Why Studio City Stock Was a Winning Bet This Week
This week, Studio City International (NYSE: MSC) handsomely rewarded investors who placed bets on its stock. The company saw its share price rise by nearly 15% across the five trading days, according to data compiled by S&P Global Market Intelligence. Macao is getting busy, and Studio City is and should continue to be one of the beneficiaries of that trend.
Studio City operates a large casino resort in the Cotai section of Chinese gambling enclave Macao. Happily for the company, official statistics showed a dramatic rise in gambling revenue for Macao recently that topped expectations.
Specifically, the country's Gaming Inspection and Coordination Bureau published its Macao statistics for March. These revealed a 53% year-over-year increase in gross gaming revenue to 19.5 billion patacas ($2.4 billion), which was higher than the average 49% projection from analysts.
Source Fool.com
