Casinos were ripping through the first half of the year as relentless consumer spending sent demand for everything from concerts to blockbuster films soaring. On July 18, the S&P Composite 1500 Casinos & Gaming Index set a 52-week high and was up over 28% for the year compared with a 19% gain in the S&P 500 Index.
“There’s going to be weakness for that low-end customer with credit card and student loan payments,” Beynon said, also noting that the third quarter is packed with revenue-driving events such as China’s Golden Week holiday and the Formula One race in Las Vegas. “Maybe that is the catalyst for people to learn that the third quarter is OK and the sky is not falling,” he says.
“Anybody who really wants a job can get one,” Samana said, “and if you can use that job to fund your vacation or pay the interest on your credit card, I think people are still out there spending.”Concerns of consumer weakness aren’t confined to the US, with Macau-centric names like Las Vegas Sands and Wynn Resorts Ltd. seeing declines over the past few months.
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