Harrah S Casino Weather 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. Luckyland Slots Redeem Code Lbbx 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. org. “There was +. 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. 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 . Live Casino 2020 Cuci

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16 billion, 95 percent of whiccasino roulette table imagesh 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). golden nugget casino resort brian christopher slots group pull caesar casino atlantic city phone number “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. casino card game rules “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. europa online casino no deposit bonus

Regardless of industry, heavily shorted stocks can rapidly change directions, forcing traders holding bearish bets to cover those positions, which only fans bullish flames. There is some data suggesting short sellers in gaming stocks got a little too greedy. draftkings casino new york “Over the last week, Casino & Gaming short sellers gave back a quarter of their mark-to-market profits, losing -8 million of their +. caesar casino commercial firekeepers casino keno 40 billion stack of chips,” adds Dusaniwsky. During that time, DraftKings and Boyd were two of the four biggest problems for short sellers. mgm grand casino jobs is jamul casino buffet open Surcasino roulette table imagesprise ScenarioIn what can be described as surprising, the most-shorted gaming stock is Eldorado Stocks (NASDAQ:ERI). big fish casino keeps crashing draftkings casino down

That was a great trade for the bears that rode the stock down from or the high s to the March low of . But the stock has since posted a six fold gain. Making matters potentially dangerous for ERI bears is that they need to unwind a lot of supply in the event of another rally. coushatta casino games As a percentage of float sold short, ERI resides north of 39 percent, according to S3 data. free online slots canada Table Games At Gun Lake Casino Smcn 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. 150 no deposit bonus casino

Bearish traders are seeing profits eaten away with Penn, too, as the stock is up 733 percent from its March lows. hollywood casino seating chart Cache Creek Casino Reviews Lwnz Austria Boyd Gaming (NYSE:BYD) drew some praise from