Casinos Fall Almost Five Percent After Wall Street Drop

Anyone who went after casino stocks feeling that they were immune to the economy had better now be worried. Some of the largest casino companies saw stock prices drop almost five percent on Monday.

Wall Street had its worst day in seven years on Monday, and there were not many industry's that were not affected by the plunge. One of them, the casino industry, started coming to the realization that economic times have now trickled down to even the most immune of companies.

Pinnacle Entertainment had the toughest day of the major casino companies. Their stock fell $.49, or five percent. While that was the largest percentage decrease, the Las Vegas Sands Corp. dropped the farthest per share. They were down $1.51 per share, which accounted for a four percent decrease.

MGM Mirage, a staple in the casino industry for decades, also experienced a sharp drop. Their shares were down 4.4 percent, and $1.40 a share. Boyd Gaming Corp. dropped $.49 a share and 4.3 percent.

The fallout on Wall Street was related to several factors, the most key of which was Lehman Brothers' plans to file Chapter 11 bankruptcy. The other major news of the day was Bank of America Corp.'s decision to acquire Merrill Lynch & Co..

September 15, 2008
Posted By April Gardner
Staff Editor, CasinoGamblingWeb.com
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