Several factors are hitting the industry hard, and on a global scale. Covid-19 concerns are continuing to impact travel, particularly in Macao, the former Portuguese territory that is now a special administrative region of China and has become Asia’s gambling mecca. And now Beijing is cracking down on casino operators on Macao’s Cotai Strip — continued bad news for Wynn and Sands, which each own properties there.
“We have enough of Las Vegas,” said MGM CEO Bill Hornbuckle during a conference call with analysts. The company still owns the Bellagio, Mandalay Bay and several other Nevada casinos.
DraftKings stock is down nearly 25% this year, as several companies are leveraging splashy promotions and spending big marketing bucks in a fight to win customers.