Stock jump in US gaming industry
US gaming industry gets uptick following news that gaming operations might reopen in some states in May.
The gaming industry received an unexpected boost amid rumors that casinos and live gaming operations might be allowed in some of the states starting next month. The news caused a jump in the stock market.
The Dow climbed by 1.5% for the first time since March, and the Nasdaq rose by 1.1%. MGM Resorts International went up 9.25%, Eldorado Resorts jumped up by 14%, Wynn Resorts rose 8% and Las Vegas Sands Corp. by 5.94%.
Gaming equipment providers didn’t fall behind. International Game Technology rose by 3.5%, Scientific Games by 8.84%, and AGS by 13.64%. Not every brand was successful in their endeavors, however, as Galaxy Gaming stocks suffered a drop.
Currently, more than 1,000 casinos are closed in 43 states. So far, only Idaho’s Coeur d’Alene Tribal Council announced plans to open the Coeur d’Alene casino.
The Las Vegas Strip is only accepting hotel reservations starting from mid-May while Carolyn Goodman is pushing for quicker opening. Nevada’s governor, however, still hasn’t issued an announcement regarding the re-opening plans. On the other hand, not every casino is impatient to restart the services. San Manuel Casino is set to remain closed until May 31.
Harry Curtis, Nomura Instinet gaming analyst, said, “It’s a given that, when casinos reopen, visitation and gaming position occupancy will be limited to roughly 50% for a 60-90-day period to give regulators and state health officials time to monitor reinfection rates.” Among the possible measures, there would be spacing between machines, mandatory mask and glove protection, and temperature checks.
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