Wynn Macau leads casino gains among casino operators
Wynn Macau jumped 7.3 % to US$ 3.49 at the 4 p.m. close of trading in Hong Kong, the biggest gain since April 4 on a closing basis. SJM Holdings advanced 4 % to US$ 2.45, MGM China Holdings rose 5.3 % and Sands China, the largest Macau casino operator by market value, added 4.3 %.
The city’s casinos are benefiting from improvements in rail and air infrastructure and from the lack of casinos in northern China, Teng Yee Tan, a Hong Kong-based equity analyst at CIMB-GK Securities HK, wrote in a note to clients today. He raised his rating on Wynn Macau to “trading buy” from “neutral.”
Casino revenue in Macau rose 52.4 %to US$ 2.6 billion in June from a year earlier, the city’s Gaming Inspection and Coordination Bureau said July 1.
A “trading buy” rating means the company’s stock is expected to post total returns of 15 % or more in the next three months, according to Tan’s report.
Shares of Melco International Development rose 5.6 %, and Galaxy Entertainment Group jumped 5.2 %. The Hang Seng Index closed with a 1.66 % gain.
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