Something Is Breaking In Casino Stocks: MGM, Wynn Hit Record Losing Streaks

Three of the largest U.S. casino stocks are falling week after week. That has happened only once before, at the bottom of the financial crisis. MGM Resorts International (NYSE:MGM) was down 3.2% as of afternoon trading in New York. That put the stock on track for a 15th straight weekly decline, the longest losing streak in its history. Wynn Resorts Ltd. (NASDAQ:WYNN) was down 1.4% for the week at $74.79. That would be its ninth straight weekly decline, matching its longest-ever streak. Las Vegas Sands Corp. (NYSE:LVS) is heading for a seventh straight weekly decline. CompanyWeekly Losing StreakDecline During StreakLongest Previous StreakMGM Resorts International (NYSE:MGM)15 weeks-40.0%9 weeks (March 2009)Wynn Resorts Ltd. (NASDAQ:WYNN)9 weeks-27.1%9 weeks (March 2009, July 2021)Las Vegas Sands Corp. (NYSE:LVS)7 weeks-23.4%9 weeks (March 2009)Source: TradingView Chart: MGM Stock Notches 15th Consecutive Negative Week March 2009: The Last Time Casinos Fell Together Before this year, MGM, Wynn and Las Vegas Sands had fallen for at least seven straight weeks at the same time only once. That nine-week stretch ended on March 6, 2009. In those nine weeks, MGM lost 87.1%, Las Vegas Sands lost 75% and Wynn lost 67.5%. The S&P 500 hit its crisis low three days later. In 2009, casino stocks fell because everything fell. This time, the broad market is rising. SPY has gained 6.8% since late June, while MGM has lost 40%. The contrast is striking. The selling is specific to casinos. MGM Is One Week From An S&P 500 Record MGM’s streak stands out even beyond its own sector. Among the 503 current members of the S&P 500, only four have ever fallen for 15 weeks in a row. The record is 16 weeks, shared by First Solar Inc. (NASDAQ:FSLR), W.W. Grainger Inc. (NYSE:GWW) and Newmont Corp. (NYSE:NEM). One more weekly decline would put MGM level with that record. The slide began after a takeover offer. On June 1, People Inc. (NASDAQ:PPLI), led by Barry Diller, offered $48.30 per share in cash for the MGM shares it did not already own. The stock fell for 12 straight weeks while the two sides negotiated. On Sept. 23, People withdrew the proposal, and MGM dropped 11% the next day. Wall Street Likes Wynn: The Market Does Not All 17 analysts tracked by Benzinga Analyst Ratings rate the stock a Buy. Their average price target is $131, about 75% above the current price. However, the targets are moving lower. Barclays cut its target to $128 from $136 on Friday. Macquarie cut to $132 from $143 on Wednesday. Wynn shares are down 37.8% this year. Las Vegas Sands shares are down 44.7%. The Common Thread: Demand in 2 Major Casino Markets Macau gaming revenue fell 1.2% in September from 18.1 billion patacas, or about $2.24 billion, to 17.9 billion patacas, according to the Gaming Inspection and Coordination Bureau. It was the lowest monthly total of 2026. The October Golden Week holiday also started slowly. Gaming revenue in the first four days ran 6% to 7% below last year’s level, according to Jefferies analyst Anne Ling. "Over time, we remain constructive on the premium mass segment and expect Galaxy and Wynn to outperform," Ling added. Las Vegas drew 38.5 million visitors in 2025, a 7.5% drop from the prior year, according to the Las Vegas Convention and Visitors Authority. "We think core trends in Las Vegas, Macau and digital could remain pressured in the near-term," Bank of America analyst Shaun Kelley said in a research note. Image: Shutterstock