Watch now as Gaming, Lodging and Leisure analyst Todd Jordan compares the event-driven dichotomy between Macau and Las Vegas reopenings, while highlighting current #Quad4 headwinds that are facing the sector, with Hedgeye CEO Keith McCullough.
“A tale of two cities for this coming weekend. You’ve got Macau which should otherwise be a terrific week, one of the best in the year since it’s the May holidays, and it won’t be [due to COVID lockdowns],” explains Jordan.
“Contrast that to what we’re seeing in Las Vegas. You’ve got the NFL Draft coming up this weekend and if Nashville in 2019 pre-COVID was any indication, it’s going to be enormous. Now you’ve got pent up demand, plus it’s Vegas. It may come down to be one of the best weekends we’ve ever seen in Las Vegas and what does that mean? I think it that Vegas has eventually become event driven. If it wasn’t for #Quad4 we’d be even more bullish.”
“Expedia (EXPE), AirBnB (ABNB), and all these things that broke trend last week; most things really struggle when the Nasdaq Volatility (the equivalent of the VIX) nearly went to 35 on Friday. If you think you’re going to make money on your long ideas when that’s happening, you got to think that through again because that’s not the way markets work,” notes McCullough.
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