We just got some big news out of China that’s affecting two resort/casino stocks, Wynn Resorts (NASDAQ:WYNN) and Las Vegas Sands (NYSE:LVS), both of which have a lot of their business located in Macau, so listen to this.
Mainland China just lifted their COVID restrictions, and they’re easing up in general over there with their restrictions, which is going to lead to more people from mainland China that have a lot of money.
Easing Restrictions Send Wynn Resorts and Las Vegas Sands Soaring
The wealthy people, they’re going to be going back to Macau and spending more money at Las Vegas Sands (NYSE:LVS) and Wynn Resorts (NASDAQ:WYNN), which again, they have a lot of their business focused not only in Las Vegas but again in Macau, which is in China.
So when this news came out, Wynn Resorts (NASDAQ:WYNN) stock ended up shooting up, I think, 14% at its peak, and Las Vegas Sands (NYSE:LVS) was up around 10, 11%.
These stocks reacted very nicely as expected. Now let’s see how the next couple of quarters look as business starts to increase in Macau.
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