18.25 +0.04 (0.22%)
After hours: 7:59PM EDT
|Bid||18.16 x 1800|
|Ask||18.18 x 2900|
|Day's Range||17.40 - 18.28|
|52 Week Range||5.90 - 34.64|
|Beta (5Y Monthly)||2.23|
|PE Ratio (TTM)||3.32|
|Earnings Date||Jul 23, 2020 - Jul 27, 2020|
|Forward Dividend & Yield||0.01 (0.06%)|
|Ex-Dividend Date||Jun 09, 2020|
|1y Target Est||17.99|
After more than two months of being completely shut down, casinos on the Las Vegas strip will reopen this week for the first time as part of the city's "Phase 2" plan to safely return to normal. While reopenings will be a big step in the right direction for casino stock investors, Vegas will still have a steep hill to climb in the near term.What Happened? On June 4, MGM Resorts International (NYSE: MGM) plans to reopen the Bellagio, MGM Grand and New York-New York casinos, which represent a combined 39% of the company's total Las Vegas rooms. Caesars Entertainment Corporation (NASDAQ: CZR) also plans to reopen Caesars Palace and the Flamingo, which account for 32% of its total Vegas rooms.Wynn Resorts, Limited (NASDAQ: WYNN) also plans to open both its Wynn and Encore casinos. Las Vegas Sands Corp. (NYSE: LVS) is reopening the Venetian and the Palazzo.Why It's Important: The good news for casino stock investors is that other regional casinos that have already reopened have witnessed significant pent-up demand. For example, Mississippi Gulf Coast casinos reopened at half capacity for Memorial Day weekend and reported a 17.3% increase in gross gaming revenue for the weekend compared to last year. Bank of America analyst Shaun Kelley said Tuesday casinos in other regions of the country have demonstrated similar trends."Casino openings so far have shown signs of pent-up demand, a trend which we expect to persist in the near-term possibly making our down ~95% GGR estimates for Q2 too conservative," Kelley wrote in a note.See Also: Analyst: Why Penn National And Boyd Could Outperform As US Casinos Reopen What's Next? Unfortunately, Kelley said Vegas may be one of the slowest areas to recover due to its reliance on air travel, cancellations of events and conventions and relatively low pricing power. Kelley estimates air traffic makes up roughly 60% of Vegas' total visitors, and the latest air traffic data suggests travel remains down about 90% from a year ago.For investors looking to bet on a Vegas recovery, Bank of America has the following ratings and price targets for the four casino stocks mentioned: * Las Vegas Sands, Buy rating and $61 target. * Wynn Resorts, Buy rating and $95 target. * MGM Resorts, Underperform rating and $15 target. * Caesars, no rating.Benzinga's TakeFor the next several months, most investors will be looking past abysmal near-term numbers and hoping that their stocks catch a bid based on expectations that the economy will eventually return to normal.Las Vegas casino stocks will likely be closely tied to a recovery in air travel, and Bank of America estimates 2021 US airline revenue will be down just 18% from 2019 levels.Do you agree with this take? Email email@example.com with your thoughts.Latest Ratings for MGM DateFirmActionFromTo May 2020UBSMaintainsNeutral May 2020Credit SuisseAssumesNeutral May 2020B of A SecuritiesDowngradesNeutralUnderperform View More Analyst Ratings for MGM View the Latest Analyst RatingsSee more from Benzinga * 7 Sin Stocks To Buy During The Coronavirus Shutdown * Q1 13F Roundup: How Buffett, Einhorn, Ackman And Others Adjusted Their Portfolios * The Road To Recovery For Las Vegas Casino Stocks(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
There has been significant divergence between individual stock prices and their expected earnings next year, presenting some buying and selling opportunities for investors
Macau reported Monday that its gambling revenue fell 93% to $1.764 billion patacas ($229 million) in May from 25.952 billion patacas a year earlier. The Macau revenue slumped 74% for the first five months of the year as a whole from a year earlier. Among the major companies with casinos in Macau are Wynn Resorts , Las Vegas Sands and MGM Resorts .
