Casino stocks rally on Macau plan to loosen COVID restrictions


Share of casino operators rallied in premarket trading Monday, to buck the selloff in the broader stock market, as investors cheered news that Macau looks set to ease COVID-19 restrictions sooner than expected. Shares of Las Vegas Sands Corp. LVS, +0.51% jumped 7.2%, Wynn Resorts Ltd. WYNN, -0.90% climbed 5.8%, MGM Resorts International MGM, -1.83% rose 2.8% and Caesars Entertainment Inc. CZR, -5.98% were indicated up less than 1%, while futures ES00, -0.53% for the S&P 500 SPX, -1.72% slumped 0.6%. The rallies comes after news that Macau, a gambling center in China, has decided to ease COVID-19 restrictions, by resuming electronic visas for individuals and group tours, around late-October and early-November. “Although it’s tough to quantify the immediate benefit, we believe the resumption of e-visa & group tours should alleviate friction for a Macau trip, as well as signal to many that it’s OK to visit Macau, in turn boosting demand into the year-end holidays and 2023,” analyst DS Kim wrote in a note to clients. “Finally, we feel we can talk about a return to normalcy.”

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