Wall Street was left reeling on Monday as sell-offs hit markets hard in Europe and the US amid fears of a slowing US economy. The S&P had its worst day in nearly two years, down 3%, the Dow Jones Industrial Average fell 2.6% and the Nasdaq slid 3.4%.
Gaming stocks certainly weren’t immune to the chaos. Caesars Entertainment was one of the biggest losers, the casino gaming giant lost 6.9% of its share price on the Nasdaq. It closed the day at $33.20. Meanwhile, one of its main competitors, MGM Resorts International, dropped 4% on the New York Stock Exchange.
Golden Entertainment stock took the biggest hit of the local US operators
As reported by Howard Stein of The Nevada Independent, it wasn’t just the international giants that took a hit. US-based gaming firm Boyd Gaming lost 2% of its share price on Monday, and Red Rock Resorts closed the day at $49.66 for a 3.7% drop. Golden Entertainment stock took the biggest hit of the local US operators, down 6% on the Nasdaq.
Gaming suppliers also dipped. Light & Wonder, for instance, saw a 5% fall to close at $97.51. International Game Technology declined 1.3%.
Speaking with The Washington Post, Joe Brusuelas, Principal and Chief Economist for RSM US, explained that it isn’t time to panic yet. “This is not the recession train; it’s just a good old-fashioned market panic,” he explained. “It’s about a larger regime change, where investors are adjusting to the end of easy money globally.”
