The country has quickly fallen into a panic as the coronavirus continues to spread.
Shoppers are cleaning out stores while wrapped head to toe in plastic; schools and businesses are shutting down. Even the future of the Olympics and March Madness has come into question.
Pro leagues have issued memos to franchises with ideal ways to interact with fans, such as fist bumps instead of high fives and not taking pens directly from fans when signing autographs.
Even the casino industry has suffered. Particularly in Las Vegas.
On to the Rewind:
Coronavirus delivers hit to casino stocks
Around the world, countries are ailing from the coronavirus in more ways than one. From a business standpoint, travel restrictions in China, for example, come back to affect Vegas. Fear surrounding the toll it takes on Sin City has grown, especially after learning that Macau, Asia’s gambling capital, closed casinos for two weeks after the coronavirus outbreak.
After all, about 4% of international visitors to Vegas in 2018 hailed from China. Additionally, California residents made up about 21% of domestic visitors in 2018. California recently declared a state of emergency following its first coronavirus-related death.
All told, casino companies such as MGM Resorts International, Wynn Resorts and Las Vegas Sands Corp. have warned investors that travel restrictions, both internationally and domestically, could hurt Vegas.
Indeed, casino stocks took a sharp downturn last week, dropping as much as 14% around the same time Nevada health officials announced an individual tested positive for coronavirus. Among the companies taking hits (stats are as of March 5):
- Red Rock Resort: down 13.86%
- MGM Resorts: down 11.5%
- Wynn Resorts: down 9.5%
- Boyd Gaming: down 9.3%
- Caesars Entertainment: down 5.69%
- Las Vegas Sands: down 4.14%
Unfortunately, analysts and experts are predicting that this trend will continue so long as the number of new cases continues to rise. For now, playing online casinos may be as close of a gambling experience as people want to have.
FanDuel Sportsbook on its way to Michigan
Once again, the Michigan sports betting landscape has expanded.
The deal allows FanDuel to operate the property’s retail sportsbook as well as launch an online betting app later on. While the mobile solution will likely have to wait until next year, FanDuel could potentially open a retail sportsbook much sooner.
MotorCity was the last of three Detroit commercial casinos to land a sports betting partner. MGM Resorts will leverage Roar Digital (a joint venture with GVC), while Greektown Casino-Hotel will benefit from its owner Penn National.
FanDuel becomes the latest brand-name bookmaker to gain entry to Michigan, joining the likes of William Hill, PointsBet, Fox Bet and Scientific Games.