Nearly every major gaming company sees share value drop

May 14, 2012 8:15 PM

A jittery stock market, reeling from the effects of economic tensions in Europe, concern over a slowdown in China and the bombshell $2 billion trading loss announced by JP Morgan Chase, sent share prices south again on Monday. And, gaming companies felt the downdraft with the rest of the market.

Nearly every major gaming company saw their share value drop between four and five percent during Monday’s trading.

Wynn Resorts Ltd. (WYNN), whose share price has been pummeled during the past week following a less than encouraging quarterly report and the announcement of a defeat in Massachusetts, fell to $108.09 per share.

Shares in Las Vegas Sands Corp. (LVS) fell 4.61 percent to $49.30 while MGM Resorts International (MGM) saw its shares fall 4.21 percent to $11.14 each.

In other trading, Caesars Entertainment Corp. (CZR), which opened its new casino in Cleveland, Ohio, on Monday, experienced a loss of 4.71 percent, closing at $13.75; Pinnacle Entertainment Inc. (PNK) was down 4.54 percent to $9.88 and game maker Shuffle Master Inc. (SHFL) closed at $15.60, down 4.18 percent.

Barely bucking the trend was Penn National Gaming Inc. (PENN) whose shares closed at $45, a loss of 1.27 percent.