Wynn Resorts (WYNN) Surges 8.8% on Macau Gaming Revenue Jump
Wynn Resorts Ltd. (NASDAQ:WYNN) is one of These 10 Stocks Went Bulletproof.
Wynn Resorts saw its share prices surge by 8.85 percent on Tuesday to finish at $101.96 apiece as investor sentiment was fueled by the surge in Macau gaming revenues last month.
During the session, Wynn Resorts Ltd. (NASDAQ:WYNN) rallied alongside its peers after the Gaming Inspection and Coordination Bureau of Macau reported a 19 percent or a $417-million increase in gross gaming revenues (GGR) in June, at 21.06 billion patacas ($2.6 billion) versus the same period last year.
Part of the surge was attributed to the series of concerts by Cantopop icon Jacky Cheung, which began in mid-June and will continue until early July. According to Macao Daily, GGR from June 15 to 22 alone reached an average of 685 million patacas per day.
Aerial view of a luxury hotel tower surrounded by lush green landscaping.
The positive news spilled over to casino operators MGM Resorts International (NYSE:MGM) and Las Vegas Sands (NYSE:LVS) on optimism that the higher GGR would reflect in their financial performances in the second quarter of the year.
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Disclosure: None. This article is originally published at Insider Monkey.
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