Gaming stocks fly higher on Friday

Jun. 24, 2022 2:16 PM ETPENN Entertainment, Inc. (PENN), MGM, CZR, WYNNBALY, LVS, BYD, RRRBy: Kevin P. Curran, SA News Editor5 Comments

Casino theme.

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Major casino operators accelerated strongly upward on Friday amid a broader market rally.

Major gaming names Penn National Gaming (NASDAQ:PENN), Bally’s Corporation (BALY), MGM Resorts (NYSE:MGM), Wynn Resorts (NASDAQ:WYNN), and Caesars Entertainment (NASDAQ:CZR) all rose by more than 10%, while other prominent names like Las Vegas Sands (LVS), Boyd Gaming (BYD), and Red Rock Resorts (RRR) rose by more modest figures.

Among S&P components, casino stocks made up four of the top six gainers in the index, only outdone by Royal Caribbean and Carnival Corporation.

Despite the strong surge, trading volume on the day was quite light in many of the sector’s most prominent names. For example, only two hours prior to Friday’s close trading volume in Penn National Gaming (PENN) was only about half of its daily average.

In any event, the rally in gaming stocks is a relief for investors in many of the names, as thus far in 2022 the sector has not been among the best bets. Along with cruise stocks, many of the market's most beaten-down names have flipped the script to be the day's biggest gainers on Friday.

Read more on Bally’s (BALY) financial maneuvering on Friday.

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