Wynn Allegations Start Hitting High-Flying FundsWynn Allegations Start Hitting High-Flying Funds
After hitting all-time highs, at least two funds are falling in part thanks to sexual harassment allegations involving casino magnate Steve Wynn.
January 30, 2018
By Carolina Wilson
(Bloomberg) --The bad news around Steve Wynn is starting to rub off on some booming ETFs holding the gambling hub.
After hitting all-time highs, at least two funds are falling in part thanks to sexual harassment allegations involving the casino magnate. Wynn Resorts Ltd. extended its Friday plunge of 10 percent to drop as much as 8.6 percent today.
Gambling ETFs
PowerShares Dynamic Leisure and Entertainment Portfolio (ticker PEJ), which has a market cap of $106 million, is a multifactor, tiered equal-weighted ETF holding U.S. entertainment and leisure industry stocks
WYNN is the third largest holding, making up 5.2%; other top holdings include Marriott (5.3%), Hilton (5.3%) and Las Vegas Sands (5.1%)
PEJ is down as much as 0.6% today after climbing to an all-time high Jan. 23
VanEck Vectors-Gaming ETF (ticker BJK), which has a market cap of $61 million, tracks a market-cap weighted index of global companies that generate at least 50% of revenue from gaming-related activities
WYNN is the sixth largest holding, making up 5%; other top holdings include Galaxy Entertainment Group (8.6%), Las Vegas Sands (7.7%) and Sands China (7.2%)
BJK has fallen by as much as 1.1% today after climbing to an all-time high Jan. 24
To contact the reporter on this story: Carolina Wilson in New York City at [email protected] To contact the editors responsible for this story: Arie Shapira at [email protected] Christiana Sciaudone
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