Casino stocks drop following latest US tariffs
Some Las Vegas casino company stocks fell by more than 10%.
Key Points
- The recent plunge in the stock market has caused a drop in Vegas casino stocks
- Wynn Resorts reported the largest decline
Casino companies in Las Vegas have experienced a drop in stocks this week, according to a recent report in the Las Vegas Review-Journal.
The country’s stock market prices fell this week following the news of President Donald J. Trump’s latest tariffs.
Vegas casinos stocks were not exempt from the market’s plunge, the local report said. Several casinos in Las Vegas reported declines of nearly 10%.
Wynn Resorts’ stocks fell by 10.6%, from $81.54 at close on April 2 to $72.88 at close on April 3, while Caesars Entertainment, Red Rock Resorts and MGM Resorts International reported declines of 9.5%, 9.4% and 9.2% respectively.
Other Vegas casino companies reported dips in their stock as well.
Golden Entertainment’s stocks fell by 9.1%, while Nevada-based Las Vegas Sands Corp. reported a decrease of 6.7%. Las Vegas Sands only operates casinos in Asia at the moment.
Boyd Gaming reported a 6.2% decline, from $67.58 at close on April 2 to $63.36 at close on April 3.
In other Las Vegas news, Wynn Las Vegas recently celebrated its 20th anniversary at Allegiant Stadium with an unannounced Pitbull concert. Along with the concert, guests received a red-carpet entry and a full sit-down dinner.
Good to know: Wynn Las Vegas debuted April 28, 2005
Employees also got to see their names in lights around the stadium as part of the anniversary celebration.
The show was dedicated to Day One employees at Wynn Las Vegas, the local report said.
During the celebration, Wynn CEO Craig Billings announced a $10,000 stock grant for all Day One workers.
This means those employees are now shareholders in the hotel.
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