Macau Gaming Revenue Favoring Wynn Resorts
Portuguese news agencies reported that gambling revenues in the Macau enclave rose 59% to 12 billion patacas ($1.55 billion U.S.) from a year ago. Analysts say the revenue increase signals sustained growth in the world’s largest gambling market.
Macau casino operators like Wynn Resorts (WYNN: 71.75 -0.36%) saw their Shares on the Hong Kong Stock Exchange rise on Wednesday as investors grow more comfortable with the health of the gaming market.
Wynn was the first Las Vegas based gaming company to enter the China market and raised $1.6 billion with their initial public offering in the fall. Wednesday’s stock for the gambling giant rose as high as 7.3% to a two week high of $10.50HK.
Investment analysts Jim Cramer from Mad Money has stated that he thinks Wynn resorts “is the best of the group”, in reference to the publicly traded stocks in the casino industry.
In the U.S. Market, Wynn closed trading yesterday at $66.37, up $3.69 from Monday’s opening price of $62.68.
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