Why Hotel and Casino REITs Got Crushed Yesterday
Shares of some major REIT stocks took a beating Monday as investors began to realize that the COVID-19 epidemic is going to be long-lasting and more detrimental to businesses than they anticipated. Park Hotels & Resorts (NYSE: PK), Host Hotels and Resorts (NYSE: HST), Gaming and Leisure Properties (NASDAQ: GLPI), and VICI Properties (NYSE: VICI) all plunged double digits and showed no signs of recovery.
Source: Google Finance.
Not only is travel reduced around the U.S. and the world, but hotels and casino companies are also starting to close down to keep employees and consumers safe.
Source Fool.com
