Local stocks tumble in market sell-off
The gaming sector wasn't spared in stock market's latest plunge.
Share prices of the major casino operators and slot machine manufacturers declined Thursday in wake of the market's 419 point drop.
MGM Resorts International recorded the largest percentage decrease, closing down $1.54, or 13.34 percent, to $10. Shares of Wynn Resorts Ltd. had the largest price per share drop, falling $11.60, or 7.86 percent, to $136 on the Nasdaq National Market.
"The gaming sector continues to follow trends in the broader equities markets as global economic concerns persist," said Brian Gordon, a principal in Las Vegas financial advisor Applied Analysis. "Fear, anxiety and speculation is driving volatility in the market. While the fundamentals in the markets in which gaming operators compete have not changed overnight, the public's perception about gaming companies, like the overall economy, has clearly shifted."
All areas of the gaming sector declined. Shares of Boyd Gaming Corp. fell 56 cents, or 9.12 percent, on the New York Stock Exchange to close at $5.58 while Ameristar Casinos was off $1.48, or 7.37 percent, on the Nasdaq to close at $18.59.
Slot machine giant International Game Technology took the largest fall of the gaming equipment sector, closing down $1.51, or 9.67 percent, to end the day at $14.11.
NV Energy and Southwest Gas Corp. were also caught up in the tumble. Reno-based NV Energy, which operates Nevada Power Co., fell 19 cents, or 1.31 percent, to close at $14.30. Southwest Gas Corp. dropped $1.21, or 3.41 percent, to close at $34.32.
Contact reporter Howard Stutz at hstutz@reviewjournal.com or 702-477-3871. Follow @howardstutz on Twitter.
