Casino Stocks Up; Analyst Sees 'Green Shoots' In Macau

Casino stocks rose Thursday after an analyst discerned "green shoots" amid Macau gaming data for May released earlier this week. Mass gaming jumped 9 percent during the month, according to Credit Suisse's Kenneth Fong, whose note was reported on by Barron's Asia. http://blogs.barrons.com/asiastocks/2015/06/04/macau-gaming-shows-some-green-shoots/ Gross gaming revenue fell 37.1 percent in May according to data released Monday by Macau's Gaming Inspection and Coordination Bureau. http://www.dicj.gov.mo/web/en/information/DadosEstat_mensal/2015/index.html But Fong noted that along with the improved mass gaming segment, VIP gaming rose 3 percent from April and VIP rolling gained 7 percent. The rate of decline in visitors from mainland China to Hong Kong also slowed in April to 6 percent, from 13.5 percent in March, Fong said. "As the visitation trend between Hong Kong and Macau has strong correlation, we believe a better trend in Hong Kong should bode well for Macau" Fong reportedly wrote. Wynn Macau WYNMF rose about 9 percent to $1.99 a share; Wynn Resorts, Limited WYNN gained more than 7 percent Thursday to $109.31 and Melco Crown Entertainment Ltd. MPEL rose nearly 7 percent to $21.07. Las Vegas Sands Corp.LVS traded up about 5.5 percent to $54.90 and MGM Resorts International MGM picked up nearly 3 percent, trading at $20.30.