Casino stocks, among the hardest-hit by the coronavirus pandemic, have bounced back in recent weeks and continued to skyrocket after dozens of Las Vegas casinos reopened for business on Thursday by skleb1234
America’s gambling mecca began reopening on June 4, just over a week after Nevada Governor Steve SisolakWith over two months of unprecedented shutdowns due to coronavirus, casino operators had a rough start to 2020 with stocks like MGM Resorts, Wynn Resorts and Las Vegas Sands all down more than 20% so far this year.
Despite the hit to business from the global pandemic, casino stocks are rebounding on hopes of a faster than expected economic recovery. Stocks of all the major U.S. casino operators jumped on Thursday: Penn National Gaming soared 14%, MGM 7%, Wynn 2% and Las Vegas Sands 1%. Despite investors cheering the reopening, it won’t be business as usual just yet: Social distancing guidelines and other measures like plexiglass barriers and temperature checks will be in place, not to mention casinos can only operate at 50% capacity.Penn National Gaming, the top U.S.
last week. “You look at Las Vegas reopening its casinos… Those are the kinds of settings where I think you have more risk, where you have a lot of people crowding together,” he told CNBC.
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