MGM Resorts and Caesars executives reiterated to Wall Street analysts this week that the summer slowdown in Las Vegas was a blip and that bookings and events look solid for the last three months of the year. Shares of the two companies are at 18-month lows. MGM Resorts International, the largest Las Vegas operator by properties, fell 1.1 percent Thursday to $25.95, and Caesars Entertainment Corp., the second-largest, dropped 2.3 percent to $8.89. Now it’s an investor tantrum over rising interest rates that has sent casino stocks tumbling.Įven casino operators like Penn National Gaming and Eldorado, which have little to no exposure in Las Vegas and Macau, are getting roasted. Then it was a U.S.-China trade war that only got worse as the summer wore on. They have nearly given up all of last year’s gains.įirst it was weaker-than-expected summer business in Las Vegas. Las Vegas casino stocks just can’t catch a break.Īfter a phenomenal 2017, casino shares are among the worst performers in 2018. The Strip is seen from the rooftop of the Trump International in 2015.
