Why Wynn Resorts Stock Is Rising Today

Why Wynn Resorts Stock Is Rising Today

Wynn Resorts Ltd WYNN shares are trading higher Monday morning after Macau officials signaled that COVID-19 travel restrictions will be lifted.

What Happened: Macau's chief executive Ho Iat Seng has said China would resume an e-visa scheme for mainland travelers and permit group tours, per Reuters

The report suggests that for the first time in nearly three years, mainland tour groups will resume in November in China's special administrative region. Currently, Chinese tourists to Macau are required to book a visa appointment, which is followed by an approval process that can last a week. 

E-visas were popular among Chinese gamblers prior to the pandemic. The individual visas reportedly accounted for around 50% of Chinese visitors to Macau in 2019. Tour groups accounted for approximately 25%.

See Also: US Stocks Could Extend Losses Monday Ahead Of Fed Speeches, Futures Show — Casino Stocks, Tesla And This EV Rival In Focus

Wynn operates luxury casinos and resorts. The company has four megaresorts: Wynn Macau, Encore in Macao, Wynn Las Vegas and Encore in Las Vegas.

Citigroup analyst George Choi also maintained Wynn with a Buy rating and raised the price target from $87.50 to $91.

WYNN Price Action: Wynn has a 52-week high of $96.50 and a 52-week low of $50.20.

The stock was up 5.26% at $62.79 at time of publication, according to Benzinga Pro.

Photo: Jay George from Pixabay.

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