Why Casino Stocks Soared This Week to Beat Out the Stock Market
Las Vegas Sands and Wynn Resorts finished the week in the black. Caesars Entertainment erased most of a large deficit after Shanghai officials announced they will end weeks of strict lockdowns and attempt to reopen again in a few days.
China has been conducting forced lockdowns to contain new COVID-19 outbreaks. The situation has affected the global trade and supply chains. Las Vegas Sands, Wynn and Caesars are down since the lockdown began at the end of March.
Macao casinos have fallen hard because mainland China is the largest source of tourism for Macao. The lockdowns kept visitors from coming to the casinos. Casino stocks will not see any benefit from easing the lockdown.
