From Ian Cooper
Investors are gambling on casino stocks again.
All after Macau officials announced the easing of pandemic travel restrictions.
As noted by MarketWatch: JP Morgan analyst Joseph Greff said that would be the “first meaningful” easing of travel restrictions to the gambling center since the start of the COVID-19 outbreak. “This positive development isn’t something the industry or investors were expecting and so we look at this policy news as [a] sizable positive for a sector that has been viewed as very tough to invest in by the buy-side.”
One of the stocks moving on the news is Wynn Resorts (WYNN) – which exploded from about $58 to $68 so far on heavy volume. Now, if WYNN can break above triple top resistance dating back to June 2022, it could potentially test $75, even $80 a share again, near-term.
Longer-term, we’d like to see the WYNN stock again challenge $100.