These 2 Nasdaq Stocks Hit the Jackpot Friday
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The Nasdaq Composite has gained 24 points on Friday morning. The index is still down 9% from its recent highs. Wynn Resorts and Melco Resort & Entertainment are up on news from Macao. The casino resort industry has been hit hard by the COVID-19 pandemic.
Macao's decision regarding casino operator concessions is good news for Melco and Wynn. The number of casino operators allowed to operate in Macao will remain at six. However, the concessions will be cut in half and the current licenses will expire in June. It's not clear how the renewal process will work.
Wynn and Melco saw big stock price increases on Friday. Las Vegas Sands also enjoyed a healthy move higher. In the near term, Wynn, MelCO, and Sands are likely to continue to see some pressure. Rising COVID-19 case counts in key areas have forced China to reimpose harsh restrictions. Travel activity among gamblers is still likely going to suffer. The news from Macao is a welcome step on the road to recovery.
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