Casino Stocks Could Be A Good Bet Soon
Many of the leading casino stocks have been holding up lately. As we all know, this industry group was slammed in March with the coronavirus selloff. At this time, leading casino stocks such as Wynn Resorts Ltd (Nasdaq: WYNN), Las Vegas Sands Corp (NYSE: LVS) and MGM Resorts International (NYSE: MGM) have been trading sideways for the past several weeks. Anytime an industry group trades sideways and is off the lows it is building a base to potentially move higher. These stocks are also trading just above their 50-day moving average.
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I would think it will be quite a while before casinos are able to reopen. And even longer before they can attract large crowds again. I'd say the time is not yet on hand as they will still be feeling a lot of hurt in the coming months.