Casino Stocks Rise As Macau April Gaming Revenue Up 16%

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Gambling revenue at the world's largest casino area rose 16.3% in April to 20.2 billion patacas ($2.52 billion), the ninth straight month of year-over-year increases, government data showed. That was at the higher end of estimates.

Wynn Resorts (WYNN), Las Vegas Sands (LVS) and MGM Resorts (MGM) reported better-than-expected earnings last week. All three casino giants have heavy exposure to Macau, with Wynn and Las Vegas Sands opening new casino resorts late last year with MGM on track to open a new site this year.

Melco Resorts & Entertainment (MLCO) will report earnings on May 4.

Wynn Resorts, Las Vegas Sands, MGM Resorts and Melco Resorts were not yet active in premarket trading, following strong gains last week.

Wynn Resorts shares climbed 6.1% in stock market trading last week to 123.01, hitting their best levels in about two years. Sands shares rose 2.8% to 68.99 last week, as it works on the right side of a consolidation with a current potential buy point of 63.48.

MGM Resorts advanced 8.1% last week to 30.71, hitting their best levels since late 2008. MGM broke past a 30.72 buy point on Thursday, and edged up to 31.32 intraday Friday before closing 1 cent below the entry zone to end the week.

Melco Resorts leapt 6.8% to 21.95 last week to a two-yea high.

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MGM Resorts Is In Buy Zone On Earnings; Las Vegas Sands Sales Met

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