Wynn Resorts' stock surges to pace S&P 500 gainers after upbeat Macau gaming revenue data
Shares of Wynn Resorts Ltd. shot up 6.7% in afternoon trading Monday, enough to pace the S&P 500 index's gainers, after upbeat government data on June gaming revenue in Macau and news regarding the U.S.-China trade war provided a boost to the casino operator. The Gaming Inspection and Coordination Bureau for Macau said monthly gross revenue from games of fortune increased 5.9% from a year ago, the biggest year-over-year monthly increase of 2019. Instinet analyst Harry Curtis said that exceeded the high end of its growth estimate of zero to 5%. "Bottom line: Accelerating [gross gaming revenue] growth in June and the U.S.-China trade truce that was announced overnight should be viewed as strong positives for the Macau gaming stocks," Curtis wrote in a note to clients. For Wynn, revenue from Macau operations represented about 76% of total revenue in the first quarter and 75% of total revenue in 2018, according to filings. The stock has soared 34% year to date, while the Dow Jones Industrial Average has gained 14%.
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