It is evident that following the October 1 Mandalay Bay Hotel massacre, there would be short. And it is now clear that Wall Street has said that casino stocks that are linked with Las Vegas casinos are now some points below the projection. However, even as we speak of Las Vegas casinos missing the mark on the Wall Street, there is isn’t much that has changed about shares in the casino industry whether in Las Vegas or elsewhere in the US.
Analysts had warned that following the Las Vegas massacre that saw close to 60 people losing their lives include the lone Vegas shooter Stephen Paddock, sales from Vegas casinos could drop substantially. This is something the Wall Street hasn’t confirmed because the drop in market stocks is meager and that investment shares into the Vegas gaming industry remain stable.
Learn Why Casino Gambling Stocks Stable But Wall Street Warns A Miss Following Las Vegas Massacre
Nearly fourteen days after the Vegas shooter spread bullets on a crowd that had come to enjoy a country music concert at the Mandalay Bay Hotel, messages of goodwill and strength continue to pour the Mandalay Hotel and neighboring Strip casinos for the loss.
Slowly, things seem to pick as people are recovering from the Las Vegas massacre. Even, though, casino investors are apprehensive at jumping into gaming stocks that are closely associated with Vegas casinos.
Financial analysts, as well as notable gaming observers, are yet to come to terms on how the gaming stock index is still performing.
Since September 29, the eve of Las Vegas massacre until ten days after the Vegas shooter killed almost 60 people and leaving more than 500 others with several injuries; the Dow Jones Industrial Average has gained by nearly two percent.
Other entities that have shown the miraculous increase at a time nobody anticipated are S&P 500 that has seen an increment of more than 1.3% as well as NASDAQ Composite Index that was up by about 1.4 percent the same period.
However, the Lass Vegas massacre has left behind a lousy record o other facilities and personalities. Caesars Entertainment, Wynn Resorts, Las Vegas Sands and MGM Resorts have been hard hit. Those seven days following the Vegas massacre the four facilities have recorded a drop of more than five percent.
MGM, which is the operator of Mandalay Bay Hotel where the Vegas shooter killed many concertgoers from his 43rd-floor hotel room, has since recorded a 6.6 percent drop from $32.59 to $30.44!
Of all the four gaming facilities, Caesars, which has recently risen from bankruptcy was severely hit. The casino has so far lost a significant 7.5% value in the same period.
The facility’s current figures stand at $12.35 from $13.35. On their part, Wynn Resorts has also been hit but not as much as Caesars that announced on Friday that it has emerged from the worst US bankruptcy.
Nonetheless, Wynn Resorts’ holdings sunk by 4.3 percent from $148.92 on October 1 to $142.54 a week or so after. Las Vegas Sands tried to stabilize an off shake the threat by all did not go well with it because it also lost a tune of 1.25 percent in the same period.
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