Casino Stocks in Las Vegas Drop due to Coronavirus
Casino stocks in Las Vegas gambling operators are dropping sharply since the Coronavirus outbreak. The irony is that the gambling mecca is not a RedZone for COVID-19. The virus outbreak is having a snowball effect on the casinos in Las Vegas financially. How? Firstly, people may be paranoid about being out in crowded spaces, so fewer people are going land-based casinos. Secondly, a lot of the gamblers who play in Sin City are tourists. A big chunk of that gambling tourism comes from China, and China has had the strictest of travel restrictions currently. More travel restrictions are likely to come locally and from other countries. All that considered, it’s easy to see why casino stocks have dipped.
Las Vegas Casino Stocks Drop – Biggest Losers
Several gambling houses have already experienced a dip in their casino stocks. MGM Resorts had the most significant loss of over 30%.
Listed below are the top 5 casinos whose share prices have dropped in Las Vegas
- MGM Resorts: down 33%
- Wynn Resorts: down 24%
- Red Rock Resort: down 13.86%
- Boyd Gaming: down 9.3%
- Caesars Entertainment: down 5.69%
- Las Vegas Sands: down 4.14%
What Next for Las Vegas Casinos
Currently, there are 35 cases of the coronavirus in Las Vegas, and that number is likely to keep growing.
Most casinos are closing their doors, which is likely to see further drops in the casino stocks
Notable names such as Wynn Resorts are closing their doors from today the 17th of March for 14days. They are currently not taking any reservations even in the hotels for the two weeks.
MGM Resorts International despite its 33% drop in casino stocks is suspending all activity indefinitely. They will, however, resume taking hotel reservations on the 2nd of April 2020.
Affected MGM Casino Resorts properties include:
- MGM Grand
- Mandalay Bay
- The Mirage
- New York-New York Hotel
- Park MGM
Although you cannot physically go to most of the casinos in Vegas, you can stilll play your favorite casino games online. Find a list of online casinos that accept US players here at CasinoUS so that you can stay home and gamble safely.