Las Vegas has had its ups and downs over the years, will this pandemic just be another bump in the road?
The Famous Las Vegas strip and DownTown are virtual ghost towns, normally bustling streets and casino are DEAD.
Having lived in the city off and on for a few decades, this time it's more alarming than 9/11 or the Las Vegas Shooting.
One thing you might not have considered is how much cheaper buying a door in the Las Vegas is for a lot of businesses, simple reason...they don't have locks, don't need them, doors literally NEVER close,
In March 2020 this has changed, maintenance crews were scrambling to get street level doors without locks boarded or locked up, right after, they were laid off indefinitely
Caesars Palace Entertainment was due to be sold to Eldorado Resorts making them the largest casino operations company in the country in a multibillion dollar merger that had been voted on and approved by both companies boards. When this happened Eldorado stock (ERI) hits a high of $70.74, on March 18th that same stock was trading at $6.02.
Two days ago both companies confirmed the merger was going ahead despite the COVID-19.
Vegas of course will come back to former glory, time heals, but how long will it take and would you invest in ERI right now with the front entrance of Caesars palace looking like this on a saturday afternoon
Does this make ERI a buy? or are you looking elsewhere?
To me it seems a little deja-vu stock market wise, in the early 2000's after 9/11 happened, I bought LVS at $1.77 to sell it later at $100+