[Editor's Note: "Even as Penn National Gaming Stock Rebounds, Consider Other Casino Plays" was originally published April 17, 2020. It is regularly updated to include the most relevant information.]Source: Jeffrey J Coleman / Shutterstock.com What's next for Penn National Gaming (NASDAQ:PENN) stock? Shares have skyrocketed in recent weeks. With many states allowing casinos to reopen after the novel coronavirus shutdowns, investors are betting on a quick rebound. But, who's to say we'll see a V-shaped recovery at the gaming tables?Casino stocks offer high risk, but high potential returns. Yet, Penn National may not be your best option. Firstly, the company mostly leases the real estate under its casinos. This may have been a smart financial engineering move. But it leaves them fewer liquidity options relative to peers.InvestorPlace - Stock Market News, Stock Advice & Trading TipsSecondly, shares trade at a premium to stronger rivals like Las Vegas Sands (NYSE:LVS) and MGM Resorts (NYSE:MGM). This could make them better ways to play a potential industry rebound, as might VanEck Vectors Gaming ETF (NASDAQ:BJK), which holds all four names in its 42-stock exchange-traded fund portfolio.Also, it's questionable whether casino revenues will bounce back to normal right away. Given the industry's high fixed costs, even a 20% decline in revenue could mean bad news. Especially for weaker names like Penn National.In short, it may be better to skip out on this "too hot to touch" regional casino play. Let's dive in, and see why PENN stock isn't your "best bet." Penn National Post-PandemicCan Penn National survive the coronavirus? When the pandemic first hit America, Wall Street's answer was a resounding "no" as shares fell from above $39 in February to as low as $3.75 in March. Yet, with casinos reopening from coast to coast, shares have rebounded more than eight-fold, to around $31.60 per share.Will shares continue to climb? It's possible. As this Seeking Alpha contributor recently wrote, half of the company's casinos reopen by May 31. This includes properties in Louisiana, Missouri, and Mississippi. Also, casinos on the Las Vegas strip can reopen starting on June 4. That means a reopening of the company's Vegas properties (Tropicana, M Resort) could be around the corner.Yet, these states are imposing strict social distancing guidelines. This could mean things won't return to 100% for quite some time.But, there's another big risk specific to PENN stock. The company leases, not owns, most of its properties. In fact, the company was a pioneer in the casino REIT (real estate investment trust) trend.In 2013, the company spun off most of its real estate as the first casino REIT, Gaming and Leisure Properties (NASDAQ:GLPI). This transaction allowed them to realize the underlying value of its property. But while this boosted valuation, it left them exposed to heavy lease liabilities.As our own Matt McCall wrote April 3, Penn National carries $8.5 billion in lease liabilities on its balance sheet. In 2020 alone, the company must make $900 million in lease payments. This wouldn't be a problem if their casinos were generating cash flow. But how about now, after its properties sat idle for several months?Yet, the stock's current valuation doesn't reflect this weakness. In fact, shares now trade at a premium to peers. Richly Priced Relative to RiskThe recent rally in PENN Stock has made shares richly priced. The company's enterprise value/EBITDA (EV/EBITDA) ratio now stands at 15.1. That's a premium to the EBITDA multiples of Las Vegas Sands (11.9) and MGM (13.2).Sure, there may be good reason for this valuation discrepancy. Penn is a more of a regional play compared to these Vegas-centric rivals. Players may prefer to gamble closer to home, even as travel reopens post-pandemic. However, Penn National was on shakier ground financially coming into the pandemic.Granted, Penn's liquidity situation has improved in recent weeks. After a $675m equity and convertible debt offering, the company has plenty of capital to ride out the storm.Also, many of their liabilities are leases with GLPI, which could provide the company some rent relief. The spun-off REIT entity has already helped out its former parent, agreeing to buy several properties in exchange for $337.5 million in rent credits.To top it all off, the company has another catalyst at play. As InvestorPlace's Ian Cooper wrote May 22, the company's investment in Barstool Sports could help them grow their budding sports wagering business. PENN Stock Is Not Your "Best Bet"Casino reopenings, along with excitement over the company's sports betting catalyst, have led investors to bid up Penn National shares as of late. Should you join in, as it seems the stock could head back to past highs pretty soon?Not so fast! As I highlighted last month, other opportunities could offer a better risk/return proposition. PENN stock? Not so much. In short, this isn't your "best bet" on a casino industry rebound.Thomas Niel, contributor to InvestorPlace, has written single-stock analysis since 2016. As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * America's 1 Stock Picker Reveals Next 1,000% Winner * 25 Stocks You Should Sell Immediately * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post Even as Penn National Gaming Stock Rebounds, Consider Other Casino Plays appeared first on InvestorPlace.
