Many of the leading casino stocks, today, are declining lower after a report was released that China may target junket or trip operators with links to organized crime. Junket operators help drive gamblers to the Macao casinos.
WYNN Resorts Limited (WYNN) is considered to be the leading stock in the region. Today, WYNN stock is declining lower by 2.35% to $122.60 a share. Short-term traders can watch for intra-day support around the $121.00, and $118.00 levels. The daily chart has support around the $155.00 area should the stock decline further over the next few days.
More High Rollers
A few other leading casino stocks that are also declining lower on the news include Las Vegas Sands Corp. (LVS), Melco Crown Entertainment Ltd. (ADR) (MPEL), Asia Entertainment & Resources Ltd. (AERL) and Galaxy Entertainment Group Ltd. (GXYEY). Traders should keep these stocks on the radar as they are all still in an uptrend on the charts. At this time, today's decline seems to be nothing more than a reactionary pullback on a negative news report.
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Casino Stocks Crap Out
Published 02/06/2013, 10:57 AM
Updated 07/09/2023, 06:31 AM
Casino Stocks Crap Out
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