Macau casino stocks surge on strong revenue figure
Robust demand from gamblers from mainland China helped the former Portuguese colony post a total of 20.1 billion patacas (US$ 2.5 billion) in March gaming revenue.
Revenue streams in the neon-lit enclave dwarf those of rival gaming destination Las Vegas. Macau is China's only legal casino gambling destination.
Wynn Macau, controlled by casino magnate Steve Wynn, jumped 6.5 %, while U.S. billionaire Sheldon Adelson's Sands China had surged 6.1 % by 0230 GMT.
Analysts said the strong gaming revenue was a catalyst for buying in Macau stocks such as Sands China, which has recently been hit by negative sentiment from an ongoing investigation into the Macau-based company and its U.S. parent Las Vegas Sands.
"We see the recent correction as a good opportunity to accumulate," said Kenneth Fong, analyst at J.P. Morgan in Hong Kong, referring to Sands China's 6 percent correction after it said it was under investigation by the Hong Kong Securities and Futures Commission.
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