NRG Energy Inc.: NRG Energy is an integrated power company that produces, sells, and distributes energy and provides energy services in the U.S. NRG reported a 75% decline in net income on a 7% drop in revenue in Q1 2020, which ended March 31, 2020. Vornado Realty Trust: Vornado Realty Trust is a real estate investment trust (REIT) that owns office, retail, merchandise mart properties, and other real estate and related investments. The company reported a 48% decline in funds from operations (FFO) per diluted share for Q1 2020, which ended March 31, 2020.
The latest 13F reporting period has come and gone, and Insider Monkey is again at the forefront when it comes to making use of this gold mine of data. Insider Monkey finished processing 821 13F filings submitted by hedge funds and prominent investors. These filings show these funds' portfolio positions as of March 31st, 2020. […]
In a recent write-up, I discussed how Penn National (NASDAQ:PENN) stock isn't the best casino play out there. But, given how shares have skyrocketed in recent weeks, did I miss the mark? Or was I too early to the party, going bearish before the excitement dissipated?Source: Casimiro PT / Shutterstock.com A little from column A, and a little from column B.On one hand, chalk up my concerns about valuation to a case of splitting hairs. With investors looking to bet on a rebound post-coronavirus, I didn't anticipate casino stocks moving so high so fast.InvestorPlace - Stock Market News, Stock Advice & Trading TipsAlso, there's another factor at play: the company's investment in Barstool Sports, and the potential synergies between the sports podcasting giant and Penn's budding sports betting business. * 7 Red-Hot Biotech Stocks Racing to Develop a Coronavirus VaccineOn the other hand, investors may have gotten ahead of themselves. Casinos from coast to coast are opening back up. But it's not as if they're going back to 100% capacity anytime soon. With social distancing rules in place, it's going to be much less lively at the tables and slots.So, what does that mean for PENN stock? Don't expect shares to crash back to March's fire sale prices. But, it's reasonable to assume shares could take a breather after this month's epic rally.Let's dive in and see why today's not the time to dive into this stock. The Good, Bad, and Ugly With PENN StockWhile I am bearish on this stock's near-term prospects, I do believe the company has some unique strengths relative to other casino stocks. Unlike larger rivals like MGM (NYSE:MGM), Las Vegas Sands (NYSE:LVS), and Wynn (NASDAQ:WYNN), this company is much less tied to Las Vegas.The company owns two major properties out in the desert. But it's the collection of regional properties that makes up the core of Penn National.As InvestorPlace's Will Ashworth wrote May 26, the company's properties in Louisiana and Mississippi have already reopened. Properties in other states are slated to open up in the coming weeks. But despite this positive development, there is some "bad" to consider with this stock.Namely, that gaming revenues won't return to normal for quite some time. With social distancing rules limiting the number of players on the casino floor, it's tough to expect revenues to rebound back to levels seen pre-pandemic.And now, the ugly - by which I mean the company's "asset-light strategy." I discussed this in more detail in my last write-up. In short, I'm talking about the company's love of sale-leaseback deals instead of owning casino real estate outright.While this may have been a smart strategy during boom times, it leaves them more vulnerable during a downturn. However, thanks to a recent convertible debt offering, liquidity may be less of an issue than it was in recent months.Also, there's the company's Barstool investment to consider. Investors may be excited how. But it could be more hype than game-changer. Could Barstool Deal Fuel Massive Upside?It's not just the specter of reopening that's driving PENN stock higher. It's the Barstool Sports connection as well. Back in January, the company spent $163 million for a 36% stake in the sports podcasting juggernaut. As part of the deal, the company has the option to increase its stake up to 50% within three years.Why is Penn making such a big bet on Barstool? It isn't for the podcasts. It's for potential synergies with the company's sports betting operations. As our own Matt McCall discussed earlier this month, the sports betting legalization trend is a big opportunity for Penn National.Yet, with big opportunity comes massive competition. Companies like DraftKings (NASDAQ:DKNG) and Flutter Entertainment's Fanduel (OTCMKTS:PDYPY) already have first-mover advantage. Buying Barstool may give Penn instant access to a pool of millennial-aged, sports-obsessed potential customers. But will that be enough to give them an edge?Only time will tell. Also, will novel coronavirus mean a delay or cancellation of popular sports this fall? The NFL season is set to start on time. But the NBA, along with college football, remain up in the air.Investors have bid up the company's shares in anticipation of massive success for their sportsbook. In light of uncertainty, this appears to be too much, too soon. Bottom Line: Steer Clear of PENN StockPenn National offers investors an interesting mix. Firstly, it's a solid regional casino play. As states allow gaming facilities to reopen, shares could move higher as gamblers return to the table. Also, the company can be seen a strong sports betting play, thanks to their budding sportsbook operations, along with the Barstool partnership.Yet, all of these positives are likely priced into shares. Until shares take a breather, skip out on PENN stock, and consider other casino stocks out there.Thomas Niel, contributor to InvestorPlace, has written single-stock analysis since 2016. As of this writing, Thomas Niel did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * The Huge Story for 2020 & Beyond That You Aren't Hearing About * Revolutionary Tech Behind 5G Rollout Is Being Pioneered By This 1 Company * The 1 Stock All Retirees Must Own The post Despite Catalysts, Penn Stock Remains a Sell appeared first on InvestorPlace.
