Why Eldorado Resorts Shares Plunged 11.8% on Tuesday

Shares of casino company Eldorado Resorts (NASDAQ: ERI) fell as much as 11.8% in trading Tuesday as coronavirus concerns hit the casino industry. Shares ended the day down 11.7% and are now down 18.3% for the week.

The general market concern is that the coronavirus will hurt travel and hospitality demand, and that's led to the sell-off. We're starting to see data from Asia that demand for hotel rooms is down significantly, but that hasn't hit the U.S. yet. If it does, casinos could feel an impact quickly.

Image source: Getty Images.

Source Fool.com