MGM China leads gains in Macau gaming stocks after May revenue grows

Sands China

03/06/2024 06:39

** Shares of MGM China Holdings  2282.HK  rise as much
as 4.6% to HK$14.54
  
        ** Stock leads gains among gaming stocks; Wynn Macau
 1128.HK , SJM Holdings  0880.HK , Melco International
 0200.HK , Sands China  1928.HK  and Galaxy Entertainment
 0027.HK  up between 1.3% and 2.8%
  
        ** Macau says 
    May gambling revenue
     rose 29.7% Y/Y to 20.2 bln patacas ($2.51 bln)
  
    ** Jefferies says monthly revenue reached a post-pandemic
high in May, though at the lower end of elevated expectations
    ** "With June a non-holiday month, GGR (gross gaming
revenue) should sequentially soften" - Jefferies
    ** UOB Kay Hian maintains "market weight" on the sector
saying May GGR met street estimates and is expected to improve
in Q2 on the back of supportive visa policies and operators’
attractive packages to drive premium-mass customers
    ** Hang Seng Commerce & Industry Index  .HSNC  surges 2.9%,
Hang Seng Composite Index  .HSCI  rises 2.7% and Hang Seng Index
 .HSI  adds 2.4%

($1 = 8.0540 patacas)

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