Casino companies with Macau exposure including Las Vegas Sands Corp LVS, MGM 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.
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.
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