Why Are Casino Stocks LVS, WYNN, MLCO Up Today?
Casino stocks are rising higher on Monday and they have China’s easing Covid-19 restrictions to thank for the boost!
China is planning to reduce restrictions in Macau, the world’s gambling hub, starting in November. This will allow tour groups from Mainland China to visit the casinos in the area for the first time in almost three years.
That will allow visitors from the provinces of Guangdong, Shanghai, Zhejiang, Jiangsu, and Fujian to plan trips to the casino hub without going through the e-visa process, TheStreet notes.
To go along with that, Macau will also be making it easier to obtain e-visas for residents in other regions. This has the city expecting daily visitations of up to 40,000, as compared to the 11,000 reported in August.
Let’s check out how this news is helping out casino stocks today below!
Casino Stocks on the Rise Monday
- Las Vegas Sands (NYSE:LVS) stock starts us off with the company seeing shares rise 7.2% in pre-market trading on Monday.
- Wynn Resorts (NASDAQ:WYNN) shares are next with the casino company experiencing a 6.4% gain in early morning trading today.
- Melco Resorts & Entertainment (NASDAQ:MLCO) stock closes out our list of casino stocks rising Monday with a 12.3% pre-market gain.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
Article printed from InvestorPlace Media, https://investorplace.com/2022/09/why-are-casino-stocks-lvs-wynn-mlco-up-today/.
