Multiple casino company stocks are up today following a report on June revenues from the Nevada Gaming Control Board, which revealed the results of the first month of resumed Las Vegas operations following the full COVID-19 shutdown earlier in the year. Caesars Entertainment (CZR +0.00%) was a major gainer, with its shares bid up +10.74% at market close.
According to the Gaming Board's report, casinos in Nevada won $1.04 billion last year in June 2019. The figure dropped -45.6% this year, with the Silver State's casinos raking in a June total of $566.8 million. Those casinos on the Las Vegas Strip fared the worst, seeing winnings plummet -61.4%, while downtown Vegas gaming establishments experienced a -55% plunge.
Image source: Getty Images
Casinos in Reno, Nevada, and other Washoe County locations lost far fewer winnings, with just a -6.84% decline in June winnings year over year. Elko County, including Wendover, registered a -2.14% slump in winnings, while the take in the Carson Valley area hardly suffered at all with a -1.73% change. Fiscal-year gaming win is down -21.7% overall.
Caesars wasn't the only casino operator to gain following the report. MGM Resorts (MGM +2.62%) gained +4.5% today, just a day after it saw a +5% stock market jump on news of a fresh stimulus package moving ahead. Boyd Gaming (BYD +4.35%) popped +10.99%, Wynn Resorts (WYNN) ended the day up +2.62%, and Red Rock Resorts (RRR +0.65%) hit the jackpot with +8.82% gains, among others. There was no analyst consensus on June winnings, but the overall take of slightly more than 50% of June 2019's figure seemed to strike investors as better-than-anticipated results for the first month of relaunched operations.
