🎲 Casino Stocks Were The Big Winners This Week
⏺Shares of casino stocks with exposure to Macao had a great week this week after China announced economic stimulus plans. According to data provided by S&P Global Market Intelligence, shares of Melco Resorts & Entertainment jumped as much as 31.5%, Las Vegas Sands was up 22.2%, and Wynn Resorts rose 21.9% this week.
⏺The Chinese government said this week it would implement "necessary fiscal spending" to get the country's economy on track to meet a 5% GDP growth goal. The plan is to reduce reserves banks must hold, cut interest rates, and provide loans for investors to buy stocks. In total, the package could be over $300 billion, but economists don't think it will move the needle much for the Chinese economy.
⏺Economists may not think the stimulus is enough to drive change, but that didn't stop investors this week who were looking for any way to get exposure to China's potential growth. Macao clearly offers that. Macao has seen steady growth over the past two years and stocks have been relatively undervalued. So far this year, gambling revenue in Macao is up 33.4% and has grown double digits every single month
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⏺Shares of casino stocks with exposure to Macao had a great week this week after China announced economic stimulus plans. According to data provided by S&P Global Market Intelligence, shares of Melco Resorts & Entertainment jumped as much as 31.5%, Las Vegas Sands was up 22.2%, and Wynn Resorts rose 21.9% this week.
⏺The Chinese government said this week it would implement "necessary fiscal spending" to get the country's economy on track to meet a 5% GDP growth goal. The plan is to reduce reserves banks must hold, cut interest rates, and provide loans for investors to buy stocks. In total, the package could be over $300 billion, but economists don't think it will move the needle much for the Chinese economy.
⏺Economists may not think the stimulus is enough to drive change, but that didn't stop investors this week who were looking for any way to get exposure to China's potential growth. Macao clearly offers that. Macao has seen steady growth over the past two years and stocks have been relatively undervalued. So far this year, gambling revenue in Macao is up 33.4% and has grown double digits every single month
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