Shares of casinos are rising on Friday following the update of Chinese government regulations in Macau.
The big news here is that regulators are sticking to current rules allows only six gaming licenses in Macau. This means that big players in space are unlikely to have to worry about other operators entering the area.
This follows previous news on regulations in Macau since December. It also reinforces expectations that any new government arrangement is unlikely to significantly hamper casino inventories.
Let’s take a look at how this affects the different casino stocks below!
Casino shares on the move Friday
- Las Vegas Sands (NYSE:LAN) shares have been rising by more than 12% since Friday afternoon. This represents 32 million shares traded compared to the company’s average daily trading volume of approximately 8 million shares.
- Wynn Resorts (NASDAQ:WYNN) shares are as follows, as shares rose by more than 6% this afternoon. This is due to a change of ownership of about 7 million shares compared to the company’s daily average of about 3.3 million shares.
- MGM Resorts International (NYSE:MGM) shares join the list, and the shares have slipped slightly since this writing, but started the day off strongly. The company moved by nearly 3 million shares compared to a daily average of about 5.5 million shares.
- Melco Resorts & Entertainment (NASDAQ:MLCO) shares complete our list of casino shares by almost 15% of this writing. It also holds more than 12 million owners-changing shares, compared to the company’s average daily trading volume of about 3.1 million shares.
Investors looking for more stock market news for Friday are in luck!
For investors today, we can delve into the rich coverage of stocks! Meanwhile, there is bad news for investors Peloton (NASDAQ:PTON) stock, Net Saving Link (OTCMKTS:NSAV) investing in metaverses as well Block (NYSE:KV) entering the crypto mining game. You can find out more about these matters at the following links!
More Friday stock market news
On the day of the publication of William White did not hold (directly or indirectly) any positions in the securities referred to in this Article. The opinions expressed in this article are those of the author and are the subject of InvestorPlace.com Guidelines for publication.
Article printed from InvestorPlace Media, https://investorplace.com/2022/01/casino-stocks-why-lvs-wynn-mgm-and-mlco-are-rolling-higher-today/.
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