Casino stocks are on falling on Monday thanks to recent news of an arrest in Macau connected to the industry.
There were actually several arrests on Saturday in connection to casino stocks but the one we care about is Alvin Chau. He’s the chairman of Suncity Group Holdings, the largest junket operator in Macau. The allegations against him include illegal gambling and money laundering.
News of this arrest is affecting the stocks of casino companies that operate in the area. Let’s take a look at how they are reacting to the news today below!
Casino Stocks in the Red
- MGM Resorts International (NYSE:MGM) stock starts us off down 1.5% as of Monday morning. That comes with a low trading volume of 1.5 million shares as compared to its daily average of 6.5 million shares.
- Wynn Resorts (NASDAQ:WYNN) shares are up next with the stock falling 2.4% as of this writing. The company has seen around 1.5 million shares trade today compared to its daily average of around 4.9 million shares.
- Las Vegas Sands (NYSE:LVS) joins our list of casino stocks falling with shares slipping slightly this morning. With that is some 3.4 million shares on the move as compared to its daily average of roughly 9.6 million shares.
- Melco Resorts & Entertainment (NASDAQ:MLCO) stock closes out our list with shares dipping 1.8% lower on Monday morning. That comes as around 1.2 million shares change hands as compared to its daily average of about 4.1 million shares.
Investors looking for more hot stock market news today are in luck!
We’ve got traders covered with all the most important news they need to know about for Monday. Among that is what has EV stocks rising today, why Petros Pharmaceuticals (NASDAQ:PTPI) is running higher, as well as the latest news sending NRx Pharmaceuticals (NASDAQ:NRXP) stock higher. You can find out all about these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2021/11/casino-stocks-the-macau-arrest-news-that-has-mgm-wynn-lvs-and-mlco-on-red-today/.
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