Why Las Vegas Sands Stock Jumped Higher Earlier Today
Shares of Las Vegas Sands (NYSE: LVS) were up 12.4% as of 1:05 p.m. ET on Monday. The jump followed positive news over the weekend about the return of tourism in China's Macau Special Administrative Region, where Las Vegas Sands has invested over $15 billion for future growth.
Other casino stocks were also rising on the news, with Wynn Resorts up 12.8% at the time of writing.
The announcement is anticipated to revive the Macau economy after nearly three years of travel restrictions due to the pandemic. It's an increasingly important part of Las Vegas Sands' future. The casino operator sold its Las Vegas operations for about $6.25 billion in the first quarter this year to focus on growth in Macau and Singapore.
Source Fool.com
