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Penn National Gaming (ticker: PENN), a regional casino company, is up 28% in Friday trading to $7.80, more than double its Wednesday low of $3.75. Caesars Entertainment (CZR), which has agreed to be purchased by Eldorado Resorts (ERI), trades at $5.56, up 10% from its Wednesday low of $3.22.

Industry leader MGM Resorts International (MGM), the leading operator on the Las Vegas Strip, is up 21% to $9.33 from its Wednesday low of $5.90.

In a note Wednesday, Instinet analyst Harry Curtis wrote that the Macau-focused casino operators, Las Vegas Sands (LVS) and Wynn Resorts (WYNN), have the most liquidity, at more than 500 days.

“MGM appears also well positioned with over a year of liquidity by virtue of its asset sales, cash and revolver. While its Macau operations could return to cash positive within 2-3 months, operations in Las Vegas and the regional markets will consume cash for probably two(+) months. 3. CZR and PENN have the least cushion (2-3 quarters), although it is likely that VICI and GLPI will give their opcos temporary rent relief until the COVID crisis has passed,” Curtis wrote Wednesday.

Caesars and Penn Gaming have so-called opco-propco structures in which they have sold casino properties to VICI Properties (VICI) and Gaming & Leisure Properties (GLPI) and leased them back from them.

Wynn is up 13% Friday to $52.68 and up almost 50% from its Wednesday low of $36. Las Vegas Sands, probably the strongest player in the industry due to its operations in Macau and Singapore, is up 7% Friday to $43.31 and is 30% above its Wednesday low of $33.

This was a popular form of financial engineering in the gaming industry based on the idea that a company’s operations would get a higher market value within two structures by appealing to different investor bases.

Hotel stocks also have rallied, with Marriott International (MAR) up 8% Friday to $72.64 and more than 60% above its Wednesday low of $48. Hilton Worldwide Holdings (HLT) has risen 5% Friday to $61.18 and is up 40% from its Wednesday low of $44.

Cruise-line industry leader Carnival (CCL) is up 20% to $11.97 and 50% from its Wednesday low of $7.90. The company reported results for its December quarter late Thursday and analysts were encouraged by the amount of liquidity available to the company with its ships not sailing.

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