Macau Casino Operators Hit Following Typhoon (WYNN) (MGM) (LVS)
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Shares of Macau casino operators are getting pummeled Thursday after Typhoon Nesat hit China.
The typhoon hit Hainan Island in south China and resulted in the closing of financial markets, schools and businesses in Hong Kong. The damage was minimal and no deaths were reported in the city. It has also been reported that ferry terminals from Hong Kong to Macau were closed. While tourism was impacted in Macau, casinos remained open.
Across the sector, Wynn Resorts Ltd. (Nasdaq: WYNN) shares are down 7 percent, Las Vegas Sands Corp. (NYSE: LVS) shares are down 4.5 percent, shares of MGM (NYSE: MGM) are down 2 percent and Melco Crown Entertainment Ltd. (Nasdaq: MPEL) shares are down 7.6 percent.
An analyst at Strene Agee said the typhoon concerns are "overdone" and believes the impact on next week’s National Day holiday in China will likely be "minor."
The typhoon hit Hainan Island in south China and resulted in the closing of financial markets, schools and businesses in Hong Kong. The damage was minimal and no deaths were reported in the city. It has also been reported that ferry terminals from Hong Kong to Macau were closed. While tourism was impacted in Macau, casinos remained open.
Across the sector, Wynn Resorts Ltd. (Nasdaq: WYNN) shares are down 7 percent, Las Vegas Sands Corp. (NYSE: LVS) shares are down 4.5 percent, shares of MGM (NYSE: MGM) are down 2 percent and Melco Crown Entertainment Ltd. (Nasdaq: MPEL) shares are down 7.6 percent.
An analyst at Strene Agee said the typhoon concerns are "overdone" and believes the impact on next week’s National Day holiday in China will likely be "minor."
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