Top Stories
Top Stories
Market Insider

Casino shares surge after Macau ends more than 2 year revenue slump

Wynn Macau casino resort, operated by Wynn Resorts, in Macau, China.
Brent Lewin | Bloomberg | Getty Images

Casino stocks jumped Thursday after gaming revenue in Macau posted the first positive monthly year-over-year growth in more than two years.

Shares of Wynn Resorts jumped more than 4 percent and Las Vegas Sands rallied 7 percent on Thursday after the news. Both stocks are on pace for their best day since July 26.

Macau, the only place in China where casino gambling is legal, posted a 1.1 percent increase in revenue in August after a 26-month slump. Monthly revenue growth dropped to five-year lows in part from slowing economic growth.

Gambling revenue was $2.4 billion, according to data from Macau's Gaming Inspection and Coordination Bureau.

Wynn has a resort in the southern Chinese territory, while U.S. billionaire Sheldon Adelson is set to open a multi-billion dollar Sands China Parisian resort in Macau later this month.

Wynn's stock is up more than 34 percent this year-to-date.

WYNN 2016 Chart

Sands' stock is also up, rising more than 22 percent year-to-date.

LVS 2016 Chart

— Reuters contributed to this report.