Investing.com - Wynn Resorts (NASDAQ:WYNN) rose sharply Thursday as investors cheered idea of casino capital Macau also becoming a major financial center.
Chinese President Xi Jinping is planning on building out the island’s financial infrastructure and diversifying its gambling-dependent economy as a reward for it avoiding the protests that have gripped Hong Kong, Reuters reported.
Wynn (NASDAQ:WYNN), which could benefit from the influx of new money, rose 6.4% midday.
Included in the plans will be a yuan-denominated stock exchange and acceleration of a renminbi settlement center that’s been started, Reuters said.
Land would also be allocated for Macau to develop on the mainland.