Wynn Resorts, Las Vegas Sands, MGM and Melco Resorts and Entertainment blasted higher on strong revenue out of Macau in November and the temporary relief of trade tensions between the U.S. And China.
Macau Basically has been a second coming for both Wynn and LVS,” Boris Schlossberg, managing director of FX strategy at BK asset Management, it was said on CNBCs “Trading Nation” This week.
“Macau should continue to boost those stocks as it transitions from a primarily casino and gambling destination to a tourist hot spot, said by Schlossberg.
“Macau revenue is all gambling which means that they are really lagging the whole entertainment and dining gambit revenue the Las Vegas gets. I think that’s going to be coming,” he said.
But Ari Wald, oppenheimer’s head of technical analysis, “Its not that gamble we are taking, but it does look like, given how beaten up they were, they are due from some counter trend relief” wald Said On Monday.
The trade tension between US and China throughout this year has kept the Macau exposed casino stocks under pressure. Las Vegas sands and MGM are down 16% in 2018, Wynn has dropped 30% and Melco has fallen 33%