Although the Big Three casinos are getting ready to open for business again in Las Vegas, Wall Street is urging caution and tempering investor expectations. UBS analyst Robin Farley reiterated her neutral position on Las Vegas Sands (NYSE: LVS), MGM Resorts (NYSE: MGM), and Wynn Resorts (NASDAQ: WYNN) while simultaneously lowering her price targets for all three gambling halls. Nevada Gov. Steve Sisolak announced yesterday that he set a June 4 reopening date for the casino industry, but as the stocks of the industry giants have roared back after collapsing under the weight of the coronavirus pandemic, Farley thinks it's time to apply the brakes.
U.S. stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery. Bank stocks powered the day's advance, with the S&P 500 financial index leading gains among major sectors. JPMorgan Chase & Co was the leading point gainer in the financial index, rising 5.8% as the stock surged for a second day in a row.
U.S. stocks rose on Wednesday, with the S&P 500 closing above 3,000 for the first time since March 5, as the further easing of lockdowns lifted optimism for an economic recovery. Bank stocks powered the day's advance, with the S&P 500 financial index leading gains among major sectors. Shares of JPMorgan Chase & Co was the leading gainer in the financial index, rising 5.8% as the stock surged for a second day in a row.
MGM Resorts announced that it is reopening its Bellagio, New York-New York, MGM Grand and The Signature casinos on the Las Vegas Strip on June 4. Amenities at the casino resorts will be limited at first, but the company says that as demand for the destination builds more resorts along the Strip will reopen.
MGM Resorts International (NYSE: MGM) ("MGM Resorts") announced its planned June 4 reopening of Bellagio, New York-New York, MGM Grand Las Vegas and The Signature, following the closure earlier this year of all of its U.S. properties amidst the coronavirus crisis. At opening, amenities at all properties will be limited. As demand for the destination builds, additional venues within these resorts will open and other MGM Resorts properties on The Strip will reopen.
Arguably those most at risk from the coronavirus blame game are the big three U.S. casinos doing business in Macao, whose licenses are due for renewal beginning in 2022. There is no question where the pandemic began, but China has been pursuing a media offensive to deflect responsibility, even once suggesting the U.S. military was behind the outbreak. The Trump administration is looking to hold China accountable for its actions that first hid, then downplayed the severity of the illness, allowing it to spread worldwide with devastating impact.
