Casino stocks pop as Macau gambling revenue falls less than feared
A number of casino stocks, including Wynn Resorts, Las Vegas Sands and MGM Resorts, rose on Monday amid positive news from the much-maligned Macau gambling scene.
Macau, the world’s biggest casino hub, posted a drop of 9.5 percent in gambling revenue for April, to about $2.17 billion, marking the 23rd consecutive monthly decline for the former Portuguese colony. That said, the decline was less than feared.
Shares of Wynn popped nearly 6.8 percent Monday, while Las Vegas Sands and MGM resorts gained about 3.5 percent and 1.7 percent, respectively.
That said, Wynn and Las Vegas Sands are still down 16.35 percent and 11.56 percent in the past year, respectively, while MGM has only risen 1.26 percent.