Las Vegas Sands (LVS) Soars 8.89% as Macau Gaming Raises Revenue Prospects
Las Vegas Sands jumped by 8.89 percent on Tuesday to close at $47.38 apiece as investors scooped up shares following news that Macau's gaming revenues in June surged by 19 percent year-on-year.
On Tuesday, the Gaming Inspection and Coordination Bureau of Macau said that gaming revenues last month increased by $417 million to close at 21.06 billion patacas or $2.6 billion.
Part of the surge was attributed to the series of concerts by Cantopop icon Jacky Cheung, which began in mid-June and will continue until early July. According to Macao Daily, GGR from June 15 to 22 alone reached an average of 685 million patacas per day.
The dazzling Las Vegas Strip lined with luxury Integrated Resorts, seen from a high elevation.
Las Vegas Sands Corp. (NYSE:LVS) rallied alongside its counterparts, namely MGM Resorts International (NYSE:MGM) and Wynn Resorts Ltd. (NASDAQ:WYNN), on expectations that the higher GGR would reflect in their financial performances in the second quarter of the year.
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Disclosure: None. This article is originally published at Insider Monkey.
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