Forbes has cast a spotlight on the gambling industry, specifically in a report focusing on four major gambling stocks that have hit new lows. This development is more than just a fluctuation in the market; but it is a clear negative indicator for the economy as a whole. The rationale behind this assertion lies in the nature of the gambling industry itself. The report explains that because the gambling industry is so heavily dependent on discretionary spending, it raises red flags about the overall health of the economy when it faces challenges.

Gambling, by its very nature, is the epitome of consumer discretionary spending. A thriving casino and resort industry is often a barometer of a robust economy. It signifies that consumers have the financial flexibility to engage in activities that are not essential but enhance their lifestyle. Casinos and gambling indicate that consumers have disposable income.

Therefore, the current state of these four gambling stocks should not be viewed in isolation. Instead, it is more of a warning sign, a prompt to pay closer attention to the global economy’s trajectory. The health of the gambling industry and these stocks, in particular, could provide valuable insights into future economic trends, according to Forbes.

Gambling stocks hitting new lows

The report takes a closer look at these four gambling stocks that have hit new lows.

Las Vegas Sands (NYSE: LVS)

Las Vegas Sands, a company where more than half of the ownership lies with Miriam Adelson and her family, has seen its stock price fall from $55 in February to $37 in August. Although the stock is currently rebounding from its lows, the fact that the 50-day moving average crossed below the 200-day moving average in early May is not a positive sign. The company’s market capitalization stands at $28.35 billion.

Melco Resorts and Entertainment (NASDAQ: MLCO)

Melco, a Hong Kong-based company, is one of the smaller publicly traded gambling companies with a market cap of $2.63 billion. The stock, which traded as high as $9.50 at the beginning of the year, is now valued at $5.51, representing a 42 percent decline. It’s worth noting that the stock has only briefly traded above a steadily declining 200-day moving average, and the 50-day moving average is also trending downward.

MGM Resorts International (NYSE: MGM)

MGM Resorts International’s stock had been trading along the path of the 200-day moving average for several months. However, it lost this support over the last five sessions, hitting a new low of just under $34 before bouncing back. The company, which has a market capitalization of $11.29 billion, reported second-quarter earnings in late July that exceeded analysts’ expectations.

WYNN Resorts (NYSE: WYNN)

WYNN Resorts, with a market cap of $8.55 billion, saw its stock price drop from $110 in early April to as low as $73 this week, a 33 percent decline. The 50-day moving average crossed below the 200-day moving average in late June, signalling potential selling pressure. The stock is currently emerging from the relative strength indicator’s “oversold” zone.

It is not all doom and gloom however, as a number of casino and resort stocks are currently rebounding from new lows. For instance, Bally’s (NYSE: BALY) traded as low as $10 in March and is now priced at $16.97. Similarly, Caesars Entertainment (NYSE: CZR) hit a new low of just below $32 in late May but has managed to stay above that level during this week’s sell-off.

The developments in the gambling industry warrant further analysis and commentary, particularly given their potential implications for the broader economy.

SiGMA East Europe Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024

GGPoker, one of the world’s largest online poker networks, has recently secured two new licences in the Philippines and Lithuania.

Jean-Christophe Antas, Head of GGPoker, commented on the new ventures: “We are thrilled to announce our expansion into Lithuania and the Philippines. These new licences will allow us to reach more players and offer them a world-class online poker experience. We are committed to providing our players with the best possible gaming experience, and we look forward to welcoming players from these new markets to the GGPoker community.”

Expanding into the Baltic region with OlyBet

In addition to its new venture into the Philippine market, GGPoker has also extended its reach into the Baltic region through a partnership with OlyBet.

This partnership allows GGPoker to offer its services in Lithuania under the OlyBet brand, complementing its existing presence in Estonia, Latvia, and one Nordic country, Finland.

OlyBet is?owned by an Estonian company, Olympic Entertainment Group, one of the largest casino operators in the Baltic region.

The Philippine market

GGPoker’s entry into the Philippine market marks the launch of the country’s very first legal real-money online poker platform. The license was granted by the Philippine Amusement and Gaming Corporation (PAGCOR), a state-owned entity responsible for regulating gaming activities in the country.

Paul Burke, Head of PR at GGPoker, expressed enthusiasm about the launch: “GGPoker is proud to confirm that we’ve secured a license from PAGCOR and have launched the country’s very first legal real-money online poker platform.”

WSOP

The platform offers a wide variety of poker games, including Texas Hold’em, Omaha, and Short Deck. In 2022, GGPoker was awarded the Online Poker Operator of the Year Award at the SiGMA Americas Awards.  

