Why Casino Stocks Jumped This Week
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Penn National Gaming traded 10.7% higher for the week. Caesars Entertainment was up 9. 7%, Wynn Resorts jumped 10%. MGM was only up 6.2%.
MGM has casinos in Las Vegas, regional resorts across the U.S., and Macao. Las Las Strip revenue jumped 277% for MGM Resorts to $1.8 billion. Regional operations saw a 51% increase in revenue to $900 million. Macaon revenue was only up 3% from a year ago to a $315 million, a 57% decrease from 2019.
Investors are speculating that results for the U.S. operations of Caesars and Penn National will be strong. Caeresars has a similar U.,S.-based footprint as MGM. Penn is a regional gaming company. Wynn has properties in Las Vegas, Boston and Macao.
