Yesterday, several gaming and casino-related stocks stole the spotlight, providing serious gains. Should investors try to tap into the resurgence of Macau?
With China loosening its COVID precautions, Macau will be able to allow tour groups, sending gambling stocks higher on Monday.
On another brutal day for the markets, casino stock Wynn Resorts (NASDAQ: WYNN) was defying gravity, up an impressive 12.8% as of 1:45 p.m. ET. The reason all comes down to China, where officials in the special administrative region of Macau said the government would begin easing COVID-19 restrictions on Chinese citizens beginning in November. Wynn gets an outsized portion of its revenue and earnings from Macau, so it's no surprise its struggling stock is rallying in response.