Casino stocks are rising on Friday following an update on regulations in Macau from the Chinese government.
The big news here is that regulators are sticking to current rules that only allow six casino licenses in Macau. That means the big players in the space won’t likely have to worry about any other operators entering the area.
This follows up on previous news of regulations in Macau from December. It also cements expectations that any new regulations from the government were unlikely to hamper casino stocks in any major way.
Let’s take a look at how this is affecting various casino stocks below!
Casino Stocks on the Move Friday
- Las Vegas Sands (NYSE:LVS) stock is rising more than 12% as of Friday afternoon. With that comes 32 million shares traded, as compared to the company’s daily average trading volume of about 8 million shares.
- Wynn Resorts (NASDAQ:WYNN) shares are up next with the stock climbing over 6% higher this afternoon. That comes with some 7 million shares changing hands, as compared to the company’s daily average of around 3.3 million shares.
- MGM Resorts International (NYSE:MGM) stock joins the list with shares slipping slightly as of this writing but they started the day off strong. The company has seen nearly 3 million shares move, as compared to its daily average of around 5.5 million shares.
- Melco Resorts & Entertainment (NASDAQ:MLCO) shares finish off our casino stocks list up nearly 15% as of this writing. That also has more than 12 million shares changing hands, as compared to the company’s daily average trading volume of roughly 3.1 million shares.
Investors seeking more stock market news for Friday are in luck!
We’ve got a wealth of stock coverage for investors to dive into today! Among that is bad news for investors in Peloton (NASDAQ:PTON) stock, Net Saving Link (OTCMKTS:NSAV) making a metaverse investment, as well as Block (NYSE:SQ) getting into the crypto mining game. You can find out more about these matters at the following links!
More Friday Stock Market News
- Goodbye, PTON Stock! What to Know About the Nasdaq-100 News Sending Peloton Stumbling.
- NSAV Stock: 11 Things to Know About the Net Saving Link’s Metaverse Network Deal
- 12 Things for SQ Stock Investors to Know About Block’s Bitcoin Mining Plans
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.