Casino Stocks Are Climbing Tuesday: What's Driving the Rally?

Zinger Key Points

Macau’s gaming revenue jumps 19% year-over-year in June, beating analyst expectations.
Investor optimism grows as strong Macau revenue signals renewed momentum in the casino sector.
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Shares of casino stocks are trading higher after Macau’s June casino revenue reportedly rose.

What To Know: According to Investing.com, Macau’s gaming revenue rose 19% year-over-year in June to 21.1 billion patacas ($2.6 billion), beating the median analyst estimate of a 9.4% increase.

The increase in revenue is linked to a series of concerts by Cantopop icon Jacky Cheung. Citigroup C analyst George Choi observed that premium player attendance rose 16% on the opening night of Cheung's shows compared to the same period last year, with average bets from high-rollers climbing 36%.

Shares of Las Vegas Sands Corp. LVS, Wynn Resorts Limited WYNN, MGM Resorts international MGM and Caesars Entertainment, Inc. CZR are all on the rise today.

Price Action: At the time of writing, Las Vegas Sands shares are trading 8.87% higher at $47.35, Wynn shares are moving 8.19% higher at $101.35, MGM stock is moving is 6.29% higher at $36.56 and Caesars shares are trading 4.02% higher at $29.54, per data from Benzinga Pro.

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