Shares of Las Vegas Sands (LVS) surged 5.05% in pre-market trading on Monday, riding on the positive sentiment surrounding the gaming industry in Macau and the company's expansion plans in Thailand.
Macau, the world's largest gambling hub, reported a 6.8% year-over-year increase in February gambling revenue to 19.7 billion patacas ($2.46 billion), according to data from the Gaming Inspection and Coordination Bureau. This strong performance, recovering to 78% of 2019 levels, boosted investor confidence in gaming stocks, including Las Vegas Sands, which operates several properties in Macau.
Additionally, Thailand's move to relax casino entry rules for locals has fueled optimism about the potential for Las Vegas Sands to expand its operations in the Southeast Asian country. The Thai government aims to attract foreign investment and boost tourism by legalizing casinos, presenting an opportunity for Las Vegas Sands to tap into a new market.
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