Wynn Resorts Ltd. (NASDAQ:WYNN) is one of These 10 Stocks Went Bulletproof.
Wynn Resorts saw its share prices surge by 8.85 percent on Tuesday to finish at $101.96 apiece as investor sentiment was fueled by the surge in Macau gaming revenues last month.
During the session, Wynn Resorts Ltd. (NASDAQ:WYNN) rallied alongside its peers after the Gaming Inspection and Coordination Bureau of Macau reported a 19 percent or a $417-million increase in gross gaming revenues (GGR) in June, at 21.06 billion patacas ($2.6 billion) versus the same period last year.
Part of the surge was attributed to the series of concerts by Cantopop icon Jacky Cheung, which began in mid-June and will continue until early July. According to Macao Daily, GGR from June 15 to 22 alone reached an average of 685 million patacas per day.
The positive news spilled over to casino operators MGM Resorts International (NYSE:MGM) and Las Vegas Sands (NYSE:LVS) on optimism that the higher GGR would reflect in their financial performances in the second quarter of the year.
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Disclosure: None. This article is originally published at Insider Monkey.
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