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Casino Stocks Are Midday High Rollers

Investing.com - Casino stocks jumped in midday training after Macau gaming revenue growth was higher than expected in November after months of slowing expansion due to trade war worries and a curb in the Chinese economy.

Wynn Resorts (NASDAQ:WYNN) was the top gainer in the sector, jumping about 8% at 11:30 AM ET (16:30 GMT).

Wynn led the S&P 500 Consumer Discretionary index up about 2%. The sector was also buoyed by Amazon (NASDAQ:AMZN), up about 5%, and automakers on exuberance about a cease fire in the U.S.-China trade war.

Gross gaming revenue in Macau rose 8.5% in November, according to data from the Gaming Inspection & Coordination Bureau.

Gaming growth has pulled back in recent months, although profits are still forecast to hit a record next year. Trade worries have weighed on gamblers in Asia.

The U.S. and China agreed to a 90-day truce over the weekend, but tariffs could still increase if the two parties cannot come up with a trade deal.

Among other top movers, MGM Resorts (NYSE:MGM) rose 3.5%, while Boyd Gaming (NYSE:BYD) gained 3% and Las Vegas Sands (NYSE:LVS) jumped about 6%.

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