The U.S. stock market took its worst beating in years Thursday, and casino companies in Las Vegas were not spared the carnage.
Amid a widespread plunge in stock prices over fears of President Donald Trump’s newest tariffs, shares in Wynn Resorts Ltd. fell 10.62 percent Thursday. Caesars Entertainment Inc. shares dropped 9.52 percent, Station Casinos parent Red Rock Resorts Inc. fell 9.43 percent, and MGM Resorts International tumbled 9.27 percent.
Shares in Golden Entertainment Inc. fell 9.1 percent. Las Vegas Sands Corp., which is based in Nevada but operates casinos only in Asia now, dropped 6.74 percent, while Boyd Gaming Corp. slid 6.24 percent.
All told, these casino stocks dropped further than U.S. stock-market gauges overall Thursday as widespread worries about the tariffs’ impact on global economies sent shock waves through financial markets.
The S&P 500 sank 4.84 percent, its worst day since the pandemic crashed the economy in 2020. The Dow Jones Industrial Average dropped 3.98 percent, and the Nasdaq fell 5.97 percent.
Shares in electronics retailer Best Buy, which sells products that are made all over the world, plunged 17.84 percent, while United Airlines stock dropped 15.61 percent, as customers worried about the global economy may not fly as much for business or feel comfortable enough to take vacations.
Las Vegas-based Allegiant Air, a deep-discount carrier that focuses on leisure travel around the U.S., also saw its stock price battered. Shares in parent Allegiant Travel Co. fell 12.16 percent Thursday.
The Review-Journal is owned by the Adelson family, including Dr. Miriam Adelson, majority shareholder of Las Vegas Sands Corp., and Las Vegas Sands President and Chief Operating Officer Patrick Dumont.
Contact Eli Segall at esegall@reviewjournal.com or 702-383-0342. The Associated Press contributed to this report.
