Gaming stocks often swing on news out of China because U.S. companies have made heavy investments in casinos in Macau. Fourth quarter GDP statistics show that China continues to grow at a strong rate, and Macau casino stats released on Monday also showed continued growth, helping push gaming stocks higher early Tuesday. Chinese GDP rose 8.9%, ahead of expectations for 8.6% growth. Macau gaming revenue rose 4.7% over the third quarter.
Wynn Resorts (WYNN) whose stock fell last week on news that its top shareholder had sued to get the company to reveal more financial information, rose 4.5% early on Tuesday. Las Vegas Sands (LVS) was up 1%, and MGM International (MGM) rose 1.3%.
No comments:
Post a Comment