Why did the casino stocks have such a bad week?

This past week was bad especially for Wynn and LVS. Why? article with prices

The casino stocks are somewhat overbought. It is also time for this market to have a bit of a correction (I have thought this for the past 6 weeks to no avail)
I like MGM the least of the top 5 companies. I did start buying PUT contracts on them on Monday and continued until Thursday. My first one's were purchased when the price was $16.62 and dropped to $15. on Friday. I may sell of few of these contracts first of the week as I have close to a 100% return on them in just the week.
I think MGM has a much larger issue with cash flow and the Center project. They have earnings in about 2 weeks. I will close out of the majority of my trades on them by that time. I may retain 10 contracts just in case news is worse than expected.

Wynn and LVS have strong position in Meccau, which is making them the money that they are making.

Not really anything wrong with the companies (LVS-Wynn) folks are just taking a few profits on them. They will come back but may have a little more downtime in the next couple of weeks.

Shares go up and down all the time, sometimes without good reason.

With casino stocks, it's a pretty easy game. If the economy is doing well, the casinos can be expected to do the same as they're a holiday / tourist type commodity. If the economy slows, the casinos will still do well but will be impacted - people don't have the spare $$$ to play.

So, when buying casino shares, it's a case of being prepared to be in for the medium to long term.

That's probably why Wynn etc with are doing ok: there's huge growth in Macau, so no sign of recession there - unlike in the US.

Just my two cents worth.

thanks for the thoughts. but the Dow and the overall market had another good week, but the casino stocks seem to be down across the board. I dont know what that casino mutual fund did??? anyway, the talk is that the economy is getting better, gold is down, but the casino stocks fell too? just wondering. could the New Jersey online legislation have something to do with it? while it benefits a few casino companies, the biggest winner would be Caesars (Harrahs) which is not publicly traded now anyway? And then there is the California legislation thats pending and the idea about a national online casino law coming.