Vegas-Based Casino Stocks Weaken On Macau Regulatory News
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Vegas-based casino stocks this week tanked on news that Chinese officials would increase regulatory scrutiny in Macau. Las Vegas Sands and WYNN took it the hardest with both down more than 10% in the last 4 days.
The Dow Jones Gambling Index managed to stay above its July and August lows. Coronavirus fears may be preventing tourists from booking weekends or vacations at resorts.
WYNN's daily price chart shows a decline in the company's shares. Tuesday was the worst day with another gap down on Wednesday. WYnn's stock found support near 84 by the end of the week.
Las Vegas Sands is the other big Sin City-based casino business with major operations in Macau. The stock suffered a gap down with massive selling volume on Tuesday. After touching 36 Wednesday, Las Vegas Sides has bounced and managed a weekly close at just above 38.
Caesars had a good week. Some money may have moved within the sector from WYNN and Las Vegas Sands to Caesar's.
MGM Resorts International stock got hit hard on Tuesday and Wednesday. However, the stock found buyers Thursday and Friday. There are a lot of changes going on in Asian regions these days.
