Casino stocks fell again Friday, though not as much as the day before, as financial markets kept plunging over fears of tariffs and their impact on the global economy.
Stocks dropped to their lowest levels in years Friday after the Chinese government unveiled a 34 percent tariff on all U.S. imports, a punch back at President Donald Trump’s announcement this week of sweeping tariffs on all countries. Economists warn the tariffs will raise prices on everyday consumer goods, and as employers face cost hikes, there could be a slowdown in hiring or increase in layoffs.
All told, the Trump administration’s expansive new tariffs likely will lead to higher inflation and slower economic growth, Federal Reserve Chair Jerome Powell said Friday.
For now, at least, investors are feeling the pain, including shareholders in Las Vegas-based casino companies.
Stock in Las Vegas Sands Corp., which is based in Nevada but operates casinos only in Asia now, fell 8.35 percent Friday. Wynn Resorts Ltd. stock tumbled 3.83 percent, MGM Resorts International fell 3.73 percent and Station Casinos parent Red Rock Resorts Inc. shed 3.56 percent.
Shares in Boyd Gaming Corp. fell 2.51 percent, Caesars Entertainment Inc. tumbled 2.48 percent and Golden Entertainment Inc. slipped 1.44 percent.
On Thursday, shares in these seven casino companies all dropped between the 6 percent and 10 percent range. Among them, only shares in Las Vegas Sands fell further Friday than the day before.
Overall, Wall Street’s worst crisis since the coronavirus pandemic shifted into a scarier gear Friday.
The S&P 500 fell almost 6 percent Friday, the Dow Jones Industrial Average dropped 5.5 percent and the Nasdaq composite fell 5.8 percent.
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.
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