Why Casino Stocks Are Gaining Today

by Shivani Kumaresan, Benzinga Staff Writer

April 3, 2023 8:30 AM | 1 min read | Make a Comment

Shares of casino companies that have operations in Macau are gaining premarket after a jump in the revenue of Macau’s casinos.
Shares of Las Vegas Sands Corp LVS, MGM Resort International MGM, Melco Resorts & Entertainment Ltd MLCO, and Wynn Resorts Limited WYNN rose 3%, 1.4%, 4.6%, and 3.48% respectively.
Macau’s casino gaming revenue surged 247% in March, sparked by a travel boom by Chinese travelers, reported Bloomberg.
Gross gaming revenue was $1.6 billion, the report cited data released by the Gaming Inspection and Coordination Bureau.
Total visitation by mid-March was about 65,000 per day, which was about 55% of 2019 levels, the report quoted Morgan Stanley note on March 26.
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