Casino Stocks Soar on Revenues From This Chinese City
The isthmus of Macao is one of two “special administrative regions” of the People’s Republic of China, and the only location in the nation where it’s legal to gamble. Nasdaq reports that gambling revenue in June rose 52% YoY in the region, thanks to an explosion of growth in the casino business and a flood of local visitors.
Revenues from Macao’s casinos are expected to total $2.59 billion from June, and projected to grow at nearly the fastest rate in the former island’s history. Boosting gambling income was the opening of Galaxy Entertainment’s new casino this year. Gambling revenues in Macao are up 45% in the first two quarters this year, following gains of 58% last year, according to the region’s Gaming Inspection and Coordination Bureau.
Casino stocks that should continue to benefit from a regional presence and a strong performance in trading today: Las Vegas Sands (NYSE:LVS) up 4.22% today, MGM Resorts (NYSE:MGM) up 4.16%, Wynn Resorts (NASDAQ:WYNN) up 4.26%, Melco Crown Entertainment (NASDAQ:MPEL) up 6.03%, Boyd Gaming Corporation (NYSE:BYD) up 5.98%, and Pinnacle Entertainment (NYSE:PNK) up 0.54%.
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