NEW YORK— The Goldman Sachs Lodging Index (GSLI) ended the week of Nov. 8 up 1.0%, outperforming the S&P 500 by 1.7%. The investment banking firm said investors may be searching for the light at the end of the tunnel and looking past any negative news. Positive news included the Federal Reserve’s decision to lower interest rates by 50 basis points. On the negative side, however, STR released hotel statistics for the week ending November 2 that showed a deceleration in weekly results. Also, Four Seasons missed its earnings guidance and projected a negative outlook on demand. Four Seasons fell 10.3% for the week while nine of the 14 stocks in the GSLI advanced. Year-to-date, the GSLI is down 13.6%, outperforming the market, as the S&P 500 is down 22.1%. Meanwhile, the Goldman Sachs Gaming Index (GSGI) was down 2.9% for the week of Nov. 9. The gaming stocks may be trading lower over news that National Airlines, which accounts for roughly 7% of the air traffic to/from Las Vegas, shut down and over concerns of a more prolonged slowdown in consumer spending. The gaming decline was broad based, as 12 of the 15 stocks in the GSGI posted declines.
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