Why Studio City Is 10% Higher This Week
Shares of Studio City International (NYSE: MSC) are running 10.6% higher this week compared to where they closed last Friday, according to data from S&P Global Market Intelligence, on no company-specific news, though the entire Chinese gambling market has been buoyed by Beijing relaxing its tight COVID-19 travel restrictions.
Studio City is a Hong Kong-based casino operator that operates in the Cotai district of Macao, the only place in China where it is legal to gamble. The casino industry there has been crushed due to the government's zero-tolerance policies toward COVID. With the government easing up on its edicts, there's hope Macao will be able to recover.
Image source: Getty Images.
Source Fool.com
