Why Las Vegas Sands Stock Jumped Higher Earlier Today
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Las Vegas Sands shares are up 12.4% as of 1:05 p.m. ET on Monday. The increase follows positive news about the return of tourism in China's Macau Special Administrative Region. Wynn Resorts is up 12% at the time of writing.
Macau is expected to recover after three years of travel restrictions due to the pandemic. Las Vegas Sands sold its Las Angeles operations for $6.25 billion in the first quarter this year to focus on growth in Macau and Singapore. The business has been bleeding cash to $1.4 billion per quarter for the past four quarters.
The return of tourism at Macau is expected in November. Las Vegas Sands has placed the largest investment among its casino competitors in Macao. It offers nearly a third of the total hotel capacity by gaming operators in the region.
