Gambling Stocks Hit By Coronavirus Fears

Written by:
Jagajeet Chiba
Published on:

  • Wynn sees more than an 8% plummet

  • Analyst: "Understandably, the Macau-focused gaming names have traded off more than the broader market"

  • Nearly 3,000 people have been infected and 80 people have been killed by this Coronavirus

  • 'Bat soup' influencer receiving death threats

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The Coronavirus is sending stocks plummeting and gambling companies appear to be among the hardest hit.

Wynn Resorts led all company’s in the index lower with an 8.1% tumble, while Las Vegas Sands dropped 6.7%. The companies get most of their revenue from the Chinese gambling haven of Macao. MGM Resorts fell 3.9%.

Merrill Lynch Analyst Shaun Kelley said "concerns have grown over the past week as fears and headlines regarding the Wuhan coronavirus have spread."

"Understandably, the Macau-focused gaming names have traded off more than the broader market as they are 1) highly exposed to domestic Chinese travel, 2) the timing is concurrent with Chinese New Year," Kelley said.

Barron's reports:

The rapid spread of the virus, coupled with travel restrictions China put in place, caused travel and gaming stocks that do business in Macau to plunge. “What a difference two days makes,” Instinet analyst Harry Curtis wrote in a note Monday.

Last week, Curtis and his team noted “guarded optimism” from casino operators that Macau bookings would remain strong, but as of Sunday evening, they were less positive. The Gonghbei border checkpoint, between mainland China and Macau, was nearly empty at a time when it should have been flooded with travelers celebrating the Year of the Rat, they noted.

Nearly 3,000 people have been infected and 80 people have been killed. Cases have been identified in the U.S., Australia, and Europe.

Coronaviruses are a group of viruses that cause diseases in mammals, including humans, and birds.

The consumption of bats is believed to have caused this latest outbreak.  A Chinese "bat soup" influencer whose gruesome dinner video shocked the world in wake of coronavirus has finally broken her silence.  She does not have the disease, at least not yet.

Wang Mengyun says the video in question was filmed three years ago.

Wang wrote: "It’s all because, in 2016, when I was screening a tour program in Palau, a South Pacific island, I ate a soup of local people’s daily food.

“Back in May 2016, I didn’t know what the virus was at that time. When the video was released I only want to introduce the lifestyle of the local people. I don’t know bat will become the host.

“Although it’s a local fruit bat, I didn’t refer to expert info and fail to clarify the danger before eating the bat … There is not much information about eating wild animals on the internet, so the anger naturally points to (my) 2016 travel program.”

Wang says she has received death threats since the video emerged.

- Jagajeet Chiba, Gambling911.com

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