Double Whammy: How Detroit Casino Shutdown Could Hurt Gaming Stocks, State Of Michigan
Portfolio Pulse from Chris Katje
Detroit casino workers have authorized a potential strike if a new contract is not reached by October 16. The strike could affect MGM Grand Detroit, owned by MGM Resorts International, the Hollywood Casino at Greektown, owned by PENN Entertainment, and the MotorCity Casino. The workers are seeking job protection related to a rise in technology, which could put online sports betting and iGaming at the forefront of a strike. This could benefit online platforms like DraftKings and FanDuel. The strike could also negatively impact the state of Michigan and city of Detroit due to loss of tax revenue.
October 02, 2023 | 8:54 pm
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POSITIVE IMPACT
DraftKings could potentially benefit from a strike as bettors may shift to online sports betting.
If a strike occurs, bettors who normally wagered in person could shift to online sports betting, potentially benefiting DraftKings.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Flutter Entertainment, owner of FanDuel, could potentially benefit from a strike as bettors may shift to online sports betting.
If a strike occurs, bettors who normally wagered in person could shift to online sports betting, potentially benefiting Flutter Entertainment's FanDuel.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 80
NEGATIVE IMPACT
MGM Resorts International could be negatively impacted by a potential strike at MGM Grand Detroit.
A strike at MGM Grand Detroit could disrupt operations and negatively impact MGM Resorts' revenue.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
PENN Entertainment could be negatively impacted by a potential strike at the Hollywood Casino at Greektown.
A strike at the Hollywood Casino at Greektown could disrupt operations and negatively impact PENN Entertainment's revenue.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100