Casino companies with exposure to Macau including Wynn Resorts Ltd (NASDAQ: NASDAQ:WYNN) and Las Vegas Sands Corp (NYSE: LVS) are trading higher Tuesday amid reports Hong Kong could cut back on quarantine measures that have slowed travel in recent years.
Hong Kong chief executive John Lee said Tuesday that the city aims to relax COVID-19 rules including mandatory hotel quarantine, per Bloomberg. Lee told reporters in a weekly briefing that infections in Hong Kong have fallen to about 6,000 per day.
"We know exactly where we should be heading and want to be consistent as we move in that direction. We would like to have an orderly opening-up ... because we don't want to have chaos or confusion," Lee said.
According to a South China Morning Post report, hotel quarantine will be replaced with seven days of home health monitoring. Leaders in China have reportedly shown support for the new rules although final changes won’t be announced until all the details have been agreed upon. The report suggests that the rule changes could be announced as soon as this week.
Separate reports have indicated that Macau’s gross gaming revenue is on track to jump 30% in September, which could be adding to the move higher in names with Macau exposure.
Melco Resorts & Entertainment Ltd (NASDAQ: MLCO) is another name moving alongside Wynn and Las Vegas Sands on Tuesday.
From Last Week: Why This Wynn Resorts Analyst Projects 100% Upside To Stock
WYNN, LVS Price Action: Wynn was up 6.21% at $69.98 and Las Vegas Sands was up 4.96% at $40.75 at time of publication, according to Benzinga Pro.
Photo: Stefan Schweihofer from Pixabay.
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