Gaming stocks rally on generally upbeat Macau July trends

CNBC

Shares of U.S. casino giants traded sharply higher Monday after several research firms called out signs of strong Macau gaming revenue in the first 10 days of July, saying results were tracking “well ahead of the previous trends.”

“According to our industry sources, based on gaming play for the first 10 days of July, gross gaming revenues in Macau for the month is estimated to be tracking up approximately 8.2 percent year-over-year,” Telsey Advisory analyst David Katz said in a research note Monday. He said this positive trend includes electronic gaming estimates for July, which would put monthly GGR essentially equivalent to about $2.53 billion.

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