The company recently acquired the intellectual property rights of the World Series of Poker (WSOP) from Caesars Entertainment, Inc., a deal valued at $500 million.

WHAT’S NEXT:?SiGMA East Europe?Summit powered by Soft2Bet, happening in Budapest from 2 – 4 September.

The National Betting Authority (NBA) of Cyprus has announced a week-long campaign for safe gambling, set to take place from 7 – 13 October. The campaign, bearing the logo ‘Safety is the true hero in every game’, aims to educate the public about the potential harmful consequences of gambling and provide resources for those who may need help.

The initiative, led by NBA Chairwoman Ioanna Fiakkou, (pictured above), will feature a series of activities including presentations, educational seminars, hands-on workshops, and interactive games. These events are designed to inform the public about ways to maintain safe involvement with gambling and to provide resources for those who may feel their gambling habits are becoming problematic.

Fiakkou expressed satisfaction with the growing public participation in the campaign each year. “Through information, we aim to prevent harmful consequences and create a protective environment for players and society,” she said.

The Cyprus campaign is part of a broader global trend towards promoting safer gambling practices. Similar initiatives have been observed in other countries, such as the Safer Gambling Week in the United Kingdom and Ireland. These campaigns underscore the importance of responsible gambling and the need for industry-wide efforts to protect players.

Proactive approach to industry integrity

The NBA’s campaign is particularly timely given the increasing popularity of online gambling. As more people turn to online platforms for their gambling needs, the risks associated with problem gambling also rise. This makes campaigns like the NBA’s all the more crucial.

The NBA’s campaign is not just about raising awareness; it’s also about providing practical tools and resources. Participants will learn about the signs of problem gambling, strategies for maintaining control over their gambling habits, and where to seek help if they need it.

Fiakkou’s leadership in this initiative is a testament to the NBA’s commitment to player safety. Under her guidance, the NBA is not only regulating the gambling industry but also taking proactive steps to ensure that gambling remains a safe and enjoyable activity for all.

Te NBA’s week-long safe gambling campaign is a commendable effort to promote responsible gambling. By educating the public and providing resources for those in need, the NBA is playing a crucial role in safeguarding the wellbeing of gamblers and the integrity of the gambling industry. As the campaign’s logo aptly puts it, ‘Safety is the true hero in every game’.

SiGMA East Europe Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024

Mohegan, a prominent developer of integrated entertainment resorts globally, has officially named Joseph J. Hasson its Chief Operating Officer (COO), pending regulatory approvals. Hasson has been the interim COO since April, and his appointment solidifies his role in steering the company’s strategic direction.??

“Joe Hasson’s expertise, garnered over more than 40 years in the gaming and hospitality industries, coupled with his exemplary leadership at our Las Vegas property, positions him uniquely to ensure strategic alignment and continuity across Mohegan’s diverse portfolio,” Ray Pineault, President and CEO of Mohegan, said. “We are confident that his leadership as our Chief Operating Officer will be instrumental in our sustained success.”  

Hasson replaced Jody Madigan, who resigned from his role effective Aug. 1. He, however, took a leave of absence in the intervening period.  

Overseeing global operations??

According to Mohegan’s press release, Hasson will oversee the day-to-day operations of Mohegan’s resorts across the United States, Canada, and Northern Asia. He will continue his responsibilities as General Manager of Mohegan Casino at Virgin Hotels Las Vegas during its ownership transition. Reporting directly to Pineault, Hasson is expected to enhance operational efficiency and guest satisfaction while upholding Mohegan’s high service standards.  

During the first quarter of this year, Mohegan reported net revenues of $461.7 million (€422.4 million), marking a 13.8 percent increase compared to the same period last year. According to reports, the growth was driven by Mohegan Inspire Entertainment Resort in South Korea which opened in March and features a casino exclusively for foreigners.  

Mohegan Inspire Entertainment Resort is the venue of the upcoming SiGMA Asia Land-Based Retreat happening from Aug. 22-24.  

Commitment to sustainable growth??

Hasson will collaborate closely with Mohegan’s leadership team to align strategic processes with the company’s overarching goals. His focus will be on the sustainable growth of Mohegan’s portfolio of entertainment resorts, ensuring long-term success and development.  

Before joining Mohegan, Hasson served as COO of Station Casinos LLC and Red Rock Resorts, Inc.?

https://www.youtube.com/watch?v=JqZY8MbSEOw