Sector Snap: Casino stocks fall on China worries

US casino stocks fall on worries about economic slowdown in China

Associated Press

NEW YORK (AP) -- Shares of casino companies took a hit Thursday as the broader stock market declined due to fears a slowdown in China's economy. A sustained slowdown in China would rattle the sector with double-digit gaming revenue from Macau.

U.S. stocks fell immediately after the opening bell after a surprisingly weak report on manufacturing in China led to a global stock market slump. By midday the markets recovered somewhat, but the Dow was still down 39 points at 15,268 in early afternoon trading.

Macau, an hour from Hong Kong by high-speed hydrofoil ferry, is a key market for casino operators such as Las Vegas Sands Corp., Wynn Resorts Ltd. and MGM Resorts International, which are investing heavily in new casino resorts.

Shares of MGM fell 20 cents to $14.88. Melco Crown Entertainment Ltd.'s stock fell $1.02, or 4.2 percent, to $23.39. The stock has traded in the 52-week range of $9.13 and $25.15.

Shares of Wynn Resorts fell $3, or 2.1 percent, to $138.64 and Las Vegas Sands' stock fell $1.29, or 2.2 percent, to $57.39.

View Comments (3)