Sports Betting and Casino Stocks: Top Stories, Sports and Business News — Sept. 18 - TheStreet

Sports Betting and Casino Stocks: Top Stories, Sports and Business News — Sept. 18

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Here are the top stories shaping sports and business on Friday, Sept. 18.

Daily Coronavirus Update

According to Johns Hopkins, there are over 30.2 million cases of the virus worldwide, with over 947,000 deaths. The U.S. has surpassed 6.6 million cases with 197,000 deaths.

Per the COVID-19 Tracking Project, there were 43,558 new cases reported Thursday, which is higher than the 40,021 cases reported the day earlier. 835,868 new tests were reported. And 863 deaths were reported yesterday, which is lower than the 1,202 deaths reported the day prior.

The New York Times reported that the controversial coronavirus testing guidelines that were posted on the CDC’s website which stated that asymptomatic people didn’t need to get tested even if they were exposed to the virus were actually not posted by the CDC and they were posted despite objections from CDC scientists.

The Times reporting found that the Department of Health and Human Services rewrote the guidelines and then “dropped it into the CDC’s public website, flouting the agency’s strict scientific review process.”

The guidelines had been walked back very quickly after an uproar. U.S. health officials dropped the guidance and said that anyone who has been in close contact with someone who has tested positive for the virus should get tested.

Coronavirus cases are on the rise in Europe, which is causing growing concerns. A top official for the World Health Organization has called the spike in cases a “wake up call.”

The U.K. is seeing an alarming uptick in cases. Prime Minister Boris Johnson noted that it was inevitable that the U.K. was seeing a second wave of coronavirus and that while he did not want a second national lockdown, everything was being kept under review.

Update on Sports Betting and Casino Stocks

TheStreet and Sports Illustrated been covering sports betting for months as it is becoming an important growth story not only for the casino and fantasy sports betting companies that operate the sports books, but also to the growth of the sports leagues themselves.

On Thursday over on Mad Money, Jim Cramer told viewers that sports betting can put the wind back in the sails of casino companies whose growth has stalled thanks in part to the U.S./China trade war.

As Cramer explained, growth in casino stocks was being powered by Macau, the Las Vegas of mainland China where U.S. companies like MGM and Wynn have invested billions of dollars to tap into the world’s largest gaming hub. However, as the coronavirus pandemic and trade tensions between the world’s two largest economies have heightened, the financial impact of Macau has waned.

Over on Real Money, resident chartist Bruce Kamich looked at the charts for Las Vegas Sands  (LVS) - Get Report and Wynn  (WYNN) - Get Report, whose stocks have fallen 29% and 42% this year, respectively. While there is reason to be bullish on the stocks long-term, Kamich says that both charts look bearish and this isn’t the time to gamble on a rally.

For a more in depth take on these charts check out Bruce Kamich’s work over at Real Money

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