The casino industry got a bit of good news on Friday as officials in Macao move closer to finalizing concession rules for 2022 and beyond. Current licenses to operate casinos run out in June of this year, so there's urgency to get licenses renewed and there were some indications that big changes may be coming, which didn't end up being the case.
Melco Resorts & Entertainment (NASDAQ: MLCO) was the biggest mover after jumping 16.9% early, Las Vegas Sands (NYSE: LVS) wasn't far behind with a 16.1% gain, Wynn Resorts (NASDAQ: WYNN) jumped 9.7%, and MGM Resorts (NYSE: MGM) was up as much as 4.9%. The stocks were up 15.9%, 13%, 7.5%, and 0.2% respectively at 11:50 a.m. ET.
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For further details see:Why Macao's Casino Stocks Jumped on Friday