The 'Buy Vegas, Sell Atlantic City' Trade (LVS) (WYNN) (MGM) (BYD)
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Commenting on the impact of Hurricane Irene on the East Coast this weekend, Donald Trump appeared on CNBC's Squawk Box Monday morning.
According to the businessman, most of his properties saw very little effects from the hurricane. Trump believes casinos will see "tremendous losses" related to the hurricane, however he attributes this to closures, not from physical damage.
New Jersey Governor Chris Christie suspended gaming in Atlantic City on Saturday, August, 27th.
While it may be a stretch, traders should consider a play on the closures on the East Coast: gamblers who had planned to visit Atlantic City over the weekend may have decided to instead fly to Las Vegas. Could Hurricane Irene have helped add a sliver of weekend sales for operators such as Wynn (Nasdaq: WYNN), Las Vegas Sands (NYSE: LVS) or MGM (NYSE: MGM)?
In the Casino & Gaming group this morning, shares of Wynn and MGM are up 2.3 percent while shares of Las Vegas Sands are up 1.9 percent. Shares of Boyd Gaming (NYSE: BYD), an operator with a chunk of exposure to Atlantic City, are down 0.73 percent to $5.46.
According to the businessman, most of his properties saw very little effects from the hurricane. Trump believes casinos will see "tremendous losses" related to the hurricane, however he attributes this to closures, not from physical damage.
New Jersey Governor Chris Christie suspended gaming in Atlantic City on Saturday, August, 27th.
While it may be a stretch, traders should consider a play on the closures on the East Coast: gamblers who had planned to visit Atlantic City over the weekend may have decided to instead fly to Las Vegas. Could Hurricane Irene have helped add a sliver of weekend sales for operators such as Wynn (Nasdaq: WYNN), Las Vegas Sands (NYSE: LVS) or MGM (NYSE: MGM)?
In the Casino & Gaming group this morning, shares of Wynn and MGM are up 2.3 percent while shares of Las Vegas Sands are up 1.9 percent. Shares of Boyd Gaming (NYSE: BYD), an operator with a chunk of exposure to Atlantic City, are down 0.73 percent to $5.46.
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