Why Investors Are Rolling the Dice With Casinos Today
Shares in casino stocks are soaring today, after news from drug companies Pfizer and BioNTech this morning that a COVID-19 vaccine candidate is showing 90% effectiveness.
Shares of Wynn Resorts (NASDAQ: WYNN) are up 25% as of 10:55 a.m. EST, while MGM Resorts (NYSE: MGM) and Caesars Entertainment (NASDAQ: CZR) shares are up 14% and 11%, respectively. The outsize jump in Wynn likely corresponds to the fact that its shares remain down the most of the group since the start of 2020.
The drug companies reported the vaccine results based on a late-stage clinical trial. The 90% efficacy level is far above what some experts have said is acceptable. White House coronavirus task force advisor Dr. Anthony Fauci has previously said that he would find a vaccine acceptable with efficacy rates as low as 50% or 60%.
Source Fool.com
