Casino stocks rose Wednesday after a report showed Macau‘s gambling revenue rose for a seventh month and hit a two-year high in February.
Las Vegas Sands climbed 3.8 percent, while shares of Wynn Resorts rose more than 6.5 percent, and MGM Resorts was up about 2 percent. The VanEck Vectors Gaming ETF, which includes these three companies, closed 1.7 percent higher.
Government figures showed February gaming sales in Macau of 23 billion patacas, or $2.9 billion, up from 19.5 billion patacas, or $2.4 billion, one year ago. This was a new high for the industry, not seen since January 2015, according to the report.
Casino stocks have come under pressure in the last few years, following a crackdown on the gaming industry in China that began in 2014.
