Casino Stocks Getting Crushed Today: LVS Down 11%, MGM Down 8%, Wynn Down 7%
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Casino and Gaming stocks are getting "whacked" this afternoon, falling even more sharply than the major averages, which are currently down about 2.5%, on average. Leading the group lower is Las Vegas Sands (NYSE: LVS), currently down more than 11% to $8.07. We are not hearing any company- or industry-specific news today, but given the momentous nature of these stocks, the downside does not come as a total surprise.
Elsewhere in the sector: MGM MIRAGE (NYSE: MGM) is down 7.7% to $6.57, Wynn Resorts (Nasdaq: WYNN) is down 7% to $34.80, Melco Crown Entertainment (Nasdaq: MPEL) is down 10% to $4.45 and International Game Technology (NYSE: IGT) is down 4.2% to $15.61.
Notably, these stocks have not performed well so far in June. As an example, Las Vegas Sands, after jumping 8% on June 1st, has since sold off by nearly 25%.
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Wet
Rick on Jun 17, 2009 07:15 AMThe water is wet