Borgata Casino 12 Digit Promo Code se celebrated the NLRB recommendation, and called on Station Casinos to “immediately negotiate and settle a fair contract. ” Broadly speaking, gaming equities are profitable for short sellers this year, owing in large part to first-quarter slumps prompted by the coronavirus pandemic. paragon casino application But DraftKings (NASDAQ:DKNG) and Penn National Gaming (NASDAQ:PENN) are among the names making life uncomfortable for bearish traders. free online poker home games Bearish traders are getting worried about exposure to DraftKings and Penn National Gaming. harrah s cherokee casino las vegas 96cash Online Casino Fhnu (Image: Business Insider)Short interest across gaming stocks is trending higher since March, when many of the names in the group bottomed, and currently sits at . 53 billion, according to S3 Partners data. While bearish traders remain steadfast in their views against some traditional gaming names, sports betting mania is forcing them to reduce exposure to DraftKings and Penn. DKNG shares shorted have been relatively stable since the beginning of July. fanduel casino states nearest casino to exeter Wild Horse Pab Casino Layout Rdul

But we’ve seen short sellers taking off some of their bets since mid-August, with 3 million short shares cover, a decrease of -14%, as its stock price rallied +51%,” said S3 Partners Managing Director Ihor Dusaniwsky in a recent note. “PENN shorts have been reducing their bets since late May, buying to cover 11 million shares, a -44% decrease in shares shorted, as its stock price rose +115%,” the note continued. casino slot list As of Sept. 17, 7. golden palace casino tattoo 13 percent of DraftKings shares outstanding were on loan to short-selleblack hawk casino seafood buffetrs, while that figure climbs to 10. casino royale poker table 77 percent for Penn. Shorting those names is akin to playing with fire because the pair are up an average of 44 percent over the past month. 5 star casino near me September RainToday’s retrenchment notwithstanding, casino equities are performing well in September, erasing some of the profits notched by shorts targeting the sector. tachi palace hotel and casino pool

Key Insights and Expert Analysis

Heading into the ninth month of the year, short-sellers had billion in unrealized profits tied to trades on the gaming sector. Much of that stems from operators with Las Vegas Strip exposure, including Caesars Entertainment (NASDAQ:CZR), MGM Resorts International (NYSE:MGM), Las Vegas Sands (NYSE:LVS), and Wynn Resorts (NASDAQ:WYNN). Short positions launched in those names earlier this year are still profitable, according to S3 data. directions harrah s cherokee casino In dollar terms, MGM is the most-shorted gaming stock, with . 02 billion of bearish positioning. Of the 10 most heavy names in the group, six operate integrated resorts in and around Las Vegas. “The roulette ball kept hitting double zero for Casino & Gaming short sellers in the month of September, with -2 million of net-of-financing mark-to-market losses in just half the month,” said Dusaniwsky. “If this trend continues, short sellers will be in the red for the year by the end of the month.

”Fuel for the FireThanks to ongoing sports wagering ebullience, DraftKings and Penn enjoy plenty of catalysts to drive those stocks higher. wild casino bonuses Short covering is another, because as those nameblack hawk casino seafood buffets rise, bearish traders could be compelled to buy back shares, fueling the very rallies that are burning them. kansas star casino dreb code The Black Lotus Casino Vkeq The continued short-covering due to rising mark-to-market losses in DKNG and PENN will help drive their stock prices up,” notes Dusaniwsky. When Did Aliante Casino Open Zind Austria “The upward price moves will entice potential long shareholders to buy stock or build their positions, and creates a spiral of long buying pressure, forcing even more shorts out of the trade,” Dusanisky continued. sam s town hotel casino shreveport expedia borgata casino mask policy “With almost billion of short interest between the two stocks, if a sizable percentage of DKNG and PENN shorts fold, the bid-side price pressure will be significant and be a force in continuing this recent rally. ” One person was injured in an overnight shooting at the Aria Resort and Casino on the Las Vegas Strip, police said. liberty slots casino instant flash play This is one of several gun incidents at casinos on the Strip over the past few