MGM Resorts Is In Buy Zone On Earnings; Las Vegas Sands Sales Met
For those considering taking a gamble on casino stocks: Wynn Resorts (WYNN) shares are surging to a record in the stock market today on the heels of better-than-expected earnings out late Tuesday. Las Vegas Sands (LVS) reports earnings tonight, while MGM Resorts (MGM) is closing in on a buy point.
Wynn Resorts rose 7.3% to 126.87 in afternoon trade.
Here's what to expect from Las Vegas Sands after the market close. Check back later for results as they roll out.
Estimates: Profit to rise 38% to 62 cents a share on 15% revenue growth to $3.11 billion.
Stock: Las Vegas Sands rose 0.9% to 59.02 in afternoon trade. The stock has been forming a cup-shaped base with 63.48 entry point over the last five months, retaking its 50-day moving average in early March.
Casino stocks have been rallying recently amid Macau gambling revenue for March that topped forecasts, continuing a recent revival in the world's biggest gamin market. Wynn Resorts and Las Vegas Sands opened new Macau casinos late last year, with MGM Resorts set to open a new site later this year.
MGM Resorts rose 2.3% to 30.01 intraday, approaching a 30.72 buy point. Hong Kong-domiciled Melco Resorts and Entertainment (MLCO) shares hit profit-taking zone Wednesday, up 3.5% to 21.69. Melco Resorts broke out of a cup-with-handle base with 17.93 entry in mid-February and became extended at the start of April.