Amidst Market Meltdown Gambling Firm Goes Public: Sands Gets Pummeled
Why let a little thing like the stock market falling 1000 points after Monday morning’s opening bell scare a company from going public?
In this case it was Everi Holdings Inc. (NYSE:EVRI). They rang the morning bell, then the market tanked.
Everi is dedicated to providing video and mechanical reel gaming content and technology solutions, integrated gaming payments solutions and compliance and efficiency software.
Ram V. Chary, President and Chief Executive Officer of Everi, commented, "We're excited to launch our organization's rebranding initiative, including a new corporate name and logo, as we highlight Everi's unique position as the gaming industry's only company that can offer a diverse floor-wide portfolio of gaming entertainment, cash access, security and intelligence solutions that together deliver greater value to our casino customers. Operators and patrons alike will benefit from Everi's dedication to strength, innovation and excitement and from our commitment to constantly look for ways to improve patron experiences and operator processes.”
The Dow recovered a bit by late morning but the rollercoaster ride continued into mid afternoon.
Fears over China’s slowing economy sent markets spiraling Friday afternoon with the blood letting continuing into what some are calling “Black Monday”.
"I think we probably rallied too fast. A lot of people that covered their shorts got their shorts covered," said Peter Coleman, head trader at Convergex. He noted the Dow was still trading several hundred points off session lows and that a close better than 500 points lower would be a good sign.
Casino companies like Las Vegas Sands, with their heavy exposure in the Chinese gambling haven of Macau, continued to witness a decline in their share price.
Las Vegas Sands changed by -2.44% ( 17.05% since opening) at mid-day today with a return on investment of 22.30%.
Wynn Resorts, also with exposure in Macau, had changed by -3.24% today (change from open of 5.49%) as of 2pm today trading at a volume of 3,837,959 shares.
- Aaron Goldstein, Gambling911.com