Gambling companies like Penn National Gaming (NASDAQ:PENN) stock have been left in ruins, with Lady Luck nowhere to be found.Source: Casimiro PT / Shutterstock.com In fact, thanks to the novel coronavirus, casino stocks like PENN hemorrhaged cash instead of raking it in. MGM Resorts (NYSE:MGM) was reportedly losing up to $14.4 million a day. Boyd Gaming (NYSE:BYD) lost up to $3.2 million a day, says Best Casinos' contributor James Murray.Long-term investors didn't fare much better. Since the chaos began, Las Vegas Sands (NYSE:LVS) slipped from a high of $70 to a current price of about $48. Caesars Entertainment (NASDAQ:CZR) fell from $14.60 to a current price of about $11. Boyd Gaming fell from $35 to near $20.InvestorPlace - Stock Market News, Stock Advice & Trading Tips * 7 Excellent Penny Stocks Ready to RoarBut with economies starting to reopen, now may be the perfect time to dig for diamonds in the rough. One of the stocks to consider is Penn National, whose stock recovered from low of $3.75 to nearly $30 per share. If the U.S. economy can successfully reopen, PENN stock could revisit highs of nearly $40. Long-Term Growth is IntactLike most casinos, Penn National Gaming had a tough first quarter, said President and CEO Jay Snowden."Penn National saw a phenomenal start to 2020, with record results in January and February. Our Company was performing well ahead of guidance in every segment, driven in large part by the introduction of retail sports betting at several properties, which has served as a catalyst for both gaming and non-gaming revenue. We also saw a strong positive reaction, including our stock price hitting an all-time high, following the announcement of our strategic investment in Barstool Sports."Unfortunately, growth was cut short in March 2020 thanks to the coronavirus, which required closure. As a result, first-quarter revenues fell $166.5 million year over year to $1.12 billion. Penn National Gaming also saw a loss of $608.6 million, as compared to a profit of $41 million in the first quarter of 2019.But as Snowden added, "The company's long-term growth strategy remains intact" as the company moves forward with projects like its Barstool Sports app. Barstool Sports App Could Be Worth MillionsWith torpedoed results, Penn National Gaming took a 36% stake in Barstool Sports for $163 million in cash and stock to help grow its sports betting and entertainment offering. By 2023, the company could pay another $62 million to increase its stake to 50%.This is great news for Penn National Gaming for two reasons. One, at the moment, Barstool has an audience of 66 million and growing. Better still, Barstool views on social media have already soared 50% since April 2020, a sign of an engaged audience."Penn will have its Barstool (sports betting) app running by the third quarter," said Macquarie's Chad Beynon, "and we believe the app (and the Barstool) database can be worth $10 to $25 per share of equity over time."In addition, we have to realize that legal sports betting is a big multibillion-dollar business. In fact, according to the American Gaming Association's Research on Sports Betting, "Our research showed sports betting, if available online and reasonably taxed, could have an impact of $41.2 billion annually."Plus, nearly 40% of U.S. adults are currently betting on sports. Nevada Approves Casino Reopening PlansBoosting the sector even more was the Nevada Gaming Commission approving guidelines to reopen Las Vegas again soon.Under new guidelines, casinos will be limited to 50% occupancy. Conventions will be limited to 250 people. Restaurants will have limited seating and allow for appropriate distancing. Seating at table games will be limited as well. With blackjack, for example, seating will be limited to three players. Chairs will only be permitted at every other slot machine, too.While there's not a defined timeline for reopening, at least they'll reopen sooner than later.While it won't be business as usual for quite some time, we are beginning to see big signs of recovery. From here, I strongly believe now is the best time to buy down-but-not-out casino stocks like Penn National Gaming.Ian Cooper, an InvestorPlace.com contributor, has been analyzing stocks and options for web-based advisories since 1999. As of this writing, Ian Cooper did not hold a position in any of the aforementioned securities. More From InvestorPlace * Top Stock Picker Reveals His Next 1,000% Winner * America's Richest ZIP Code Holds Shocking Secret * 1 Under-the-Radar 5G Stock to Buy Now * The 1 Stock All Retirees Must Own The post 3 Reasons to Buy Penn National Gaming Stock appeared first on InvestorPlace.
MGM Resorts International stock is falling more than 4% on Thursday, following a pair of downgrades from Bank of America Merrill Lynch and Jefferies.
