It is because of the open toxic financing deals diluting the stock. Investors realize that in order to complete these 8 licenses projects, they need to raise serious cash by selling shares thus significantly diluting the stock. Also, don't forget, the toxic Magna credit line they are most likely drawing on to finance buildout. No updates on buildout from Management and the refusals of those who scoped out the Vegas projects to post the photos they supposedly took while there does not give potential investors confidence and also makes current investors nervous.