International edition
June 21, 2021

It jumped 7.3 % to US$ 3.49

Wynn Macau leads casino gains among casino operators

(Macau).- The city’s second-largest casino company by market value, Wynn Macau, rose the most in three months in Hong Kong trading, leading gains among Macau casino operators after the city said gambling revenue had the steepest gain this year last month.

W

ynn 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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