U.S. Markets open in 48 mins

StockBeat - Wynn Resorts on a Roll as Macau Gaming Revenue Meets Expectations

Investing.com - Wynn Resorts led casino stocks higher on Monday as revenues from Macau's gambling region in March met analysts' expectations, signalling the market remains resilient.

Gambling revenue in the Chinese territory of Macau - the Chinese gaming island hotspot - slipped 0.4% in March year on year to 25.8 billion patacas, about $3.2 billion, according to Macau's Gaming Inspection and Coordination Bureau.

The fall in revenue was in line with analysts expectations of flat growth to a drop of 6%, It beat February’s total of 25.4 billion patacas, according to Reuters.

The 0.4% year-on-year drop in March against a tough growth mark of 22% a year ago shows the market is "resilient," and casino operators are cautiously optimistic that growth can return in May after a 3% revenue decline in April, said Union Gaming analyst Grant Govertsen.

A number of factors have been weighing on consumer stocks, including weakness in China's economy and the ongoing trade war with the U.S. But signs of progress on both fronts have lifted consumer sentiment, raising gambling appetite.

Wynn Resorts (NASDAQ:WYNN) surged 7.3%, Melco Resorts & Entertainment (NASDAQ:MLCO) was up 7.8%, Las Vegas Sands (NYSE:LVS) rose 3.2%, and MGM Resorts International (NYSE:MGM) gained 3.7% .

Related Articles

RBC CEO says Canada losing some of its economic spark

Aramco treads carefully on Saudi ties as it markets debut bond

Tesla shares skid after first-quarter deliveries disappoint