Macau Casino Stocks Surge as Wynn Resorts Receives UAE Gaming License

Oct 07, 2024

Macau casino stocks are experiencing a significant boost following Wynn Resorts' announcement of receiving the first commercial gaming operator license in the United Arab Emirates. This development marks a critical milestone for the region's tourism industry, as casino operators have long aimed to establish resorts there to attract visitors from Europe, Asia, and other markets.

Last month, MGM Resorts International revealed its intention to apply for a gaming license for its property under development in Abu Dhabi. In early market trading, Wynn Macau's stock surged by as much as 9.7%, with Melco International Development also rising 9.7%, Sands China up by 6.6%, SJM Holdings increasing 5.6%, and MGM China gaining 2.0%.

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I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

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