Casino Stocks React In Wake Of Las Vegas Mass Shooting

Late Sunday evening, the Route 91 Harvest Music Festival was going strong, with country artist Jason Aldean headlining for a crowd of about 22,000 concertgoers. But all of a sudden, bullets began raining down, and chaos ensued: a lone gunman, situated on the 32^nd floor of the Mandalay Bay Resort and Casino, had opened fire on attendees.

58 people have been killed so far, and 515 injured, making this the deadliest mass shooting in modern U.S. history (Updated).

Police say the suspected shooter, Stephen Craig Paddock, had at least 10 weapons with him inside the hotel room. While motive is unclear at this point, authorities do believe Paddock killed himself prior to police entry.

Flights in and out of Las Vegas’ McCarran International Airport were temporarily halted because of the shooting, and agents for the U.S. Bureau of Alcohol, Tobacco, Firearms and Explosives have responded to the scene; the FBI, too, is assisting with the investigation.

Monday morning saw shares of some of the biggest casino stocks react to the news. MGM Resorts (NYSE:MGM) , which owns Mandalay Bay, is down about 4.7% to $31.07 per share in late-morning trading.

Our thoughts & prayers are with the victims of last night's tragic events. We’re grateful for the immediate actions of our first responders. pic.twitter.com/i33NzzUPAC

— MGM Resorts (@MGMResortsIntl) October 2, 2017

"Our hearts and prayers go out to the victims of last night's shooting, their families, and those still fighting for their lives," said Jim Murren, MGM's chairman and CEO, in a statement. "We are working with law enforcement and will continue to do all we can to help all of those involved."

Shares of Wynn Resorts (NASDAQ:WYNN) are trading down 1.8%, while Caesar’s Entertainment Corp. (NASDAQ:CZR) is down about 1% in late-morning trading as well. Las Vegas Sands (NYSE:LVS) fell has much as 2.1% earlier today, but the stock has regained most of its losses.

My warmest condolences and sympathies to the victims and families of the terrible Las Vegas shooting. God bless you!

— Donald J. Trump (@realDonaldTrump) October 2, 2017

Tonight has been beyond horrific. I still dont know what to say but wanted to let everyone know that Me and my Crew are safe. My Thoughts and prayers go out to everyone involved tonight. It hurts my heart that this would happen to anyone who was just coming out to enjoy what should have been a fun night. #heartbroken #stopthehate

A post shared by Jason Aldean (@jasonaldean) on Oct 2, 2017 at 1:17am PDT

Other market reactions to the Las Vegas tragedy include those of firearm stocks, which have experienced active trading so far Monday. Shares of Sturm Ruger & Co. (NYSE:RGR) and Smith & Wesson parent American Outdoor Brands Corp. (NASDAQ:AOBC) are climbing 4.6% and 4.7%, respectively.

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