino stocks have been more than paring losses, with many adding significantly to their share prices in the last year, they took a significant hit in yesterday’s market sell-off. However, like the rest of the market, most have begun to recover. Some even have the potential to completely erase Monday’s losses.
Here’s a look at a panel of popular casino stocks:
Wynn Resorts, Limited (NASDAQ:WYNN) +5.09%, Las Vegas Sands Corp. (NYSE:LVS) +5.04%, MGM Resorts Intl. (NYSE:MGM) -4.94%, Melco Crown Entertainment (NASDAQ:MPEL) +13.03%, Boyd Gaming Corp. (NYSE:BYD) -1.32%, Ameristar Casinos Inc. (NASDAQ:ASCA) +2.53%, Monarch Casino & Resorts (NASDAQ:MCRI) +3.50%, and Pinnacle Entertainment (NYSE:PNK) +1.48%.