Why Las Vegas Sands, MGM, Wynn Resorts Shares Are Rising Tuesday

Zinger Key Points
  • New data showed that Macau revenue increased 433% year-over-year in December
  • Casino companies with Macau exposure are moving higher on the news.

Casino companies with Macau exposure including Las Vegas Sands Corp LVSMGM Resorts International MGM and Wynn Resorts Ltd WYNN are trading higher Tuesday after new data showed that Macau revenue increased 433% year-over-year in December.

What To Know: According to a Bloomberg report citing data released by the Gaming Inspection and Coordination Bureau, gross gaming revenue in Macau totaled 18.6 billion patacas ($2.3 billion) in December, up 433% on a year-over-year basis and above analyst estimates. 

The revenue total also represents 81.3% of pre-Covid revenue levels. The average minimum bet was reportedly up about 12% compared to 2019. 

The data shows that the gaming industry remains resilient despite an economic slowdown in China and weakening consumer sentiment. The report indicates that tourists appear to be putting entertainment and gaming experiences ahead of luxury purchases. 

See Also: Mark Cuban Cites Inexperience In Real Estate As Reason For Dallas Mavericks Stake Sale: 'I'm Not Good At It'

LVS, MGM, WYNN Price Action: At publication time, Las Vegas Sands shares were up 3.75% at $51.05, MGM shares were up 1.15% at $45.20 and Wynn shares were up 3.86% at $94.63, according to Benzinga Pro.

Photo: stokpic from Pixabay.

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