Las Vegas casino stocks bouncing back to pre-pandemic levels, beyond
Friday 26 de February 2021 / 09:18
⏱ 1 min read
(Las Vegas).- People are betting on Las Vegas’ recovery — just look at local casino companies’ share prices as proof.
After taking a nosedive in early 2020, casino operators’ share prices are close — if not already beyond — pre-pandemic levels. Industry experts say this is a sign that investors believe the vaccine rollout and improving COVID-19 case numbers will lead to more foot traffic in the city in the coming months.
“I would just put it all under one word: hope,” Craig Johnson, chief market technician for Minneapolis-based Piper Sandler, said of the rally. “The market is a forward-looking mechanism looking forward six to nine months ahead of time. And I think (these companies’) stock is a bit of a leading indicator and certainly reflective of more needles going in arms.”
People are betting on Las Vegas’ recovery — just look at local casino companies’ share prices as proof.
Reflecting hope
The stock market had a strong start in early 2020, but things came crashing down with the onset of the pandemic and casino shutdowns.
Caesars Entertainment Inc. shares plummeted 88 percent between Jan. 2 and March 18, the day after Nevada casinos were ordered to shut down. Red Rock Resorts Inc. fell 85 percent in that time frame, and Wynn Resorts Ltd. shares dropped 70 percent.
Categoría:Casino
Tags: Sin tags
País: United States
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