Casino stocks are taking a beating on Tuesday and it has to do with negative news out of China.
Macau is starting up a 45-day review of the gambling industry that could affect several companies that operate in the area. This could result in more restrictions for casino companies, which might hurt their stocks as well.
Another bit of negative news has to do with outbreaks of the novel coronavirus in the area. An increasing number of cases is resulting in more travel restrictions, which isn’t what investors in casino stocks want to see, reports Reuters.
Let’s take a look at how these factors are affecting casino stocks today.
Casino Stocks Falling
- Wynn Resorts (NASDAQ:WYNN) stock is taking a more than 11% dive as some 18 million shares change hands. For comparison, the stocks’ daily average trading volume is about 3.1 million shares.
- Las Vegas Sands (NYSE:LVS) stock is falling over 12% as of this writing with over 33 million shares on the move. That’s a hefty increase over its daily average trading volume of roughly 8.3 million shares.
- Melco Resorts & Entertainment (NASDAQ:MLCO) stock is dropping more than 6% as some 2 million shares trade. The company’s daily average trading volume is closer to 3.7 million shares.
- MGM Resorts International (NYSE:MGM) stock is seeing an over 4% decline with just over 5 million shares changing hands. That’s still below the company’s daily average trading volume of about 5.6 million shares.
Let’s take a look at what the rest of the stock market is doing below!
There’s a lot to talk about with the market today that traders will need to know about. That includes what to know about Atyr Pharma (NASDAQ:LIFE) stock running higher, why the stock market is down today, as well as the latest news moving DatChat (NASDAQ:DATS) stock. You can find all of that info at the following links!
More Tuesday Stock Market News
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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