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Owner of Mandalay Bay Losses almost a billion dollars in value after the Las Vegas shooting

After police say 64-year-old Stephen Paddock killed at least 58 people and wounded more than 500 in the mass shooting at the Route 91 Harvest Festival at the Mandalay Bay in Las Vegas, the casino giant behind the hotel shed about $909 million from its market capitalization on Monday.

Shares of MGM fell nearly 5% in trading Monday, with the casino company’s market capitalization dropping to $17.8 billion after police said Paddock had opened fired at concertgoers from the 32nd floor of the nearby Mandalay Bay Resort and Casino. It led the sell-off of casino management companies with a heavy presences on the Las Vegas Strip, with shares of Wynn Resorts, Red Rock Resorts, Caesars Entertainment, and Boyd Gaming all falling following the news. In total, the five casino and hotel companies shed a total of $1.8 billion from their market capitalization by midday Monday as the Las Vegas shooting fanned worries about tourists returning to the strip following the tragedy.

 

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