NEW YORK
Shares of some casino operators with properties in Macau rose on Friday as a government report showed that gambling revenue there climbed 48 percent in March when compared with a year ago.
The Macau Gaming Inspection and Coordination Bureau reported that gross gaming
"We believe these results are consistent with our Macau market outlook and support our belief that gaming revenues will continue to be strong in 2011, even despite challenging comparisons," Jefferies & Co. analyst David Katz wrote in a client note.
Macau is the only place in China where gambling is legal. Among the companies with casinos there are MGM Resorts International, Las Vegas Sands Corp., Wynn Resorts Ltd. and Melco Crown Entertainment Ltd.
Shares of Wynn Resorts jumped $8.13, or 6.4 percent, to $135.29 in midday trading. The stock is one of the biggest advancers in the S&P 500 for the day so far.
Elsewhere, MGM Resorts' stock added 32 cents, or 2.4 percent, to $13.47. Shares of Las Vegas Sands gained $1.44, or 3.4 percent, to $43.66, while Melco Crown's stock rose 10 cents to $7.70.
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