Macau casino stocks enjoyed their best day since December on Tuesday following the news that gross gaming revenue in the SAR had beat consensus to record its second straight month of growth.
According to a Bloomberg Intelligence index of casino shares, Macau’s concessionaires grew by up to 7% on the Hong Kong Stock Exchange early in the day with all six finishing the day in the green.
Galaxy Entertainment Group enjoyed the largest spike, rising as high as 8.3% before finishing the day 7.12% higher at HK$56.40.
Sands China rose by 7.9% before finishing 7.36% higher at HK$40.10, while MGM China finished 6.78% higher at HK$14.18, Wynn Macau 5.83% higher at HK$18.52 and SJM 5.74% higher at HK$9.40.
NASDAQ-listed Melco Resorts & Entertainment finished 2.85% at US$23.48.
Comfortably beating consensus of 1.8% growth, Macau’s June GGR instead climbed 5.9% to MOP$23.81 billion with analysts estimating strong growth in both the mass and VIP segments. They also suggested the recent slowdown may be gradually easing amid promising trade talks between the US and China at the G20 in Osaka last week and a recovering credit cycle in China.
Macau is expected to record a third consecutive month of growth in July with early estimates coming in at +2% to +4%.