After losing 8.5% yesterday, the Casino and Gaming industry is poised to reclaim losses today on Wall Street. Yesterday was the 5th largest drop in the history of trading in the US Casino Gaming industry. In addition, the DOW tumbled almost 8% and the NASDAQ was off nearly 9%.
Yesterday, financial analysts announced the US is officially in a recession, after recording two straight quarters of negative growth. The news did not sit well with investors, especially those holding casino stocks.
The casino and gaming industry has been hit extremely hard during 2008, with casinos in Las Vegas, Atlantic City, and Macau feeling most of the effects.
Unlike other industries such as Detroit auto-makers, however, the casino industry is not expected to ask for a bailout package from the Treasury, nor would they probably receive it anyways.
The one-piece of good news for the Casino industry, oil prices are at a 3-year low, down to $48 a barrel. Nationwide fuel-prices are averaging $1.79 per gallon of unleaded gasoline. Lower fuel prices will encourage more travelers to visit and gamble at casino resort destinations.
Stocks to watch in the sector today are Las Vegas Sands Corporation(LVS), Trump Entertainment Resorts (TRMP), Wynn Resorts(WYNN), and MGM Mirage(MGM).
Dream of Winning the Lottery Comes True for Canadian Family
If you have ever played the lottery on a consistent basis, then you are familiar with how unlikely you are to actually match all 6 numbers. Some consider playing the lottery a form of gambling, others call it ‘chasing a dream’.
For one couple in Canada, the dream finally came true this week as they hit all 6 numbers in the Lotto 6/49 drawing last Saturday night.
For Daniel Fehr and Maria Linsenmeier, a couple from Burnaby, winning the lottery is a real blessing for their family. With seven kids, and expectations of working well into their 70’s, playing the lottery every week and praying, was a way of life.
“I never thought in a million years I would actually win the lottery”, said Mr. Fehr.
Mr. Fehr, at age 60, who works full-time as a contractor, is planning on retiring early. The couple plans to build their dream home, a Victorian farmhouse, near Nelson, BC.
The British Columbia Lottery Corporation is a provincial Crown Corporation that offers weekly lotteries while generating income that benefits all British Columbians.