Why Are Casino Stocks WYNN, LVS Down Today?
Wynn Resorts and Las Vegas Sands are both declining 8% in early morning trading. New restrictions were imposed in the Chinese region of Macau.
All casinos in Macau were closed for at least a week due to new coronavirus cases. China has also launched other anti-coronaviraviral measures.
Wynn Resorts and Las Vegas Sands are down today. Wynn owns two casinos in Macau. Las Las Vegas Sands owns seven casinos.
Barron's and Zacks have different takes on casino stocks. Barrow Hanley Global Investors believes that Las Vegas Sands' bottom line could jump after the restrictions in Macau are rolled back. Zack predicts that Wynn's revenue will be boosted by sports betting expansion and non-gaming revenue-boosting strategies.