Why Resort Stocks Were Plunging This Week
It's been a tough week for much of the market, and resort stocks, which tend to be highly sensitive to macroeconomic conditions, were particularly hard hit. After all, consumer spending on vacations is highly discretionary, and in a recessionary environment, spending in those categories tends to pull back significantly. According to data from S&P Global Market Intelligence, as of 1:23 p.m. ET Thursday, Vail Resorts was down 11.2% for the week; Wynn had lost 12%, and Caesars had dropped 17.3%.