Right now, MGM Resorts Intl Inc. (NYSE: MGM) share price is at $16.05, after a 2.73% drop. Over the past month, the stock increased by 16.47%, but over the past year, it actually fell by 37.16%. With questionable short-term performance like this, and great long-term performance, long-term shareholders might want to start looking into the company's price-to-earnings ratio.The stock is currently above from its 52 week low by 172.03%. Assuming that all other factors are held constant, this could present itself as an opportunity for investors trying to diversify their portfolio with resorts & casinos stocks, and capitalize on the lower share price observed over the year.The P/E ratio measures the current share price to the company's EPS. It is used by long-term investors to analyze the company's current performance against its past earnings, historical data and aggregate market data for the industry or the indices, such as S&P 500. A higher P/E indicates that investors expect the company to perform better in the future, and the stock is probably overvalued, but not necessarily. It also shows that investors are willing to pay a higher share price currently, because they expect the company to perform better in the upcoming quarters. This leads investors to also remain optimistic about rising dividends in the future.Depending on the particular phase of a business cycle, some industries will perform better than others.MGM Resorts has a lower P/E than the aggregate P/E of 7.42 of the resorts & casinos industry. Ideally, one might believe that they might perform worse than its peers, but it's also probable that the stock is undervalued.There are many limitations to price to earnings ratio. It is sometimes difficult to determine the nature of the earnings makeup of a company. Shareholders might not get what they're looking for, from trailing earnings.See more from Benzinga * 11 Consumer Cyclical Stocks Moving In Friday's Pre-Market Session * 11 Consumer Cyclical Stocks Moving In Wednesday's Pre-Market Session * 6 Consumer Cyclical Stocks Moving In Thursday's Pre-Market Session(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
MGM Resorts International's (NYSE: MGM) core revenue growth was anemic even before the coronavirus outbreak, and a recovery has now become even more challenging, according to BofA Securities.The MGM Resorts Analyst Shaun Kelley downgraded MGM Resorts International from Neutral to Underperform and raised the price target from $14 to $15.The MGM Resorts Thesis The Las Vegas market faces a long recovery ahead due to effects of the COVID-19 pandemic, with restrictions on air travel and low demand for conventions and large-scale entertainment, Kelley said in the Wednesday downgrade note. (See his track record here.)Businesses on the Strip have low pricing power that is worsened by relatively high fixed costs and their overreliance on online travel agencies, the analyst said. Las Vegas is highly dependent on long-distance travel, with 33% of visitors in 2019 coming from Eastern, Southern and Midwestern states and 20% from international markets, he said.Kelley expects leisure travel to recover faster than corporate travel.MGM Resorts International has high exposure to business travel, estimated at up to 30%.The company's revenue growth had been meager between 2007 and 2019, with declines in both gaming and hotel revenue.It could take MGM Resorts International four to six years to return to 2019 levels, according to BofA. MGM Price Action Shares of MGM Resorts International were down 3.88% at $15.85 at the time of publication.Related LinksA Peek Into The Markets: US Stock Futures Down Ahead Of Earnings, Jobless Claims Data10 Biggest Price Target Changes For ThursdayLatest Ratings for MGM DateFirmActionFromTo May 2020Credit SuisseAssumesNeutral May 2020B of A SecuritiesDowngradesNeutralUnderperform May 2020JefferiesDowngradesBuyHold View More Analyst Ratings for MGM View the Latest Analyst Ratings See more from Benzinga * BofA Downgrades Pinduoduo On Monetization Concerns * CSX Is Set For Recovery In 2021, UBS Says In Upgrade * Analyst Shares Thoughts On cbdMD's Q2 Earnings: 'Sustainable Ongoing Operation'(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Casinos may be opening up around the country, but MGM Resorts' (NYSE: MGM) stock is likely to be stuck in place, because there's nothing to move it higher. Jefferies analyst David Katz downgraded his rating of the resort operator to hold from buy and reduced his price target 23% to $17 per share today, arguing there are no catalysts for any price appreciation. While MGM Resorts has properties in China and several regional U.S. markets, Katz notes it is the biggest operator in Las Vegas with the greatest hospitality market share for the MICE (meetings, incentive travel, conventions, and events) business.
The U.S. Treasury is gearing up to auction a $3 trillion in debt to finance the growing federal budget deficit. Charles Schwab Chief Fixed Income Strategist Kathy Jones joins Yahoo Finance’s Seana Smith to discuss.
No news is good news for the U.S. stock market, as indexes push higher following Tuesday’s losses. The Dow Jones Industrial Average has advanced 310.67 points, or 1.3%, while the S&P 500 has risen 1.4%, and the Nasdaq Composite has gained 1.7%. What I don’t yawn at is the fact that the S&P 500 keeps finding ways to make higher highs and lower lows, despite what big daily moves that have a tendency to leave my head spinning.
MGM Resorts International <MGM.N>, Caesars Entertainment Corp <CZR.O> and Boyd Gaming Corp <BYD.N> will participate in the testing plan. It will be conducted at the Las Vegas Convention Center in partnership with the University Medical Center, a Las Vegas hospital. If an employee tests positive, a health worker will provide the employee with that result and forward it to the Southern Nevada Health District for contact tracing.
In a broad collaborative plan created by business and community leaders, Las Vegas gaming and resort properties will partner with University Medical Center (UMC), the Culinary Health Fund and the Las Vegas Convention Center to provide COVID-19 testing for gaming employees prior to their return to work. The testing will be conducted at the Las Vegas Convention Center as properties re-open following the direction of State officials.