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But current COVID-19 related uncertainties continue to impact the gambling sector. According to Federal Reserve Chairman Jerome Powell, the emergence of the omicron variant poses downside risks to the economy. Furthermore, the CEO of gambling group Suncity Group Holdings Ltd, Alvin Chau, was arrested recently, fostering even more investor pessimism about the sector.
Given this backdrop, we think it could be wise to avoid gambling stocks Caesars Entertainment, Inc. (CZR) and Penn National Gaming, Inc. (PENN) now. They have declined significantly in price over the past month and could continue losing in the near term.
