Why Wynn (WYNN) & MGM Resorts (MGM) Are Rising Today - MGM Resorts International (NYSE:MGM), Wynn Resorts (NASDAQ:WYNN)

Shares of Casino operators Wynn Resorts Limited WYNN and MGM Resorts International MGM gained on Monday after being granted licenses to operate in Macau.
Six casino operators in Macau have been granted new licenses to continue their operations in the gambling hub, Bloomberg reported.
The move comes amid a weak market sentiment due to the Chinese government's reimposition of the Zero COVID policy.
The six operators won the 10-year licenses beating GMM Ltd., controlled by Malaysian casino tycoon and Genting Group Chairman Lim Kok Thay.
"One of the biggest overhangs of recent years is now removed," the report cited JPMorgan Chase analyst DS Kim. "This could serve as a strong stock catalyst because many investors -- especially long-only -- were largely staying away from the sector given this 'tail risk.'"
The license allotting process went on for four months after the Macau government changed gambling regulations to strengthen government control over casino operations.
Price Action: WYNN shares are trading higher by 5.87% at $79.33, and MGM is trading higher by 1.90% at $36.41 in premarket on the last check Monday.
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