This morning, many of the leading casino stocks are declining lower after a report was released that China may target junket or trip operators with links to organized crime. Junket operators help drive gamblers to the Macao casinos.
WYNN Resorts Limited (NASDAQ:WYNN) is considered to be the leading stock in the region. Today, WYNN stock is declining lower by 2.35 percent to $122.60 a share. Short term traders can watch for intra-day support around the $121.00, and $118.00 levels. The daily chart has support around the $155.00 area should the stock decline further over the next few days.
Some other leading casino stocks that are also declining lower on the news include Las Vegas Sands Corp (NYSE:LVS), Melco Crown Entertainment Ltd (ADR) (NASDAQ:MPEL), Asia Entertainment & Resources Ltd (NASDAQ:AERL), and Galaxy Entertainment Group Ltd (PINK:GXYEY). Traders should keep these stocks on the radar as they are all still in an uptrend on the charts. At this time, today's decline seems to be nothing more than a reactionary pullback on a negative news report.
Post by: Nick Santiago