Of the US's 10 largest-cap gambling stocks, just one – slot machine maker Light & Wonder – has eked out a gain in the second half of the year, edging up just 0.5%.Ĭasino stocks have plunged so much over the past two months that they're even underperforming the S&P 500. The biggest losers have been the world's largest gambling stock by total valuation, Las Vegas Sands, and MGM Resorts, which owns and operates several large casinos, including the Bellagio and the MGM Grand. Publicly listed casino owners and operators have seen their share prices slump since the start of August, with some entering bear-market territory after dropping more than 20%. US stocks have had a miserable couple of months after starting 2023 on a tear – and one sector is feeling the whiplash more than most. Top investor Jim Chanos has touted the Las Vegas strip as a potential economic indicator in the past.
The sector plunging could be a signal that Americans are about to start spending less. Photo courtesy of Legendary PicturesĬasino stocks are slumping – and that could be bad news for the US economy.
Tumbling Las Vegas casino stocks could be a sign there's an economic downturn on the way.
