Why Red Rock Resorts Fell Sharply at the Open on June 25
Shares of casino operator Red Rock Resorts (NASDAQ: RRR) dropped as much as 15% in the first half hour of trading on Thursday. Although the company trimmed those losses, by 11:30 a.m. EDT the stock was still off by around 11.04%. The big drop was likely driven by investor concerns over COVID-19.
States around the country have begun to reopen following broad shutdowns to slow the spread of the coronavirus. The early indications suggest that things aren't going well from a health perspective, with COVID-19 cases ticking higher in key markets, including Nevada and California. While this development is a major problem for the country as a whole, since it suggests that the reopening process could be slower and more drawn-out than hoped, it's a particular issue for Red Rock.
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Source Fool.com
