November 2, 2024

Casino Stocks Struggle With Selloff as They Near Bear Market – Bloomberg

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The Big Take is the very best of Bloomberg's in-depth, original reporting from around the globe every day.
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Some strategists are pointing to fears of weakening consumer spending and an economic downturn as the Federal Reserve keeps interest rates higher for longer.
The summer of revenge spending is over, and a number of investors have decided that once high-flying casino stocks just aren’t worth the gamble.
Casinos were ripping through the first half of the year as relentless consumer spending sent demand for everything from concerts to blockbuster films soaring. On July 18, the S&P Composite 1500 Casinos & Gaming Index set a 52-week high and was up over 28% for the year compared with a 19% gain in the S&P 500 Index.

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