MLCO - Studio City International Holdings stock surges over 60% on China reopening hopes

Shareholders of Studio City International Holdings (NYSE:MSC +63.3%) were big winners on Tuesday. Shares of the Hong Kong-based casino operator surged over 90% at intraday highs as investors eyed the reopening of its flagship Cotai, Macau casino and resort. While gains moderated toward Tuesday's close, the gain was nonetheless remarkable and recouped essentially all of the stock's steep losses for the month of May. The outsized move in shares dovetails with broader moves for Macau-linked casino stocks in light of declining COVID cases across China. The pandemic trend promoted significant hopes that restrictions in major economic regions, including Macau, could soon be lifted. For example, Shanghai is set to lift what it termed "unreasonable" restrictions from Wednesday. The specifics about which crackdowns were “unreasonable” was not specified, though the removal of fences blocking in residential areas are a hopeful sign.  Meanwhile Beijing reopened public transport and shopping centers starting on Sunday.

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Studio City International Holdings stock surges over 60% on China reopening hopes