Wynn Leads Casino Stock Rise After China Signals New Support for Macau
- Government said planning assistance policies by end of year
- Wynn soars 23 percent, biggest intraday gain since April 2009
An employee holds a sign for Wynn Macau casino resort outside the ferry terminal in Macau, China.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Wynn Resorts Ltd. rose the most in more than six years, leading casino stocks higher following a report that the Chinese government plans steps to revive the flagging gambling industry in Macau, where betting has been in freefall.
Wynn, which generated 70 percent of its revenue in the region last year, jumped 23 percent to $63.52 at the close in New York, the biggest one-day gain since April 2009. Las Vegas Sands Corp. rose 11 percent to $40.87, while MGM Resorts International advanced 6 percent to $19.79. Their Hong Kong-listed subsidiaries also rose.