6 Resorts & Casinos companies within the Consumer Cyclical sector.
| Symbol | Company | Price | 1‑day | 1‑month |
|---|---|---|---|---|
| LVS | Las Vegas Sands | $45.77 | -0.74% | -0.83% |
| MGM | MGM Resorts International | $44.47 | -0.51% | -4.24% |
| WYNN | Wynn Resorts | $102.54 | +1.02% | +3.75% |
| CZR | Caesars Entertainment | $30.15 | +0.33% | +1.28% |
| PENN | PENN Entertainment | $20.18 | +0.25% | -2.46% |
| BALY | Bally's | $13.45 | +2.28% | +9.35% |
Casino resorts combine a very high fixed cost base with completely discretionary demand, which is the combination that produces extreme operating leverage. The property costs the same to run whether it is full or half empty, so incremental visitors drop through to profit at a high rate and lost visitors are subtracted at the same rate.
The businesses are also licensed, which is an unusual competitive protection: jurisdictions limit the number of operators, so incumbents face restricted new supply. That protection cuts both ways, since regulatory standing is itself an asset that can be jeopardised. Operators concentrated in a single jurisdiction carry political and travel-corridor risk that diversified ones do not.
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