Galaxy leads rise in HK casino stocks on strong Macau June revenue

Galaxy Entertainment

03/07/2023 04:20

** Galaxy Entertainment  0027.HK  leads rise in gaming and
related stocks, rising as much as 3.6% to HK$51.50, after Macau
announces strong growth in June gambling revenue
    ** Stock on course for biggest one-day pct rise since June 2
if gains hold; fourth-biggest gainer in Hang Seng Commerce &
Industry Index  .HSNC  and fifth-biggest gainer in Hang Seng
Index  .HSI 
    ** Macau says June gambling revenue soared 513.9% from a
year earlier to 15.2 bln patacas ($1.88 bln), the biggest
percentage rise so far this year
    ** Total gambling revenue for January-June period amounted
to 80.14 bln patacas ($9.93 bln), up 205.1% from H1 last year
    ** Jefferies says it was at the lower end of expectations
for the second month, but Macau should benefit from the start of
the summer, as revenue and visitor historically sequentially
improves into July and August
    ** Rivals SJM Holdings  0880.HK , Sands China  1928.HK ,
Wynn China  1128.HK , Melco International  0200.HK  and MGM
China  2282.HK  rise between 1.5% and 2.8%
    ** Hang Seng Commerce & Industry Index surges 1.6%, Hang
Seng Composite Index  .HSCI  rises 1.4% and Hang Seng Index adds
1.3%

($1 = 8.0700 patacas)

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))