MGM - Why Casino Stocks Dropped Like a Rock on Thursday
Just as casinos across the U.S. begin to reopen, their stocks are plummeting. Shares of MGM Resorts International (NYSE: MGM) fell as much as 14.2% on Thursday, Wynn Resorts (NASDAQ: WYNN) dropped 10%, and Eldorado Resorts (NASDAQ: ERI) fell 17.2% at its worst. The three stocks were down 13%, 9.3%, and 16.6%, respectively, at the close.
They weren't the only casino stocks that were dropping; they were just worse off than rivals. Las Vegas Sands (NYSE: LVS) ended the day down 5.2%, Melco Resorts & Entertainment (NASDAQ: MLCO) was down 5.2%, and Caesars Entertainment (NASDAQ: CZR) dropped 5.6% today.
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