Why Macao's Casino Stocks Jumped Today
Shares of casino stocks with exposure to Macao made a sharp recovery on Wednesday as China and Macao mull changes to COVID-19 restrictions. We're not seeing a recovery in the region yet, but investors are speculating that a flood of gamblers is on the way in the near future.
Shares of Melco Resorts (NASDAQ: MLCO) jumped as much as 16.4%, Las Vegas Sands (NYSE: LVS) bounced 11.4%, and Wynn Resorts (NASDAQ: WYNN) moved 10.1% higher. The three stocks are up a respective 10.9%, 9.6%, and 9.5% as of 3:10 p.m. ET.
Making a less impressive move is MGM Resorts (NYSE: MGM), which saw its stock trade 5.5% higher today and is currently up 4.2%. That makes sense given that MGM is the only one of these companies that didn't get a majority of its revenue from Asia before the pandemic.
Source Fool.com
