• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Friday 9 May 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
  • 中文
No Result
View All Result
IAG
No Result
View All Result

Global gaming giants see stocks plummet as casino closures rock industry

Ben Blaschke by Ben Blaschke
Fri 20 Mar 2020 at 07:06
Global gaming giants see stocks plummet as casino closures rock industry
67
SHARES
1.7k
VIEWS
Print Friendly, PDF & Email

Gaming companies around the world have felt the full force of the global economic crisis taking shape as a result of the coronavirus, with gaming stocks plummeting to historic lows.

With stock markets in freefall, the short-term outlook for industry players from casino operators to industry suppliers and the world’s biggest cruise ship lines is bleak with economists describing the current situation as the fastest descent into a bear market in history.

The news was no different for Macau’s operators on Thursday as their share prices continued their recent slide.

Galaxy Entertainment Group closed at HK$38.60 on Thursday, down 38% from its recent high of HK$62.20 on 12 January 2020 and 20% from HK$48.15 just over a week ago.

Sands China fell to HK$26.15 last night from HK$32.45 a week ago and HK$45.00 on 17 January, while Wynn Macau reached HK$10.32, having already hit a three-year low of HK$14.04 earlier this month.

Likewise, MGM China fell further to HK$7.64 from HK$8.81 on 10 March which, as reported by Inside Asian Gaming, was already its lowest since 28 February 2016 and 62% down on its all-time high of HK$24.30 achieved on 14 January 2018.

SJM Holdings fell to HK$6.10 from a recent high of HK$10.50 on 12 January 2020, while Melco Resorts & Entertainment hit US$12.82, down 49% on its price of US$25.13 from 2 January 2020.

Some suppliers have suffered even bigger hits, none more so than Scientific Games Corp. From a high of US$30.24 on 12 February, Scientific Games shares have plummeted an incredible 84.4% to US$4.71 on news that all 440 casinos in the state of Nevada have shut their doors for 30 days along with hundreds of other casino closures across the United States.

International Game Technology had fallen to US$4.12 when the New York Stock Exchange closed Thursday from US$14.73 on 18 February, while Australian slot machine giant Aristocrat was at AU$18.00 on the ASX, down from AU$37.69 on 20 February.

In further bleak news, the cruise line industry is facing its own crisis as the world’s travel and tourism industries shut down completely. Most cruise ships provide casino gaming and slot machines to entertain guests while in international waters.

Norwegian Cruise Line Holdings saw its share price hit US$8.23 overnight, down 86.2% from US$59.65 on 17 January, Royal Caribbean Cruises Ltd fell to US$22.41 from US$134.65 on 2 January and Carnival Corporation to US$10.00 down from US$51.90 on 17 January.

The economic crisis sweeping the industry saw Bill Miller, President and CEO of the American Gaming Association, issue a sharp statement Thursday evening (US time) in which he called on the US government to act quickly in helping the hospitality industry.

“The impact on our employees, their families, and communities is staggering, and the implications extend far beyond the casino floor,” he said.

“Leading technology companies that supply the industry, and the nearly 350,000 small business employees that rely on gaming for their livelihood, are also feeling the devastating blow of this unprecedented public health crisis.

“The federal government must act swiftly and comprehensively to get America’s hospitality employees, and the small businesses that support them, back to work. Gaming employees, their families, and communities are bearing the brunt of this economic standstill and will continue to suffer if Congress and the administration don’t take immediate action.

“In total, these mass closures will rob the US economy of US$43.5 billion in economic activity if American casinos remain closed for the next eight weeks.

“Gaming is an economic engine, employing millions of local residents, generating community investment through vital tax revenue, and supporting small businesses in communities all across the country.”

Tags: AristocratAustraliacasinosGalaxyGaminggaming stocksIGTMacauNorth AmericaNorwegian Cruise Line HoldingsScientific Gamesshare price
Share27Share5
Ben Blaschke

Ben Blaschke

A former sports journalist in Sydney, Australia, Ben has been Managing Editor of Inside Asian Gaming since early 2016. He played a leading role in developing and launching IAG Breakfast Briefing in April 2017 and oversees as well as being a key contributor to all of IAG’s editorial pursuits.

Current Issue

Editorial – Knife’s edge

Editorial – Knife’s edge

by Andrew W Scott and Ben Blaschke
Tue 29 Apr 2025 at 15:14

Thailand’s Entertainment Complex journey is at a critical point, with the success or failure of the initiative to be determined...

The changing face of Macau

The changing face of Macau

by Ben Blaschke
Tue 29 Apr 2025 at 15:09

Inside Asian Gaming takes a deep dive into the new, post-COVID Macau where a revenue environment that seems to be...

Born again

Born again

by Pierce Chan
Tue 29 Apr 2025 at 14:47

Premiering in September 2010 at City of Dreams, The House of Dancing Water was a visionary creation by artistic maestro...

Richard Howarth – Testing the limits

Richard Howarth – Testing the limits

by Ben Blaschke
Tue 29 Apr 2025 at 13:17

Richard Howarth, Chief Business Officer APAC for global testing laboratory GLI, discusses his career journey and his passion for fast-paced...

Evolution Asia
Aristocrat
GLI
Mindslot
Solaire
Hann
Tecnet
Nustar
Jumbo

Related Posts

Japan Credit Rating Agency affirms Konami’s A+ rating due to “high earning capacity”

Stability in Australia, North America drives 7.4% revenue growth for Konami’s gaming segment in FY25

by Newsdesk
Fri 9 May 2025 at 06:48

Global gaming supplier Konami reported a 7.4% increase in revenue in its Gaming & Systems segment to JPY42.7 billion in the year ended 31 March 2025, with operating profit up by 16.3% to JPY7.3 billion, according to financial statements published...

MGM’s Hornbuckle bullish on “unique” Macau as China stimulus uncertainty sees gaming stocks dive

MGM’s Bill Hornbuckle extends employment contract through end-2028

by Ben Blaschke
Fri 9 May 2025 at 06:34

MGM Resorts CEO and President Bill Hornbuckle has renewed his employment contract with the company through to the end of 2028, after which time he will assume an advisory role to assist with the pre-opening phase of its US$9 billion...

Winds of change

Melco says working with potential buyers on bidding process for City of Dreams Manila

by Ben Blaschke
Fri 9 May 2025 at 06:16

Melco Resorts & Entertainment said Thursday that it is currently in discussions with potential buyers of its stake in Philippines integrated resort City of Dreams Manila and will soon have a shortlist of interested parties that will partake in a...

Melco prices US$750 million Senior Notes offering

Melco smashes revenue and profit estimates in 1Q25, gains market share on powerful performance of Macau resorts

by Ben Blaschke
Fri 9 May 2025 at 05:36

An impressively strong performance in Macau was enough to see Melco Resorts & Entertainment comfortably beat consensus in 1Q25, with the company reporting a 10.8% year-on-year increase in total operating revenues to US$1.23 billion including a 12.2% rise in gaming...



IAG

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE
  • 中文

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • 中文
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2024
Inside Asian Gaming.
All rights reserved.

  • 中文
  • English