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The recent increase of gambling revenue in Macau is good news for the Las Vegas Sands Casino. They saw a drastic increase in the price of shares this past weekend. From the close of the market last Friday, the stock price has risen almost 8%. The price of shares on Monday has increased by $1.33. This puts the price per share at $18.06 which is by far the highest the stock has seen all year.
As the company becomes increasingly secure with their finances, investors are beginning to trust once again. Casino revenues are rebounding after a decline caused by the Chinese government's change to their visa laws. The new laws restrict the amount of times a resident from the mainland can visit Macau.
The increase in stock price on Monday is not limited to just one casino company. Wynn Resorts saw a rise of 7.22%, bringing the price per share to $69.16. Melco Crown Entertainment was up $7.45 per share, a 6.89% increase which was embraced warmly as they have been seeing declines.
The reason for the recent upward motion is explained by stock observer William Beltor. "Analysts are starting to change their projections on casino stocks, and that has played a major role in the resurgence of these stocks," Beltor said. "As the credit market comes back, these stocks will continue to gain support, and the Macau industry will also help."
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gained a lot from it.
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