Why Macao's Gambling Stocks Jumped on Monday
Shares of the U.S.-traded gambling companies with exposure to Macao jumped on Monday as China eased some of its travel restrictions. Shares of Wynn Resorts (NASDAQ: WYNN) jumped as much as 12.2%, Las Vegas Sands (NYSE: LVS) was up 9.6%, and Melco Resorts (NASDAQ: MLCO) rose as much as 17.9%. Shares of the three stocks were up 12.1%, 7.6%, and 17.4% respectively at 12:45 p.m. EDT.
The biggest news is that Guangdong Province in China, which neighbors Macao, is easing a quarantine requirement for visitors coming from Macao. Previously, people coming from Macao into Guangdong had to quarantine for 14 days, which effectively cut off travel from a key region for the industry. But that quarantine requirement will be lifted on Wednesday, potentially leading to a partial recovery in Macao.
Image source: Getty Images.
Source Fool.com
