Friday, April 1, 2011

Sands (LVS) (Wynn) (MGM) Soar on Macau Gambling Revenue

Shares of Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:Wynn) and MGM Resorts (NYSE:LVS) are hopping today after the report by the government of Macau that gambling revenue soared past $2.5 billion in the month of March. That's up 48 percent over last year in the same quarter.

Macau continues to surpass Vegas in gambling revenue, as in 2010 it had about four times the revenue as its major competitor, which has been fading for some time globally.

But those Vegas casinos with operations in Macau are doing well, as evidenced by the soaring price of their shares on the news.

MGM was trading at $13.50, gaining $0.35, or 2.66 percent, as of 12:52 PM EDT. Wynn Resorts was trading at $135.31, up $8.15, or 6.41 percent. Las Vegas Sands was at $43.79, up $1.57, or 3.72 percent.

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