Wynn Shares Up as Macau Casino Gambling Revenue Rises
July 01 2019 - 12:42PM
Dow Jones News
By Dave Sebastian
Shares of Wynn Resorts Ltd. (WYNN) climbed more than 7% to
$132.73 in Monday trading after Macau's gambling regulator reported
better-than-expected revenue growth last month.
The Macau Gaming Inspection and Coordination Bureau reported a
5.9% increase in casino gross gaming revenue, or GGR, in June from
a year earlier. Nomura Instinet analysts, in a note Monday, said
they predicted growth in Macau's gaming revenue to be flat to up 5%
for the month.
The movement in Wynn's shares also comes after U.S. President
Trump and Chinese President Xi Jinping at the Group of 20 summit
agreed to put off additional tariffs on Chinese goods
indefinitely.
"Accelerating GGR growth in June and the U.S.-China trade truce
that was announced overnight should be viewed as strong positives
for the Macau Gaming stocks," Nomura Instinet analysts said.
Write to Dave Sebastian at dave.sebastian@wsj.com
(END) Dow Jones Newswires
July 01, 2019 12:27 ET (16:27 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Mar 2024 to Apr 2024
Wynn Resorts (NASDAQ:WYNN)
Historical Stock Chart
From Apr 2023 to Apr 2024
