Bicycle Casino Fined 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. encore casino sign in (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. morongo casino tribe 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. peppermill casino careers

“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. 007 free slots 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 . chumba casino 5 cent games 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). “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. desert diamond casino open free casino slots online no download “DraftKings short sellers had been net short sellers for the first three weeks of last month, adding 3 million of short exposure. free online poker iphone When Will Valley Forge Casino Open Back Up Wisn

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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. free online poker texas hold em no limit 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 +. 40 billion stack of chips,” adds Dusaniwsky. During that time, DraftKings and Boyd were two of the four biggest problems for short sellers. winstar world casino news Surcasino roulette table imagesprise ScenarioIn what can be described as surprising, the most-shorted gaming stock is Eldorado Stocks (NASDAQ:ERI). no deposit bonus bob casino online casino 30 free spins Club Player Casino Com Vcpy

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. free online slots treasures of egypt Making matters potentially dangerous for ERI bears is that they need to unwind a lot of supply in the event of another rally. As a percentage of float sold short, ERI resides north of 39 percent, according to S3 data. In dollar terms, that’s nearly 0 billion. online casino busineb opportunities is coushatta casino open Mgm Grand Casino Spa Detroit Vqhi As a percentage of float sold short, the next closest casino operator is Penn National Gaming (NASDAQ: PENN) at 21 percent. Bearish traders are seeing profits eaten away with Penn, too, as the stock is up 733 percent from its March lows. slot machines casino plus Bellagio Hotel Y Casino En Las Vegas Jesp Boyd Gaming (NYSE:BYD) drew some praise from