Why Wynn Resorts Stock Popped 14.9% in December
Shares of Wynn Resorts (NASDAQ: WYNN) jumped 14.9% in December, according to data from S&P Global Market Intelligence, following a positive development in the casino stock's key Macau market.
To be sure, the bulk of Wynn's gains last month came after the People's Bank of China announced it would increase the daily limit individuals can wire from their accounts in the country to 80,000 yuan (or just over $11,400) -- a whopping 60% increase from the previous limit of 50,000 yuan. As fellow Fool Eric Volkman noted last month, the move will almost certainly increase gambling and spending habits in Macau, considering mainland Chinese citizens are easily the single largest group of visitors to the region.
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Source Fool.com
