MGM Resorts International's stock is soaring 5.00% in pre-market trading on Tuesday, riding the wave of positive news from Macau's gambling sector. The surge comes as Macau reported a significant 19% year-over-year increase in gambling revenue for June, totaling 21.1 billion patacas ($2.61 billion).
The robust performance of Macau's casino industry has sparked a rally among U.S.-based casino operators. While MGM Resorts is up 5%, other major players in the sector are also seeing substantial gains, with Las Vegas Sands rising 5.8% and Wynn Resorts climbing 4.62% in pre-market trading.
Analysts are taking note of the unexpected strength in Macau's gambling sector. JPMorgan analyst Daniel Politzer commented, "We think June's GGR (gross gaming revenue) still surprised to the upside, and believe many investors were expecting GGR +12-14% y/y." This outperformance is likely contributing to the positive sentiment surrounding MGM Resorts and its peers, as investors anticipate strong returns from their Macau operations.
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