Caesars, MGM favorite targets of short sellers in August Overall bearish bets against casino stocks declined last month Short sellers sank their teeth into Caesars Entertainment (NASDAQ: CZR) and MGM Resorts International (NYSE: MGM) last month, making the two casino equities the most shorted consumer discretionary stocks. The Las Vegas Strip at night. Short sellers laid into Caesars and MGM in August. (Image: Shutterstock) Both stocks also ranked among the 10 most shorted names in the S&P 500 in August, but that’s a dubious distinction Caesars won’t have to worry about for the foreseeable future. Earlier this month, S&P Dow Jones Indices said the Harrah’s operator is one of three stocks being removed from the benchmark domestic equity gauge. That move occurs prior to the open of US markets on Sept. 22. As of the end of August, bearish traders had sold short 27.09 million shares of Caesars, or 13.87% of the casino operator’s float. For MGM, 24.09 million shares,…Â Read More
Category: Commercial Gaming, Financial, Las Vegas, commercial gamingÂ
Source: Casino.org
