Casino stocks are having a good day, specifically those with exposure to the Macau region in China. This can be attributed to a 246.9% year-over-year increase in gross gaming revenue for March, which equates to $1.58 billion. For reference, analysts were expecting an increase of 205%.
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What’s significant about this result is that it’s the highest monthly gross gaming revenue figure since January 2020. Relaxed travel restrictions following China’s zero-COVID policy definitely helped boost the number of visitors to Macau.
Out of the top Macau stocks — Wynn Resorts (NASDAQ:WYNN), Las Vegas Sands (NYSE:LVS), MGM Resorts (NYSE:MGM), and Melco Resorts (NASDAQ:MLCO) — MLCO stock is up the most in today’s trading session, with a gain of over 4% at the time of writing. Additionally, analysts also expect the most gains from it, with an upside potential of 31.78% based on a price target of $17.50 per share.