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HomeMarketMGM, Wynn, Las Vegas Sands stocks surge Macau renews license

MGM, Wynn, Las Vegas Sands stocks surge Macau renews license

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Shares of some casino operators surged Monday, after Macau tentatively renewed their casino licenses, after the company pledged to make investments in attractions not related to gambling, as the Associated Press reported. Las Vegas Sands Corp. shares
LVS,
+0.26%
climbed 3.7% toward a nine-month high in premarket trading, Wynn Resorts Ltd.’s stock
WYNN,
-0.57%
jumped 5.7% toward a near eight-month high and MGM Resorts International’s stock
MGM,
-0.42%
rallied 2.9%, as those companies had their licenses renewed. The license renewals will take effect on Jan. 1, after final terms are negotiated with regulators. The stocks have been rallying on hopes of a renewals, helping offset concerns over COVID-related lockdowns given China’s zero-COVID policy. Over the past three months, shares of Las Vegas Sands have hiked up 13.8%, Wynn have run up 20.2% and MGM have gained 6.4%, while the S&P 500
SPX,
-0.03%
has slipped 0.8%.

Credit: marketwatch.com

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