LOS ANGELES— Leading hotel, casino and online travel companies lost nearly $8 billion in market capitalization on Sept. 17, as investors dumped shares over concerns about a looming slump in business and leisure travel following last weeks hijackings and attacks. Online travel agents were hit worst, with two leading firms, Sabre Holdings Corp., operator of the Travelocity website, and Expedia Inc. shedding 37.2% and 24% of their market value, respectively. The losses easily outpaced a 4.2% drop for the benchmark S&P 500 index and a 5.5% drop for the Nasdaq index midway through the trading day on Wall Street. Sabre shares were down $13.73 to $25.70 and Expedia shares were off $8.64 to $27.61, resulting in a combined loss of $2.2 billion in market capitalization. The hotel industry was the next hardest hit, with the sectors top three companies, Marriott International Inc., Hilton Hotels Corp. and Starwood Hotels & Resorts Worldwide Inc. losing a combined $3.8 billion in market capitalization. Among the three, Starwoods shares were down the most, $7.48, or 25.2%, to $22.07. Hilton shares had dropped $2.20, or 19.8%, to $8.99, and Marriott shares had lost $6.24, or 15.3%, to $34.61. Gaming company shares were also down sharply, amid uncertainty about the future for the leisure travel industry. The nations top four gaming stocks, MGM Mirage, Mandalay Resort Group, Harrahs Entertainment Inc. and Park Place Entertainment Inc. had lost a collective $1.7 billion in market capitalization midway through the trading day on Wall Street. Park Place shares were down the most, losing $1.77, or 19.2%, to trade at $8.15. MGM Mirage shares were down $4.96, or 18.7%, to $23.35; Mandalay shares were down $3.64, or 15%, to $20.26; and Harrahs shares were down $2.96, or 11.4%, to $25.75.
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