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Doom & Gloom Dept: Gaming Stocks Tanking

By Chuckmonster on Monday, 29th September 2008 12:51pm
  » filed under Las Vegas  comments: 2

   

Gaming Sector Stocks Tanking

From the Doom & Gloom Dept comes even more delightful news... the rejection of the $700B bailout plan by the U.S. House of Representatives has sent the stock market into a tailspin, including the largest one day drop of the Dow Jones in history.

Not surprisingly, gaming sector stocks have shed a lot of their value, with those focused on the mass market customers (non-VIP) taking the largest hits.

Here's a sampling of gaming stock numbers, culled shortly after the news of the bailout rejection (approximately Noon PT).

MGM (-14.83%) (MGM, Mirage, TI, NYNY)
WYNN (-6.37%) (Wynn)
LVS (-12.26%) (Venetian/Palazzo)
MPEL (-6.62%) (Crown Macau)
PENN (-11.63%) (Penn National)
RIV (-16.67%) (Riviera LV, Riviera Blackhawk)
BYD (-10.98%) (Boyd Gaming: Orleans, Fremont, Borgata, Echelon)
PNK (-16.56%) (Pinnacle: L'Auberge du Lac, Lumiere Place, Boomtown, Pinnacle AC)

The shit appears to be in the air although it remains to be seen if it will, in fact, hit the fan.



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Comments & Discussion:

 BrianFey posted on Monday, 29th September 2008 - 5:27 pm

Yes this is one of the ugliest day's i've ever witnessed, and I've been actively trading for about 15 years now.

 Atltrainman posted on Monday, 29th September 2008 - 6:57 pm

Hey my brokerage accounts went down about $13,000 just today. I feel like I went out and bought a secondhand compact car and only got the driveSHAFT.

This all makes me wonder how many more Vegas projects will be put on hold, never to be built in the next decade?

Why did perfectly good working casinos, like the Stardust, Frontier, and Klondike get torn down to make room of empty lots because the speculators guessed wrong.

If CityCenter, Cosmo, and Fountainbleu weren't so far along in construction, what would be bet they would suffer the same fate as Echelon and have construction halted.



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