Why Casino Stocks Are Plunging Today - MGM Resorts Intl (NYSE:MGM), Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN), Melco Resorts and Enter (NASDAQ:MLCO)

The government of Macau has ordered to close shutters on all of its casinos and other commercial establishments in an effort to curb the resurgence of coronavirus outbreak.
The world’s biggest gambling hub has ordered to close more than thirty casinos.
All industrial and commercial ventures will remain closed for one week from the midnight of July 11 to the midnight of July 18.
Macau has recorded around 1,500 COVID-19 infections since mid-June, Reuters reported.
The casino industry accounts for more than 80% of the government revenues.
Shares of Wynn Resorts Limited WYNN are down 5.83% at $53.17 in premarket trade on Monday, Las Vegas Sands Corp LVS dropped 5.41% at $32.52, Melco Resorts & Entertainment Ltd MLCO lost 5.54% at $5.29, and MGM Resorts International slipped 3.48% at $28.32.
Photo Via Wikimedia Commons

Casino Stocks Plunge As Macau Shuts All Casinos To Curb COVID-19 Spread