In the hours after a gunman opened fire on a crowded music festival in Las Vegas killing at least 58 and sending 515 to local hospitals with injuries, mixed hotel and restaurant stocks limped along Monday, Oct. 2.
The shooter was found dead by officers on the scene and later identified as Stephen Craig Paddock, 64 of Mesquite, Nevada.
He fired at more than 22,000 festival-goers at about 10:00 p.m. local time who were attending the sold-out Route 91 Harvest concert late Sunday, Oct. 1. Paddock took aim from across the street, perched on the 32nd floor of the Mandalay Bay Resort. Paddock had checked in as a guest at the 3,309-room MGM Resorts Int'l (MGM) hotel Sept. 28, authorities said.
In the wake of what became the deadliest mass shooting in U.S. history, shares of companies with locations on and around the Las Vegas Strip struggled. Leading the downward trend was MGM, with shares dipping as much as 4.69% in late-afternoon trading Monday. MGM owns and operates 13 resorts and casinos in Las Vegas.
MGM Resorts issued a statement saying it was cooperating with local law enforcement. Its resorts in the area were put on lockdown for several hours to "ensure guest safety" before guests were permitted to return to their rooms later Monday morning.
Our thoughts & prayers are with the victims of last night's tragic events. We're grateful for the immediate actions of our first responders. pic.twitter.com/i33NzzUPAC— MGM Resorts (@MGMResortsIntl) October 2, 2017
MGM is the casino operator with the most U.S. exposure compared to peers, meaning a revenue loss from its Mandalay Bay property could have a heavy impact on fourth quarter results.
A few blocks up the Strip from Mandalay Bay sits a Hilton Grand Vacations Inc. (HGV) Club. Shares of timeshare operator gained 1.58%, while shares of related company Hilton Worldwide Holdings Inc. (HLT) were down 0.03%. Hilton Worldwide operates 9 properties on and around the Strip.
Marriott International Corp. (MAR) operates eight hotels along the Strip. Shares were up 0.2%. Hyatt Hotels Corp. (H) operates one hotel on the Strip, but shares suffered a 0.86% loss Monday. InterContinental Hotels Group Plc (IHG) has five properties near the Strip, with shares up 0.04% late Monday afternoon.
McDonald's Corp. (MCD) operates a massive 6,743-square-foot "Metro McDonald's" location two blocks up from Mandalay Bay, along with six locations along the Strip. Shares traded up 0.2% Monday.
Just past the Metro McDonald's on the Strip is a Yum! Brands Inc.-owned (YUM) Taco Bell. Shares of Yum! Brands were up 0.1% Monday. Including Kentucky Fried Chicken and Pizza Hut stores, Yum! Brands operates more than 15 restaurants in the Las Vegas metro area.
The shooting happened as country singer Jason Aldean was performing at the end of the three-day Route 91 Harvest festival. Concert ticket and live entertainment operator Live Nation Entertainment Inc. (LYV) fell 1.79% in late-afternoon trading.
Las Vegas casinos, nightclubs and attractions draw about 3.5 million visitors from around the world each year.
Video: NYSE Moment of Silence for Victims of Las Vegas Shooting Rampage
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