Casino Stocks Crap Out
This afternoon, all of the leading casino stocks are trading lower. Last night, China announced a lower growth forecast and this news could certainly be weighing on many of the large casino stocks. It is important to note that the Macau, China market has accounted for a large amount of the earnings for the casino operators.
Some of the leading casino stocks that are coming under some selling pressure today include Wynn Resorts Ltd (NASDAQ:WYNN), Las Vegas Sands Corp (NYSE:LVS), and MGM Resorts International (NYSE:MGM). Today's pullback in these stocks does not make a trend, however, these stocks could still see further downside in the near term.
WYNN stock is usually the most important of all the casino stocks and it is used as a barometer for the industry group. Traders should watch for near term daily support around the $111.00 level. The stock will have intra-day support around the $120.30, and $118.30 levels.