Casino shares are higher on Friday following a regulatory update in Macau by the Chinese government.
The big news here is that regulators are sticking to the current rules which only allow six casino licenses in Macau. This means that the big players in the space probably won’t have to worry about other operators entering the area.
This follows previous regulatory news in Macau from December. It also reinforces expectations that any new government regulations should not significantly hamper the actions of casinos.
Let’s take a look at how this affects the various casino actions below!
Casino stocks on the move Friday
- Sands of Las Vegas (NYSE:LVS) the stock rose more than 12% on Friday afternoon. With that comes 32 million shares traded, compared to the company’s daily average trading volume of around 8 million shares.
- Wynn Resorts (NASDAQ:WYNN) stocks are higher with the stock climbing more than 6% this afternoon. That comes with some 7 million shares changing hands, compared to the company’s daily average of around 3.3 million shares.
- MGM Resorts International (NYSE:MGM) The stock joins the list with stocks slightly declining as of this writing, but they started the day strong. The company has seen nearly 3 million shares move, compared to a daily average of around 5.5 million shares.
- Melco Resorts & Entertainment (NASDAQ:MLCO) stocks end our list of casino stocks up almost 15% as of this writing. This also has over 12 million shares changing hands, compared to the company’s daily average trading volume of around 3.1 million shares.
Investors looking for stock market news for Friday are in luck!
We have a plethora of equity hedges investors can dive into today! Among these is bad news for investors in platoon (NASDAQ:PTON) Stock, Net Savings Link (OTCMKTS:NSAV) make a metaverse investment, as well as To block (NYSE:SQ) enter the crypto mining game. You can read more about these issues at the following links!
More Friday stock market news
At the date of publication, William White did not hold (directly or indirectly) any position in the securities mentioned in this article. The opinions expressed in this article are those of the author, subject to InvestorPlace.com Publication guidelines.
Article printed by InvestorPlace Media, https://investorplace.com/2022/01/casino-stocks-why-lvs-wynn-mgm-and-mlco-are-rolling-higher-today/.
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