Casino shares surge after Macau ends more than 2 year revenue slump

Print
Casino shares surge after Macau ends more than 2 year revenue slump

Brent Lewin | Bloomberg | Getty Images

Wynn Macau casino resort, operated by Wynn Resorts, in Macau, China.

Casino stocks jumped Thursday after gaming revenue in Macau posted the first positive monthly year-over-year growth in more than two years.

Shares of Wynn Resorts jumped more than 4 percent and Las Vegas Sands rallied 7 percent on Thursday after the news. Both stocks are on pace for their best day since July 26.

Macau, the only place in China where casino gambling is legal, posted a 1.1 percent increase in revenue in August after a 26-month slump. Monthly revenue growth dropped to five-year lows in part from slowing economic growth.

Gambling revenue was $2.4 billion, according to data from Macau's Gaming Inspection and Coordination Bureau.

Wynn has a resort in the southern Chinese territory, while U.S. billionaire Sheldon Adelson is set to open a multi-billion dollar Sands China Parisian resort in Macau later this month.

Wynn's stock is up more than 34 percent this year-to-date.

WYNN 2016 ChartCasino shares surge after Macau ends more than 2 year revenue slump

Sands' stock is also up, rising more than 22 percent year-to-date.

LVS 2016 ChartCasino shares surge after Macau ends more than 2 year revenue slump

— Reuters contributed to this report.

Read more http://news.google.com/news/url?sa=t&fd=R&ct2=us&usg=AFQjCNEK_VEFoWA0bMylj2iDBis5C1MGiQ&clid=c3a7d30bb8a4878e06b80cf16b898331&cid=52779194796082&ei=DaLJV9C7G5OJuALDm5kg&url=http://www.cnbc.com/2016/09/01/casino-shares-surge-after-macau-ends-more-than-2-year-revenue-slump.html