Wynn Macau Shares Soar as Investors Place Early Bets on China's Reopening [MarketWatch]
WYNN MACAU LTD UNSP/ADR (WYNMY)
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Source: MarketWatch
The casino operator's shares rose as much as 18% to 9.15 Hong Kong dollars (US$1.17) early Thursday, and are on pace for their biggest one-day gain this year. They were last up 16% at HK$9.04, and up 42% year to date. The shares have more than doubled from its Nov. 25 closing price following the company's successful renewal of its 10-year license to operate in the world's largest casino hub. Macau's casino stocks advanced further this week in response to news of China gradually easing its quarantine restrictions, as the sector relies heavily on tourists from mainland China. On Wednesday, China's National Health Commission said Covid patients with mild or no symptoms will be allowed to quarantine at home, among various other measures. Earlier in the week, Macau's government secretary for health matters, Elsie Ao Ieong U, also hinted that local authorities are studying ways to further ease restrictions, which have weighed on casino earnings during the pandemic. She didn't provi
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