New York (AP) — Shares of casino operators slid Monday along with the broader markets as the House rejected the government’s USD 700 billion financial bailout package.
In late afternoon trading the Dow Jones industrials plunged as much as 705 points as investors worried the financial system would keep sinking under the weight of failed mortgage debt.
The Dow did manage to regain some ground before falling backing again, trading down 454.95, or 4.08 percent, to 10,688.18.
Lawmakers‘ voted down a plan that was different from what the Bush administration had originally proposed. The package included restrictions allowing Congress to limit how much money goes out the door at once. It also included caps on pay packages of top executives.
Among casino companies, shares of Las Vegas Sands Corp. shed USD 3.26, or 8.5 percent, to USD 34.91. MGM Mirage’s stock tumbled USD 3.38, or 11.3 percent, to USD 26.63, while Wynn Resorts Ltd. fell USD 1.49 to USD 83.48.