Markets Getting Decimated Amidst Coronavirus Concerns: Gaming Stocks Hit Hard
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Dow down more than $900 Monday morning
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Several casino stocks down over 4%
- Macau casinos due to reopen Thursday
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The Dow Jones Industrial was down more than $900 Monday morning as fears over the deadly Coronvirus continue to spread worldwide.
Monday’s drop put the Dow on pace for its biggest one-day point drop since February 2018, when it lost more than 1,000 points.
Among the hardest hit, casino stocks. MGM was down 4.43%, Sands Las Vegas was down 4.85%, Wynn was down 4%.
More than 2,400 have been infected with the strain of the virus, which originated in China. Symptoms include fever, cough, and/or shortness of breath.
Pneumonia, organ failure and septic shock have been common with a death rate around 35%.
South Korea raised its coronavirus alert to the “highest level” over the weekend. It has the highest cases (750) of those infected outside of China.
Meanwhile, outside of Asia, Italy has been the worst affected country so far, with more than 130 reported cases and three deaths.
“There remains a large degree of uncertainty surrounding the virus, and no one knows how this will ultimately play out,” said Keith Lerner, chief market strategist at Truist/SunTrust Advisory. “With stock prices and valuations still near cycle highs, the risk of a worsening virus outbreak has not been priced into the market to a great extent.”
Macau casinos were set to reopen this coming Thursday following an unprecedented shutdown of nearly three weeks. Casino visitors will have to wear face masks before entering and will also be scanned for the temperature at the entrances.
- Jagajeet Chiba, Gambling911.com
