Casino Stocks WYNN, LVS, MGM, MLCO Gain on Easing Covid-19 Restrictions
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China is starting to lift its lockdown protocols. The country is reporting the lowest number of new cases since early February. This means that the Chinese economy is making up lost ground. Casino stocks are rising on the news. Several of the largest U.S. casino companies have holdings in China. MGM Resorts International is up less than 1%, Las Vegas Sands (NYSE:LVS), Wynn Resort (NASDAQ:WYNN) and Melco Resorting & Entertainment (Nasdaq:MLCO) are up more than 8%.
Lockdown Easing is a Win for Casino Stocks. Melco is one of China's leaders in the casino and hospitality space. Las Vegas Sands CEO said it would not take long before Macau's casino industry recovered. China’s reduced quarantine time for international travelers will mean a spike in tourism.
Covid-19 cases are low. China should see an influx of business for its hotels and casinos. Sam O'Brient does not hold any positions in the securities mentioned in this article.
