Nevada Casinos Stock Prices up After Pfizer COVID Vaccine News
A recent early results from Pfizer Inc. announced a new vaccine showing 90% effectiveness in defending against COVID-19, making casino operators stock up on Nevada.
Vaccine Reports Push Casino Stock Up In Nevada
Following the news Monday that Pfizer Inc. had developed a vaccine that is more than 90% effective in stopping COVID-19, casino operators were on the up-and-up. Both Wynn Resorts Ltd. and MGM Resorts International, which run assets outside the United States, posted the highest changes recording respectively 27.7% and 14.9% jumps.
UNLV's College of Hospitality assistant professor Amanda Belarmino, writing on the Las Vegas review article, said a vaccination will potentially make traveling a reality, revive entertainment activities and casino gambling to its fullest.
But there could be a long way to go before Pfizer can launch mass vaccination, not only because the company's results are provisional, but also because there's a lot of paperwork to discuss with the government.
Casino Reserve To Resume Wobbling
Wynn Resorts Debra Nutton, a former executive, said the announcement was "big news for everyone", especially given that Las Vegas depends on tourism and people's crowds to fuel their economy.
This is the first good news, other than the partial reopening of Nevada casinos in June, that significantly affects the stock. Other recipients were Caesars Entertainment which announced an rise of 10.9% on Monday.
Throughout the whole pandemic, though, the share price of the company has been wildly observed, ranging from $6.02 to $74.92. Red Rock and Boyd Gaming Corp. reported an rise of about 3% with their operations focused more off of the Las Vegas Strip.
In the meantime, Sheldon Adelson's owned Las Vegas Sands Corp., which opted to keep paying its workforce in full despite the pandemic, saw Monday a 9.2% leap.
Apart from casino gaming, LVS is one of the companies that rely on conventions for their performance. Conventions aside, LVS sees more than 87% of its sales coming from Asia, helping the business rebound faster and less reliant on a single revenue source.
Without prompt follow-up to the release of the vaccination, stock will undoubtedly begin to oscillate before a more lasting alternative is identified. The Pfizer's vaccine is one of a combination of 11 Phase 2 vaccines. Six vaccines have passed Phase 2 so far, and none have been licensed for widespread use and considered entirely safe.
