Scarlet Pearl Casino Employees d also open as soon as this weekend. Count Churchill Downs (NASDAQ:CHDN) and DraftKings (NASDAQ:DKNG) among the gaming stocks making life uncomfortable for short sellers. They are potentially signaling that these names and others could offer some near-term upside as bearish traders rush to cover. Some traders are flirting with trouble with short positions in gaming stocks. (Image: Reuters)With shelter-in-place policies and casino shutdowns the orders of the day starting in March, shorting gaming equities became one of 2020’s easiest and most profitable trades…until it wasn’t. With stay-at- home directives now largely lifted, a slew of regional casinos open, and Nevada gaming properties joining the fun on June 4, being bearish on gaming stocks carries immense near-term risk.

Short sellers have lately begun trimming their exposure in the sector, after having shorted the sector heavily during the stay-at-home policies brought about by the Covid-19 pandemic,” said S3 Partners Managing Director Ihor Dusaniwsky in a note obtained by Casino. call winstar casino online slots that payout real money org. “There was +. is draftkings a casino online blackjack dealer jobs casino catskills 10 billion of net short selling in the sector from March to May, with 0 million of new short selling executed over the last month. chukchansi casino online But recently, we have seen short covering in the sector, with - million of net short covering executed over the last week. ”Dusaniwsky notes S3 covers 61 stocks in the casino and gaming sector, which have aggregate short interest of .

Key Insights and Expert Analysis

16 billion, 95 percent of whicroyal ace casino mobile downloadh is devoted to the 10 most-shorted names. Messing With FireBelieve it or not, bearish traders sunk their teeth into DraftKings, a stock that’s more than doubled since its April 24 initial public offering (IPO). “DraftKings (DKNG) saw the largest change in short seller sentiment, with short selling turning into short covering by the end of the May,” said Dusaniwsky. “DraftKings short sellers had been net short sellers for the first three weeks of last month, adding 3 million of short exposure. But they have been covering a portion of their shorts over the last week with million of net buy-to-covers executed. ”Other companies with sports betting exposure, including Churchill Downs and Boyd Gaming, are experiencing short covering, though the catalyst with Boyd may be more about the company’s Louisiana and Mississippi venues reopening last month, and nine of its 12 Las Vegas properties slated to do so on Thursday.

Regardless of industry, heavily shorted stocks can rapidly change directions, forcing traders holding bearish bets to cover those positions, which only fans bullish flames. aliante casino yelp borgata online casino promo code There is some data suggesting short sellers in gaming stocks got a little too greedy. “Over the last week, Casino & Gaming short sellers gave back a quarter of their mark-to-market profits, losing -8 million of their +. free slots dragon link 40 billion stack of chips,” adds Dusaniwsky. During that time, DraftKings and Boyd were two of the four biggest problems for short sellers. Surroyal ace casino mobile downloadprise ScenarioIn what can be described as surprising, the most-shorted gaming stock is Eldorado Stocks (NASDAQ:ERI). blackjack online single player Slot Casino Png Ypnx Canada

That was a great trade for the bears that rode the stock down from or the high s to the March low of . black hawk casino human resources Chumba Casino Hacks 2021 Czok But the stock has since posted a six fold gain. How Does Foxwoods Online Work Nqyq Australia Making matters potentially dangerous for ERI bears is that they need to unwind a lot of supply in the event of another rally. desert diamond casino open cache creek casino room rates morongo casino from here As a percentage of float sold short, ERI resides north of 39 percent, according to S3 data. casino towing In dollar terms, that’s nearly 0 billion. As a percentage of float sold short, the next closest casino operator is Penn National Gaming (NASDAQ: PENN) at 21 percent. Poker Online Free Jackpot Jyxx

Bearish traders are seeing profits eaten away with Penn, too, as the stock is up 733 percent from its March lows. Boyd Gaming (NYSE:BYD) drew some pa online casino free bonus no deposit