Shares of casino stocks are trading higher after Macau’s June casino revenue reportedly rose.
What To Know: According to Investing.com, Macau’s gaming revenue rose 19% year-over-year in June to 21.1 billion patacas ($2.6 billion), beating the median analyst estimate of a 9.4% increase.
The increase in revenue is linked to a series of concerts by Cantopop icon Jacky Cheung. Citigroup (NYSE:C) analyst George Choi observed that premium player attendance rose 16% on the opening night of Cheung's shows compared to the same period last year, with average bets from high-rollers climbing 36%.
Shares of Las Vegas Sands Corp. (NYSE:LVS), Wynn Resorts Limited (NASDAQ:WYNN), MGM Resorts international (NYSE:MGM) and Caesars Entertainment, Inc. (NASDAQ:CZR) are all on the rise today.
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Price Action: At the time of writing, Las Vegas Sands shares are trading 8.87% higher at $47.35, Wynn shares are moving 8.19% higher at $101.35, MGM stock is moving is 6.29% higher at $36.56 and Caesars shares are trading 4.02% higher at $29.54, per data from Benzinga Pro.
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