The Cashman Casino 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. free online poker ai Does Turtle Lake Casino Have A Pool Reth Austria

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. morongo casino games org. casino saratoga ny Hard Rock Casino Ottawa Covid 19 Svfw “There was +. harrah s cherokee casino telephone number boomtown casino website Casino York Pa Ckwx 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 .

Key Insights and Expert Analysis

16 billion, 95 percent of whicroyal ace casino mobile downloadh is devoted to the 10 most-shorted names. how big is foxwoods casino 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). twin rivers casino washington “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. wild casino australia There is some data suggesting short sellers in gaming stocks got a little too greedy. nearest casino to jupiter florida cliff castle casino slot machines “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. doubledown casino texas hold em During that time, DraftKings and Boyd were two of the four biggest problems for short sellers. Online Casino 247 Nwkz Surroyal ace casino mobile downloadprise ScenarioIn what can be described as surprising, the most-shorted gaming stock is Eldorado Stocks (NASDAQ:ERI).

That was a great trade for the bears that rode the stock down from or the high s to the March low of . coushatta casino weather But the stock has since posted a six fold gain. valley forge casino b connected 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. sycuan casino location roulette casino online game 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.

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 playing slot machine at casino